Federal Reserve chair Jerome Powell signaled in commentary yesterday that the central bank was prepared to raise interest rates rapidly starting in May as it tries to cool down the economy and prevent fast inflation from becoming a lasting feature. A larger-than-usual increase of half a percentage point “will be on the table for the May meeting,” Mr. Powell said the Fed needs to be moving a little more quickly to raise borrowing costs in an effort to cool down demand and the broader economy.
Elon Musk said that he has commitments worth $46.5 billion to finance his proposed bid for Twitter. In a filing that detailed the funding, he also said that he was exploring whether to launch a hostile takeover for the social media company.
Verizon Communications Inc. showed a net loss of postpaid phone subscribers in its latest quarter, calling out “competitive dynamics within the industry,” though it said it had its best quarter of broadband net additions in more than a decade. The company on Friday reported net income of $4.7 billion, and revenues rose to $33.6 billion