Like a seasoned stunt double or a toddler on a carpet, the economy may still be capable of a soft landing.

New economic data out yesterday showed that inflation eased in April, setting the scene for a potential Fed rate cut despite a string of hot inflation reports from the first three months of the year.

Core CPI, which tracks the price of goods and services excluding volatile food and energy prices and is closely watched as an inflation indicator, rose 3.6% from the same period last year. That’s the smallest annual increase since April 2021. On a monthly basis, core CPI rose 0.3%, marking the first time in six months that its growth slowed from the prior month. Other good signs include:

• Grocery prices dropped 0.2% from March, the first decrease in a year.
• Health insurance and car insurance increased more slowly in April than in March.
• A separate report released yesterday showed consumer spending stayed steady last month.

Rate cuts tonite queen? Not quite. While easing inflation means that Fed rate cuts this year are back on the table, whether they happen will likely depend on next month’s CPI report showing continued improvement. Still, analysts are pricing in two rate cuts this year, down from six at the start of 2024, and expecting the first to come no earlier than September. The data bodes well for the circles of people who read the Financial Times: 10-year Treasury yields fell and stock indexes jumped yesterday following the report.

Proceed with caution. A few sticky factors are keeping inflation from going lower: shelter and gas, which accounted for more than 70% of the increase in prices overall, according to the Bureau of Labor Statistics. Gas prices rose 2.8% in April, which was unsurprising given recent increases in oil prices. But things may be changing: Though stubborn housing costs increased, rents grew at their slowest rate in almost two years, signaling to economists that prices may be on their way down.—CC

When it comes to expectations + experiences in the world of work and beyond, Gen Zers and millennials have a lot to say. And why shouldn’t they? There’s a lot to talk about.

Deloitte’s Gen Z and Millennial Survey (conducted for 13 years and counting) gave 23k respondents across 44 countries the floor to share their opinions and concerns.

The survey found that these groups are grappling with financial insecurity, high stress, and growing climate anxiety. They’re also wondering how emerging (and emerged) tech like GenAI will impact their jobs. The good news is, they’re seeing improvements in how their employers are responding.

Download the free report for more key findings and solutions.

Slovakia’s prime minister survives assassination attempt. Populist leader Robert Fico was in “very serious” but stable condition after being shot five times yesterday in an attack his government called “politically motivated.” A suspect was taken into custody, and no one else was injured in the shooting, which took place after a government meeting in Handlova. Fico, who recently began his fourth term in power, is a polarizing figure who spoke out against Western support for Ukraine and aligned himself with Hungary’s Viktor Orbán, but the violent attack shocked the nation and the rest of Europe.

Biden and Trump to debate twice. The 2024 Democrat and Republican presidential candidates have agreed to debate June 27 on CNN and September 10 on ABC instead of attending three fall debates run by the Commission on Presidential Debates. The June debate, which will not have a live audience, is the earliest one ever. They reached this decision, as you would expect from two men who have lived a combined 158 years and both been the leader of the free world, mostly via internet taunts. “Make my day, pal,” Biden said in a video outlining his conditions, to which Trump responded on Truth Social: “Let’s get ready to rumble!!!”

Warren Buffett is a Chubb chaser. Yesterday, Berkshire Hathaway finally revealed the mystery stock it’s been buying up in secret since last year, and it’s insurance company Chubb. The firm now has a $6.7 billion stake in the Zurich-based property-casualty insurer, which makes it Berkshire Hathaway’s ninth biggest holding. The disclosure sent Chubb’s stock soaring in after-hours trading.

Netflix is growing a beard and a belly and hurling subscriber-only footballs down the chimney: The former DVD rental service announced yesterday that it’ll be home to NFL Christmas Day games for the next three seasons.

This year’s holiday matchups (Kansas City Chiefs at Pittsburgh Steelers and Baltimore Ravens at Houston Texans) will stream exclusively on Netflix, which paid ~$150 million for the privilege, Bloomberg reported. The streamer’s deal with the NFL guarantees it at least one Christmas game in both 2025 and 2026.

Ad money inbound: An average of ~28.7 million viewers tuned into last year’s Christmas NFL games on linear TV, per Sports Media Watch.

The NFL wants streaming viewers, and vice versa. Looking to bring in younger, cable-less viewers and expand its global reach, the NFL has made broadcasting deals for the upcoming season with Netflix, Peacock, Amazon Prime Video, and ESPN+. Including a cable bundle and YouTube TV’s NFL Sunday Ticket, it’ll cost you $850+ to access every game this season.

Netflix is going big on live sports. The entertainment giant struck a $5 billion multiyear deal with the WWE in January and plans to host the internet-hyped Mike Tyson vs. Jake Paul boxing match this summer. And the NFL deal shows that Netflix is now deeply serious about sports after denying its interest for years.

This wasn’t yesterday’s only big NFL announcement. The season schedule was also released, and the Chargers kept up their tradition of making an epic video.—ML

Is this thing on? For Deloitte’s 13th annual Gen Z and Millennial Survey, 23k respondents across 44 countries spoke up about the world of work—and the world in general. The results touch on financial insecurity, climate anxiety, and how employers are responding. Gen Zers and millennials aren’t holding back—read their thoughts in the full report.

Francis Ford Coppola’s new sci-fi film will premiere at the Cannes Film Festival this week, 40 years after its inception. The film, which Coppola has described as a Roman epic set in modern America, stars Adam Driver. Coppola sold a winery to help fund the movie, which he spent $120 million of his own money to make. He told GQ he “couldn’t care less about the financial impact whatsoever.”

So far, reactions have been mixed. Reviews have ranged from “batsh*t crazy” to “visionary” after an exclusive viewing for execs and filmmakers. But the drama surrounding the film’s production process has garnered the most attention.

• Crew members talked of massive disorganization and Coppola smoking weed in his trailer for hours.
• Sources also alleged Coppola tried to kiss “topless and scantily clad female extras,” according to the Guardian. A co-executive producer from the film said he was not aware of any harassment complaints.

Looking ahead…Megalopolis still doesn’t have a US distributor, but Coppola is hoping to find one so you can decide for yourself if it’s a revolutionary cinematic masterpiece or a flop.—MM

Stat: Recent wet winters have made the Great Salt Lake great again. Since reaching a nadir of just 4,188.5 feet in elevation in 2022, the amount of land covered by its waters has expanded by ~150 square miles, an area roughly the size of Denver, and its water level has risen six feet, according to the Wall Street Journal. It’s not the only economically vital Western body of water making a Winona Ryder-worthy comeback. The precipitation-heavy winters of 2023 and 2024 pushed the Colorado River to 107% of its average this year and 153% last year, raising its largest reservoir, Lake Mead, up 30 feet from its record low, per the WSJ. Still, conservationists worry that droughts will continue frequently in the long term.

Quote: “You have become the Michael Cohen and the Harvey Weinstein of the FDIC, and I urge you to step down.”

However bad your day was yesterday, FDIC Chair Martin Gruenberg’s was probably worse since he had to face Congress following the publication of a 234-page report detailing sexual harassment and bullying at the agency he runs. House Financial Services Committee Chair Patrick McHenry kicked off the hearing by saying Gruenberg had failed “your employees, your agency, and the American people,” and it didn’t get much friendlier from there, with Rep. Blaine Luetkemeyer, a Republican from Missouri, calling on him to resign. Democrats also offered harsh criticism, and they’re the ones whose opinions will likely matter most to President Biden in deciding whether to let Gruenberg keep his job so his Republican vice chair can’t take over.

Read: How Taco Bell won the restaurant wars. (QSR)