TLDR 

MARKET RECAP → Stocks dropped hard on Friday, weighed down by escalating trade policy uncertainty and a gloomier inflation forecast.

CORE INFLATION TOPS EXPECTATIONS IN FEBRUARY → 📊 Inflation surprised to the upside and spending lagged, giving the Fed more reasons to hold tight and investors fewer reasons to expect a rate cut anytime soon.

TRUMP PARDONS NIKOLA FOUNDER TREVOR MILTON → 🚛 Trevor Milton got a presidential pardon after defrauding investors and tanking Nikola—because apparently, a few political donations can still buy you a clean slate.

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MARKETS

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TODAY’S TOP NEWS

Core Inflation Tops Expectations In February

📈 Inflation stayed sticky: Core PCE—the Fed’s preferred inflation gauge—rose 0.4% in February and 2.8% year-over-year, both above forecasts. It marked the highest monthly gain since January 2024, throwing some cold water on hopes for imminent rate cuts.

🛍️ Spending and income split: Consumer spending climbed 0.4%, slightly under expectations, while personal income jumped 0.8%, double what economists predicted. Households also got a bit thriftier, with the savings rate ticking up to 4.6%.

🔥 Tariffs add pressure: Though not red-hot, the inflation data—paired with Trump’s tariff plans—may keep the Fed in wait-and-see mode. Markets dipped briefly on the report, betting that interest rate cuts might be slower to materialize.

TODAY’S TOP NEWS

Trump Pardons Nikola Founder Trevor Milton In Securities Fraud Case

📉 Trevor Milton, convicted in 2022 for defrauding Nikola investors, was pardoned by President Trump, nullifying a four-year prison sentence and a proposed $680M restitution.

🧾 The move followed Milton’s sizable political donations and arrives amid Trump’s broader wave of pardons, including allies and convicted fraudsters, sparking fresh scrutiny of the justice system.

🚛 Nikola, once a $30B EV darling, filed for bankruptcy in February after years of setbacks, recalls, and just 600 trucks sold—much of it fueled by Milton’s exaggerated claims.

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