Economy

Fed vs. inflation
Bessent: Standing between five candidates for Fed post

Scott Bessent's list of possible candidates for the job as the next Fed chief is now down to five names. The Treasury Secretary told reporters aboard Air Force One, Bloomberg reports.

The candidates who remain in the race are Christopher Waller, Kevin Warsh, Kevin Hassett, Michelle Bowman and Rick Rieder. The Treasury Secretary is now preparing for the next round of interviews and hopes to have a "good list" ready for Trump in time for Thanksgiving, the news agency reports.

Tesla's future
The call to owners: Vote yes to Musk's big salary

Tesla's board of directors is urging shareholders to vote yes to CEO Elon Musk's nearly 1 trillion-dollar salary package. This is stated in a letter from Chairman Robyn Denholm ahead of the company's annual meeting, CNBC reports.

Denholm believes that Musk is “the key to the future of the electric car manufacturer” as the company moves away from “just being a car company,” with a greater focus on autonomous cars and robots.

“Without Elon, Tesla could lose significant value, as our company may no longer be valued based on what we aim to become,” Denholm writes.

The stock market year 2025
Analyst warns of AI crash: “Ends in tears”

AI investments have driven the stock market rally, but eventually the bubble will burst, says independent analyst Peter Malmqvist in the EFN program Börslunch. The blow will be even worse than the IT crash, he warns.

Sure, US technology giants have cash flows, but not so large that they cover the massive investments in AI, the analyst reasons.

– This will end in tears once again, but that’s life, he says in the program.

His advice is to "hang in there and make as much money as you can" and then hope you're "quick to quit."