Choose a winner in this week’s world-famous news haiku competition™ in today’s poll👇🏻. But first, news!

Matt Davis — Need2Know Chedditor

News You Need2Know

• Prices are rising faster than in years

• Another insider case hits prediction markets

• The U.S. plans a new $250 bill

• A million new car buyers have evaporated

• The bunker dwellers are at each other’s throats

• Poll of the day: It’s World-Famous-575™ Time

What’s the stock market up to, eh?

$SPX ( ▲ 0.58% ) $DJI ( ▲ 0.05% ) $NDX ( ▲ 1.59% )  

Companies mentioned in today’s newsletter

$META ( ▲ 0.01% )  $GOOGL ( ▲ 0.33% )  $POLYMARKET ( ▲ 0.76% )  $F ( ▲ 4.85% )  $GM ( ▲ 0.27% )  

Prices are rising faster than in years

The U.S. economy is feeling the heat as inflation accelerates to a three-year high. Driven heavily by the ongoing conflict with Iran and global energy market disruptions, the Personal Consumption Expenditures index has surged by 3.8%. From the gas pump to the dealership lot, everyday Americans are experiencing the squeeze:

• Petrol and diesel fuel: The ongoing war with Iran and the effective closure of the Strait of Hormuz have severely disrupted global energy markets, leading to a significant jump in gas prices at the pump.

• Food: Alongside energy, volatile food prices have been a primary driver of the recent surge in U.S. inflation.

• Technology subscriptions: Meta $META ( ▲ 0.01% ) is ending free access to its AI-powered chatbot to offset the massive costs of AI infrastructure, and will now charge users $7.99 a month for a basic tier and $19.99 a month for a premium version. Good luck with that.

• Entertainment and sports: The attorneys general in New York and New Jersey recently subpoenaed FIFA over soaring World Cup ticket prices.

Despite these mounting economic strains and consumer struggles, President Trump says he won't be "forced into a deal with Iran," regardless. Defending his position, Trump said, "Very simply, Iran cannot have a nuclear weapon.”

The country did not have a nuclear weapon before the war but was estimated to be about 18 months away from being able to build one. President Trump made combatting inflation a major tenet in his 2024 campaign, saying he inherited “Biden inflation,” and calling it “the worst inflation in American history,” which is now repeating.

Meanwhile, Federal Reserve officials are sounding the alarm, with Fed Governor Lisa D. Cook warning, "The risks remain tilted toward higher inflation."

Quote of the Day

Another insider case hits prediction markets

Prediction markets have surged in popularity as novel platforms to bet on everything from elections to corporate earnings, but they are increasingly being viewed as a hive for insider trading. A high-profile new case has brought this issue to the forefront, with charges recently filed against a Google $GOOGL ( ▲ 0.33% ) employee who allegedly raked in over $1 million on the popular prediction platform Polymarket $POLYMARKET ( ▲ 0.76% ) .

The employee, Michele Spagnuolo, who used the imaginative online handle “AlphaRaccoon,” is accused of placing guaranteed winning wagers on Google search trends by accessing confidential internal data. The Commodity Futures Trading Commission (CFTC) said in its complaint that Spagnuolo "correctly predicted virtually all of the outcomes" on these positions. A Google representative strongly condemned the actions, calling the use of this information a "serious breach of our policies.”

This is not an isolated incident. Just last month, a U.S. Special Forces soldier was accused of betting on the capture of Nicolás Maduro, an operation he actively participated in. Because unregulated offshore platforms like Polymarket have traditionally allowed anonymous betting, policing them remains difficult. However, as the perception grows that these multibillion-dollar platforms are rife with cheating, lawmakers and regulators are seeking to crack down to protect the industry's future.

Just don’t hold your breath.

The U.S. plans a new $250 bill

In preparation for the 250th anniversary of the United States, Trump administration officials are aggressively pushing for the creation of a new $250 bill featuring hizzoner’s portrait. The initiative, spearheaded by U.S. Treasurer Brandon Beach and his senior adviser Mike Brown, would mark the first time a living person has appeared on American currency in over 150 years.

British painter Iain Alexander created the mock-up designs, incorporating feedback directly from President Trump. The proposed design places Trump's face in the center, bordered by the colors of the American flag and a commemorative "250" logo. For the reverse side, Alexander suggested a "women's liberation" theme highlighting Betsy Ross.

However, the proposal faces significant legal and practical hurdles. Current federal law mandates that only deceased individuals can be depicted on U.S. currency, meaning an act of Congress is necessary to authorize the bill. Furthermore, experts warn that producing secure new currency typically takes six to eight years.

Speaking of women’s liberation, when Patricia Solimene, director of the Bureau of Engraving and Printing, cited these legal and procedural obstacles, she was abruptly reassigned from her post. Despite these challenges, legislation has been introduced in Congress to try to make the historic note a reality.

Hopefully it’ll come out just in time for me to use one to fill my Honda’s gas tank.

Song of the Day: Le Sserafim, ‘Boompala’

This is a high-energy EDM title track from this K-pop band’s second studio album, “Pureflow pt. 1.” The track marks the group's "Fearless 2.0" era (what is it with all the numbers, guys?!) attempting to transform modern anxiety into an eccentric, carefree celebration. However, the ambitious track has deeply split the K-pop community due to its over-the-top sonic choices. I rather like it, I must say, although I’m not sure I’m exactly the track’s target audience. Boompala! Boompala! Eh!

A million new car buyers have evaporated

The U.S. auto industry is facing a harsh new reality: Roughly one million prospective buyers have vanished from the new-car market since the beginning of the decade, reports the Wall Street Journal. What's more, industry analysts warn that these defecting buyers aren’t expected to return anytime soon.

Before 2020, Americans reliably purchased around 17 million cars and trucks annually. Today, forecasts project total sales will languish at 16 million or fewer this year. The culprits are a punishing combination of stubborn inflation, elevated interest rates, and high gas prices exacerbated by the ongoing conflict in Iran. With the average price of a new car now hovering around a staggering $50,000, many everyday consumers simply cannot afford to buy.

Surprisingly, major automakers like Ford $F ( ▲ 4.85% ) and General Motors $GM ( ▲ 0.27% ) aren't rushing to slash prices to win back those buyers. Because selling large, expensive trucks and SUVs yields massive profit margins, these companies are comfortable selling fewer vehicles at higher price points.

So, where does that leave the average driver? Priced out of both the new and used car markets, millions of Americans are choosing to repair rather than replace. Consequently, the average age of a vehicle on U.S. roads has hit a historic high of 13 years.

Amazingly that’s exactly how old my car is. And (please, ladies and gentlemen, hold your applause…) I used a heat gun to repair a dent in its bumper just this past weekend. #Zeitgeist

The bunker dwellers are at each other’s throats

Welcome to Vivos xPoint, the glorious "5-star" survivalist utopia in South Dakota where you can escape the collapse of society by experiencing it firsthand with your new neighbors.

Operations director Dante Vicino dreams big, telling the Wall Street Journal, “My vision is to see xPoint become a thriving community of people who want safety in this increasingly crazy world we live in.”

And it is incredibly safe, if you ignore the fact that residents are pulling guns on each other over loose dogs and busted septic tanks. But don't worry, Vicino assures us, “The lawsuits have been a real pain, but we’re not set back at all.”

Unsurprisingly, the locals aren't exactly jealous of this underground paradise. As nearby Edgemont Mayor Rheta Reagan put it, “They’re just doing their own thing, whatever their own thing is. Like I said, I would want no part of it.”

After a contractor asked bunker resident David Streeter, “You ain’t never killed nobody, have you?” Streeter calmly replied, “Oh, yeah,” the Journal reports. The contractor flexed back, “I have, with these hands,” right before (checks notes) Streeter shot him. 😳

As local Larry Harter told the paper, “You get that many people with the same mentality in a small place like that... you’re going to have a conflict.” Truly, Vivos xPoint proves that the ultimate doomsday threat could be your fellow preppers.

Free yourself from advertising forever!

Should you check your 401(k) today?

👍️ 

Yes.

Poll of the day: It’s World-Famous-575™ Time

Poll of the day: Don’t trust; ergo, don’t verify

We asked: “Would you trust an AI agent to make investment decisions and credit card purchases on your behalf?”

You answered:

⬜️⬜️⬜️⬜️⬜️⬜️ Take my money! Literally. If linking my account to Claude can finally snag me impossible restaurant reservations, book my flights, and score cheap Broadway tickets, I'm all in. Just please don't let the AI judge my past Amazon purchases. (18)
🟨⬜️⬜️⬜️⬜️⬜️ Sure, but I'm keeping my algorithm on a very short leash. I love the idea of a virtual Gold card, but I will be setting a strict spending limit and demanding manual approval for every single transaction. (50)
⬜️⬜️⬜️⬜️⬜️⬜️ Absolutely! While the rest of you sleep, I'll be instructing my agent to sift through startup funding and private-company valuations to find the next big semiconductor stock before the public market does. (17)
🟩🟩🟩🟩🟩🟩 Not a chance. It's one thing to use AI to write my boring work emails or figure out my household tasks, but handing over a large chunk of my financial life to an algorithm? I barely even trust myself to make good credit card purchases. (233)
🟨🟨🟨🟨⬜️⬜️ It's a hard no and I'm making a sign saying, "The machine uprising is coming." (189)

507 Votes via @beehiiv polls

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