.Bill Gross - who pioneered the “total return” strategy in the 1980s that revolutionized the bond market - says the approach is now defunct bloomberg.com/news/articles/… via Bloomberg Markets Ye Xie Mark Tannenbaum

Tesla interns say their offers are getting revoked weeks before their start date. One student had already spent “thousands on housing.” For all that, it won't save $TSLA much money -- internships were low paying, some unpaid. bloomberg.com/news/articles/… via Bloomberg

An animator of 25 years told me their work has dwindled thanks to AI. The main thing their clients are losing: the ability to hear “no” to their terrible ideas. bloomberg.com/opinion/articl… via Bloomberg Opinion

Chile’s economic activity shrank broadly in line with forecasts in March, giving the central bank more leeway to consider monetary policy easing bloomberg.com/news/articles/… via Bloomberg Economics Emma Sanchez

Jacob Zuma's comeback is a headache for South Africa's ruling ANC bloomberg.com/news/articles/… via Bloomberg Politics

#TreasuriesToday : Yields lower by 1bp-3bp but only 2Y has breached yday's post-FOMC low (4.92% vs April 30 YTD high 5.04%). Expectations for Fed rate cuts this year continue to fade, but calls for 50bp-75bp of easing still abound (Goldman Sachs, J.P. Morgan, Morgan Stanley).

Elon Musk’s Starlink service is still operating in multiple unauthorized regions, defying warnings issued by the company that its satellite internet will be shut down by May 1 in areas where it doesn’t have a license to operate bloomberg.com/news/articles/… via Bloomberg Technology

Scenes from the doggy daycare by our office

All the complaints, on both sides, about the #Fed come down to one thing: market participants want to know what the Federal Reserve is going to do so they can front-run it. The Fed doesn't know what it's going to do.

The loss of access to abortion care in Florida will worsen inequities. But then to anti-abortion legislators the ban isn't about life, it's about politics, writes Mary Ellen Klas bloomberg.com/opinion/articl… via Bloomberg Opinion

US companies pare back hiring plans in April, with employers announcing the fewest new hires in the first four months of the year since 2016, according to a report bloomberg.com/news/articles/… via Bloomberg Daniel Neligh Laura Curtis

5 of 5 today. Pretty much as expected.

A Stellantis passou a recrutar a maioria de seus engenheiros em países como Brasil e Índia, onde a mão de obra qualificada custa menos para a empresa, segundo fontes. trib.al/WXCMuSE

NEW: Philips' $1.1 billion settlement of US lawsuits on faulty sleep-apnea devices resolves only current cases. It sets aside no funds for future illnesses allegedly caused by the recalled machines, Philips officials acknowledged. Details: bloomberg.com/news/articles/…

Huawei has been secretly funding cutting-edge research through an unrelated Washington-based foundation despite US blacklisting, a Bloomberg News investigation finds bloomberg.com/news/articles/… via Bloomberg Technology

As the FOMC didn't give us much to write about, very kind of Japan's Ministry Of Finance (I assume) to step in with some late-afternoon excitement. This is how the yen has traded against the dollar today:

Bitcoin’s tumble is piquing the interest of investors who view pronounced swings in the digital token as a possible precursor for broader changes in risk appetite in global markets bloomberg.com/news/articles/… via Bloomberg Crypto Sunil Jagtiani

The 1968 editor of student newspaper Columbia Daily Spectator — and my editor today— Robert Friedman describes watching the protests with a sense of déjà vu…

“We’re seeing the same counterproductive playbook dusted off.”

bloomberg.com/news/newslette… via Businessweek

Korean startups in the age of AI. Thanks to Christine of Glow Recipe Sooin of Enuma and Jinhyung of LVIS for a great conversation on #entrepreneurship and #korean #womenempowerment

Japan's Kanda says he has 'nothing to say on whether we intervened on yen'. I don't know any Japanese, but suspect a better translation might be something like: 'Listen you morons, isn't it obvious? Do I have to spell this out for you?'