Title: Why the Federal Reserve Might Be Skeptical About Trump's Economic Policies
Good morning!
This morning, we've got some intriguing news for you.
The American passport drop in power is a noticeable change from its former glory.
The U.S. fell to the 9th spot on the Henley Passport Index, a ranking of the world's passports based on the number of destinations their holders can access without a visa ahead of time. With access to 186 visa-free destinations, the American passport is indeed powerful, but not as much as it used to be. This puts it on par with the Estonian passport, and only behind Singapore's, which offers its holders access to 195 destinations.
Experts have mixed opinions on this decline. Some blame the rise of a "America First" mentality. One senior associate at the Center for Strategic and International Studies even stated that "American political trends have become notably inward-looking and isolationist."
FIRST UP
California is currently grappling with a series of devastating wildfires that have forced over 130,000 people to evacuate. These fires have already destroyed more than 2,000 homes, businesses, and other structures. The death toll has risen to five, and another fire, dubbed the Sunset Fire, broke out in the Hollywood Hills on Wednesday night. While evacuations for the Sunset Fire have mostly been lifted, hundreds of thousands of homes and businesses are still without power, according to PowerOutage.us.
The fires have also affected various Hollywood events, including pushing back the Critics Choice Awards and causing the cancellation of several film premieres, scripted TV shows halting production, and daily programs like The Price Is Right pausing taping.
BUSINESS + FINANCE
In its final meeting of 2024, the Federal Reserve discussed concerns about how President-elect Donald Trump's policies on trade and immigration will impact their efforts to bring down inflation. The minutes from the December 18 meeting of the Federal Open Market Committee suggest restoring 2% inflation may take longer than anticipated, and the central bank is already anticipating a single rate cut this year.
Dockworkers along the East Coast and Gulf Coast reached a tentative agreement with the United States Maritime Alliance on Tuesday, potentially avoiding another strike ahead of the January 15 deadline to reach a new contract, which mainly focuses on automation.
TECH + INNOVATION
OpenAI CEO Sam Altman's sister filed a federal lawsuit on Tuesday, accusing him of sexually abusing her for several years, starting when they were children. Altman and his family deny the allegations, claiming she faces mental health challenges.
Generative AI company Anthropic is set to raise $2 billion in a new funding round, boosting its valuation to $60 billion and minting seven new billionaires among its founding team.
MONEY + POLITICS
Attorney General Merrick Garland announced plans to release only half of Special Counsel Jack Smith's final report, detailing his investigations into President-elect Donald Trump. The release of Smith's report has been on hold pending an appeals court ruling, and this announcement implies the investigation into whether Trump unlawfully handled classified documents will likely never be made public.
President Joe Biden acknowledged in an interview that he might be too old to have served another four years in the White House, after repeatedly dismissing concerns during his re-election campaign last year.
SPORTS + ENTERTAINMENT
The 20 most profitable professional sports teams, which include nine NFL franchises, five from the NBA, three from the NHL, and three from England's Premier League, generated an estimated $3.9 billion in profit during the most recent season. The Dallas Cowboys led the ranking, hauling in an estimated $564 million in operating income in 2023.
TRENDS + EXPLAINERS
President Joe Biden declared today a national day of mourning to honor former President Jimmy Carter, who passed away at age 100 late last year. Coinciding with Carter's state funeral in Washington, D.C., this declaration means that all executive departments and agencies will be closed, except for those that must remain open for reasons of national security, defense, or other public need.
DAILY COVER STORY
The Decline of the American Passport: What's Behind the Fall in Power?
Last year, former Google CEO Eric Schmidt started working on an artificial intelligence project designed to capitalize on the growing landscape of AI video generation. Schmidt's new stealth startup, Hooglee, has not been previously reported and is currently funded by his family office, Hillspire.
Schmidt, often referred to as an "AI whisperer," has become a polarizing figure in Silicon Valley and Washington due to his views on the promise and perils of artificial intelligence. His new project, while set to tap into the AI video generation market, poses a potential challenge for competing companies such as OpenAI, TikTok, and Google, who have already entered this space.
Stay tuned for more updates on this story and others.
FACTS + COMMENTS
The decline in the power of the American passport seems to be driven by factors such as increased visa restrictions, shifting diplomatic relations, and the emergence of stronger competitors with more proactive diplomatic strategies.
STRATEGY + SUCCESS
To remain competitive in a rapidly evolving job market, it's essential to continue learning new skills and exploring new opportunities. Companies should support their older employees by offering reskilling programs and encouraging reinvention.
VIDEO
QUIZ
Following Moo Deng's popularity, the Metro Richmond Zoo in Virginia held a naming poll for its new celebrity baby pygmy hippo. Which of the following names won the contest?
A. JuniperB. PoppyC. Hammie MaeD. Omi
Answer: C. Hammie Mae
Thanks for reading! This edition of Our Website Daily was edited by Sarah Whitmire and Chris Dobstaff.
- Despite the decline in the power of the American passport, tech entrepreneur Eric Schmidt from California has started a new artificial intelligence project, funded by his family office.
- The Federal Reserve, under President Joe Biden's administration, had concerns about how President-elect Donald Trump's policies on trade and immigration could impact their efforts to control inflation.
- The wildfires in California have affected various Hollywood events, including the postponement of the Critics Choice Awards and cancellations of film premieres.
- Ex-Google CEO Eric Schmidt's new startup, Hooglee, is focused on AI video generation, which could pose a challenge to companies like OpenAI, TikTok, and Google.
- Former President Jimmy Carter's state funeral was marked as a national day of mourning by President Joe Biden, adjourning most executive departments, except for those with national security importance.
