Billionaire hedge fund manager Bill Ackman believes that the Federal Reserve should slash rates soon amid a weakening US economy.

In a new CNBC interview, the founder and CEO of Pershing Square Capital Management says that President Trump’s Liberation Day has triggered a slowdown in the economy.

On April 2nd, dubbed by Trump as Liberation Day, Trump slapped a sweeping set of tariffs on all foreign goods entering the US, aiming to revitalize domestic manufacturing. The president also imposed reciprocal tariffs on dozens of nations based on unfair trading practices.

Says Ackman,

“I think a small cut relatively soon makes sense because I think what’s happened is Q1 is benefited by some frontloading of purchases and a bit of tariffs. The uncertainty associated with Liberation Day, so to speak, has caused many businesses to pause and wait to see what’s going to happen, and that’s going to be reflected in Q2. 

There’s definitely a deceleration in the economy now, absolutely. I think what’s important is that tariffs get resolved in the relative short term.”

While Ackman is calling for an abrupt rate cut, data from the CME Group’s Fed Watch Tool suggests that there’s a 95.2% chance that policymakers will keep interest rates steady this month.

The Federal Open Market Committee is expected to announce its decision on May 7th.

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Sportswear giant Nike is reportedly facing a lawsuit following the closure of its non-fungible token (NFT) business.

In 2021, Nike purchased RTFKT Studios, a collectibles firm known for creating viral sneaker designs, memes and other fashionable digital collectibles as it ventured into the metaverse, but the company shut down the project in December.

Reuters reports that investors of Nike-themed NFTs and other crypto assets led by Australian resident Jagdeep Cheema filed a suit on Friday, claiming that they suffered significant losses as demand for their digital collectibles dropped following the announcement that RTFKT was winding down its operations.

The investors say that they would not have bought the NFTs had they known that the tokens were unregistered securities. To date, the legal status of NFTs is not yet settled, and several lawsuits involve questions on whether or not these assets should be considered as securities. 

The suit also accuses Nike of orchestrating a “rug pull”, or the sudden abandonment of a project that leaves investors with worthless assets.

The plaintiffs are seeking more than $5 million in damages for the alleged violation of consumer laws in New York, California, Florida and Oregon.

Nike has not yet issued a statement regarding the lawsuit.

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The Trump organization just filed a lawsuit against US banking giant Capital One, accusing the lender of unjustly terminating more than 300 of the firm’s bank accounts.

The suit claims the closures were driven by political bias, targeting the Trump family’s conservative affiliations back in 2021.

“Plaintiffs have reason to believe that Capital One’s unilateral decision came about as a result of political and social motivations and Capital One’s unsubstantiated, “woke” beliefs that it needed to distance itself from President Trump and his conservative political views. In essence, Capital One “de-banked” Plaintiffs’ Accounts because Capital One believed that the political tide at the moment favored doing so.

In addition to the considerable financial harm that Plaintiffs and their affiliated entities suffered, Capital One’s reckless decision is part of a growing trend by financial institutions in the United States of America to cut off a consumer’s access to banking services if their political views contradict with those of the financial institution. Capital One’s conduct is but one example of a systemic, subversive industry practice that aims to coerce the public to shift and re-align their political views.”

The move comes after Trump openly slammed both Bank of America and JPMorgan Chase.

At a World Economic Forum session in January, Trump publicly criticized Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon.

He accused them of denying services to conservatives, urging them to “open your banks” to those who have allegedly been unfairly kicked out of the banking system.

Trump’s remarks touch on a broader debate over alleged discrimination in the financial sector.

This month, after meeting with Republican lawmakers, Chase’s Dimon said US banks sometimes “push people out of the system” due to vague federal anti-money laundering rules.

Dimon denied political or religious bias at Chase, instead blaming regulatory pressures that force compliance-driven account closures.

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A crypto strategist known for making timely Bitcoin calls believes that a deeper drawdown is now on the table for BTC.

Pseudonymous analyst Credible tells his 464,800 followers on the social media platform X that he now expects Bitcoin to go below its recent low of $78,000 after failing to reclaim $90,000 as support.

While the trader is short-term bearish on BTC, he says that the pullback will be a golden opportunity for long-term investors.

“At the moment, it’s looking like we may get a full retracement on BTC which should result in similar pullbacks across the board and some fantastic buy opportunities.”

Looking at the trader’s chart, he seems to predict that Bitcoin will drop to his high time frame (HTF) demand level between $74,000 and $69,000.

According to Credible, Bitcoin needs to hold the HTF demand zone to keep its bullish market structure intact.

“But yeah, I really don’t want to see it below that $69,000-$74,000 region which is that key HTF demand zone.”

At time of writing, Bitcoin is trading for $83,841, down over 9% in the last 24 hours.

Turning to the payments altcoin XRP, Credible says that the coin’s immediate support sits at around $1.80. If that fails, he sees the level between $1.60 and $1.30 as the best risk/reward area for bulls.

“Eyes on the next area of interest now to potentially re-load (sub $2, HTF demand, ‘best R/R’ zone).”

At time of writing, XRP is worth $2.28.

As for fellow the payments token Litecoin, Credible thinks LTC is headed to its weekly support zone at around $56.

“Let’s see if this pullback across the board will give it to me.”

At time of writing, LTC is worth $104.

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JPMorgan Chase CEO Jamie Dimon is addressing controversy over how and why some American citizens and businesses are abruptly finding themselves kicked out of the banking system.

After meeting with Republican lawmakers in Washington, D.C. on the subject of “debanking,” Dimon told reporters that Chase never drops customers over their religious or political affiliations.

Instead, Dimon said unclear federal guidelines, especially around anti-money laundering rules, force banks to deny services out of compliance fears, reports Yahoo Finance.

When squarely asked if regulators are to blame for debanking, Dimon responded, “Pretty much, yeah.”

“There are a lot of things that should be fixed. [Anit-Money laundering laws] are extraordinary, and it does cause a lot of people to be pushed out of the system because banks were afraid of being sued, fined, because if, after the fact, something goes wrong — coulda, woulda, shoulda — you could pay a billion dollars.”

Dimon’s remarks come after President Trump hammered Bank of America and JPMorgan Chase during a virtual World Economic Forum session, accusing them of wrongly denying conservatives access to bank accounts.

Republican lawmakers are now pushing for legislation that would clearly explain when banks can and cannot reject services for customers.

The list of bankers included in the closed-door meeting in Washington included Bank of America CEO Brian Moynihan, Wells Fargo CEO Charles Scharf, Capital One CEO Richard Fairbank and CEOs from several other large US financial institutions.

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