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Hello, N2K’ers!

Vote on the winner of this week’s News Haiku™ competition in today’s poll below!

Now let’s talk about the news you Need2Know?

—Matt Davis, Need2Know Chedditor

News You Need2Know

• Fed chair shortlist features two guys named Kevin

• ESPN pays $1.6 billion to stream wrestling, a fake …

• Instagram has a scary, new tracking feature

• Trump opens door for crypto in your 401(k)

• Which American city has the best credit rating?

• Poll of the Day: It’s News Haiku(TM) time…

What’s the stock market up to, eh?

$SPX ( ▲ 0.81% ) $DJI ( ▲ 0.59% ) $NDX ( ▲ 1.01% )

Companies mentioned in today’s newsletter*

$MS ( ▲ 2.05% ) , $DIS ( ▼ 0.22% ) , WWE, $AAPL ( ▲ 4.23% ) , KALSHI, $META ( ▲ 0.92% ) , The City of San Antonio

Fed chair shortlist features two guys named Kevin

Prediction market traders are speculating over who might succeed Federal Reserve Chair Jerome Powell. On Kalshi, a prediction market platform, traders are placing their bets, with President Donald Trump’s former economic adviser Kevin Hassett (pictured above) leading the race at 48%, followed by ex-Federal Reserve Governor Kevin Warsh at 29%.

Trump confirmed that the two Kevins are on his list of four yesterday, saying “Both Kevins are very good.” He also said Scott Bessent, his treasury secretary, wants to “stay where he is.”

Hassett, the current director of the White House National Economic Council, has been a staunch advocate of Trump’s economic policies and played key roles in the first Trump administration. Warsh, once the youngest member of the Federal Reserve Board of Governors, brings with him deep financial expertise as a former Morgan Stanley $MS ( ▲ 2.05% ) banker and long-time contender for top economic jobs.

With Trump repeatedly criticizing Powell for not lowering interest rates, all eyes are now on the Kevins. I’d like to throw another Kevin into the ring, though, if I may?

Song of the day: The Armed, ‘Sharp Teeth’

Taken from their new album “The Future Is Here And Everything Needs To Be Destroyed,” The Armed’s new track “Sharp Teeth” is not exactly one you’d take home to meet your parents. It encloses a poppy rock song “in the trappings of intensely abrasive electronic hardcore,” according to one reviewer. Might be good to listen to before a particularly boring Zoom meeting, though, I reckon, if you need to let off some steam!

ESPN pays $1.6 billion to stream wrestling, a fake sport

Disney’s $DIS ( ▼ 0.22% ) ESPN has secured exclusive streaming rights to WWE’s biggest events, including WrestleMania and SummerSlam, for five years. It will elevate WWE to an even larger global audience and marks the end of WWE’s partnership with Peacock, which began in 2021. Given that WWE helped Peacock add 9 million subscribers in its early months, Disney clearly hopes for a similar outcome for its ESPN streaming service, slated to debut this fall for $29.99 a month.

Y’all know wrestling is fake, right?

Today on the ‘gram: They gave the prez some more gold, too

Post of the day: Is it possible to overdo the gold?

Quote of the Day

Should you check your 401(k) today?

👎️ 

Meh, maybe tomorrow.

Instagram has a scary, new tracking feature

Posting your pictures online so that billionaire oligarchs can harvest your information to enrich themselves just got even more fun than ever before! Instagram $META ( ▲ 0.92% ) recently rolled out an interactive map view for U.S. users, accessible at the top of the direct-message inbox.

While the feature aims to enhance connections, its implications for privacy are raising eyebrows. The map offers two types of location sharing. First, it displays locations actively tagged in your posts or stories — a familiar concept for most users. However, the second feature is more concerning: Instagram is encouraging users to opt into a form of passive location sharing. This means the app can share where you last opened Instagram, even if it was just to scroll through your feed.

While Instagram touts the feature as a way to make interactions feel more immediate and personal, the risks are clear. From friends unintentionally tracking your movements to concerns about stalkers or exes keeping tabs, enabling this feature without fully understanding its implications could jeopardize your safety.

If you’re intrigued but cautious, Instagram allows you to tweak privacy settings. Before opting in, think twice about who you’re sharing your real-time location with and why.

Trump opens door for crypto in your 401(k)

Millions of Americans may soon have the option to allocate their retirement savings into riskier investments like private equity and cryptocurrency, thanks to a recent executive order signed by President Trump. The order directs federal agencies to rewrite 401(k) retirement rules under the Employee Retirement Income Security Act of 1974, paving the way for potentially unprecedented investment options within retirement plans.

This decision marks a major win for both the $5 trillion private equity industry and the crypto sector, which have long been vying for access to Americans' retirement funds. “It was inevitable that bitcoin would make its way into American 401(k)s,” said Cory Klippsten, CEO of Swan Bitcoin, adding, “As fiduciaries realize Bitcoin’s risk-adjusted upside over the long term, we’ll see growing allocations, especially from younger, tech-savvy workers who want hard money, not melting ice cubes.”

Critics, however, highlight the volatility of these asset classes. Under the Biden administration, crypto investments were treated cautiously due to their extreme market swings, while private equity investments have historically been deemed too illiquid and risky for retirement funds. Still, some view this as a long-awaited opportunity. Blackstone $BX ( ▲ 1.22% ) CEO Steve Schwarzman has previously called accessing Americans’ retirement assets a “dream” for the private equity industry. Now it could come true.

Which American city has the best credit rating?

Its basketball team may not have won an NBA title since 2014, but the City of San Antonio has once again solidified its reputation as a leader in fiscal responsibility, achieving top credit ratings from all three major rating agencies.

Would you want to go on a date with San Antonio? No, you would not. You would prefer to go on a date with Las Vegas. However, would you want San Antonio to hold onto your wallet while you went on that date? Yes!

Standard & Poor’s (S&P) and Moody’s both reaffirmed San Antonio’s highest AAA credit ratings yesterday. City Manager Erik Walsh commented on the achievement, emphasizing that such top-tier ratings reflect San Antonio’s dedication to long-term planning, disciplined fiscal management, and responsible budgeting. 

Well done, San Antonio!

Poll of the Day: It’s News Haiku(TM) time…

Poll results: You like this new ‘flashfood’ app idea

We asked: “Would you buy cut-price groceries that are almost expired?”

You answered:

🟩🟩🟩🟩🟩🟩 Yes, I think it's a great idea! (634)

⬜️⬜️⬜️⬜️⬜️⬜️ No. I want to buy regular groceries at full price! (95)

729 Votes via @beehiiv polls