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TLDR

MARKET RECAP → Stocks fell on Friday as investors mapped out the path of future interest rate cuts by the Fed in addition to keeping an eye on the most recent developments in the Middle East.

WALLER HINTS AT JULY RATE CUT → Fed Governor Christopher Waller said rate cuts could start as early as July, citing easing inflation and softening labor data. He warned against waiting too long, downplayed tariff-related inflation risks, and sparked a market shift as traders priced in a near-term move.

TESLA POWERS UP CHINA → Tesla (TSLA) will build China’s largest grid battery plant, aiming to store 10 GWh of energy with its Megapacks. The project cements Tesla’s role in China’s clean energy push but ties it tighter to Beijing as U.S.-China tensions simmer.

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Finance

Waller Hints at July Rate Cut

Fed Governor Waller signals July rate cut is on the table: In a CNBC interview, Christopher Waller said recent inflation data supports the case for the Federal Reserve to begin easing “in the next couple of months,” potentially as soon as the July meeting. His remarks marked one of the most dovish signals from a top Fed official in recent weeks.

Waller warns against waiting too long amid labor market softening: He noted emerging signs of weakness in manufacturing and hiring, cautioning that delaying cuts until job losses accelerate could risk broader economic harm. He also downplayed concerns that Trump’s proposed tariffs would fuel sustained inflation.

Markets viewed the comments as a clear dovish pivot: Treasury yields edged lower, and traders increased bets on a July rate cut, with fed funds futures pricing in a nearly 70% probability. The remarks added momentum to expectations that the Fed’s next move could come sooner than previously thought.

Tech

Tesla Powers Up China

Tesla (TSLA) is set to build China’s largest grid-scale battery power plant: The new facility in Shanghai will house Tesla’s Megapack batteries and could store up to 10 GWh of energy—enough to power about 1.5 million homes for a day. This marks Tesla’s most significant energy project in China and strengthens its ties with Beijing amid ongoing U.S.-China tech tensions.

It’s not just about cars anymore: While Tesla’s EV business grabs headlines, this project underscores its ambitions to become a global clean energy powerhouse. The battery plant aligns with China’s green goals, giving Tesla a strategic foothold in the world's biggest renewables market—without the political baggage of its car operations.

Investors see opportunity, but also risk: The deal could boost Tesla’s energy revenue, but it places the company deeper into China’s industrial strategy—a balancing act given geopolitical uncertainties. Markets are watching closely as Tesla bets big on batteries while navigating the U.S.-China tightrope.

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