Wednesday, May 3 — 3 significant news

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Today ChatGPT read 1212 articles and gave 3 of them a significance score over 6.5.

[7.5] US braces for potential recession as Federal Reserve expected to raise interest rates. — The Guardian

The US Federal Reserve is expected to announce a 0.25% interest rate increase, marking the 10th consecutive rise. Economists are divided on whether the Fed should stop raising rates, with some arguing that further rate rises risk a recession that would hurt low and middle-income earners. The European Central Bank is also expected to raise its main rate for a seventh consecutive time, to 3.75%, while the Bank of England is widely expected to hike interest rates for a 12th time in a row, taking them to 4.5%.

[7.1] US debt default could happen by June 1, 2023, warns Treasury Secretary Janet Yellen. — The Conversation

US Treasury Secretary Janet Yellen has warned lawmakers that the federal government risks defaulting on its debt if the nation's borrowing limit is not raised by June 1, 2023. The current debt ceiling stands at $31.4 trillion, which has already been reached. If the US defaults on its debt obligations, it could lead to severe economic consequences, including the collapse of the US dollar's value and a potential recession. The debt ceiling has been a constant source of political wrangling since its establishment in 1917.

[6.6] World Economic Forum predicts 23% of jobs will be disrupted in next five years. — CNBC

The World Economic Forum's 'Future of Jobs' report predicts that 23% of jobs will be disrupted in the next five years, with 14 million fewer jobs overall. The report is based on a survey of 803 companies employing 11.3 million workers across 45 economies. This disruption will be caused by a range of factors, including technological developments, climate change, economic growth, and sustainability. Technology appears to be one of the biggest drivers of job loss, with administrative roles and traditional security, factory and commerce roles expected to suffer the most. However, the surveyed companies do not see technological shifts as a negative overall, as big data analytics, climate change and environmental management technologies, and encryption and cybersecurity are expected to be the biggest drivers of job growth.

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