Your Evening Briefing
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Good afternoon. "We have breaking news," President Trump said to Bloomberg News reporters in the Oval Office today, after he said he'd meet with Kim Jong Un under the right circumstances. In the interview, he also said:
- He's actively considering breaking up giant Wall Street banks in an effort to separate consumer lending and investment banking;
- He’s willing to raise the gas tax to fund infrastructure development; and,
- The tax plan he released last week the beginning of negotiations.
SpaceX launched a sensitive military mission and landed successfully. A Falcon 9 rocket carrying a classified payload for the National Reconnaissance Office rumbled aloft at about 7:15 a.m. Monday from the Kennedy Space Center in Florida. Roughly nine minutes after lifting off, the rocket’s booster returned to Earth, marking the company’s fifth successful mission of 2017. Landing, refurbishing and reusing rockets is key to the company’s vision of making space travel increasingly affordable.
Trump said he'd meet with North Korean leader Kim Jong Un over the country's nuclear weapons programs if the circumstances were right. “Most political people would never say that,” Trump said in an interview with Bloomberg, “but I’m telling you under the right circumstances I would meet with him." Kim has never met with a foreign leader since taking charge after his father’s death in 2011 and hasn’t left his isolated country.
Congress reached a spending deal that rejects most of Trump's priorities. U.S. House and Senate negotiators reached a bipartisan deal on a $1.1 trillion spending bill that largely tracks with Democratic priorities and rejects most of Trump’s wish list, including money to begin building a wall along the U.S.-Mexican border. The compromise measure would keep the government open through the end of September.
This $50,000 minivan explains why the U.S. auto market isn't growing. The Chrysler Pacifica packs plenty of features to justify a hefty expense, but it's a price tag out of reach for most Americans. U.S. auto sales fell in each of the first three months of the year and probably slowed in April to about 17.1 million, from 17.4 million a year earlier. At the same time, the average new-car price in the U.S. rose about 2 percent in the past year.
The next seven days will shed light on whether the gains in U.S. stocks will continue, writes Mohamed El-Erian for Bloomberg View. The four things that matter this week for markets: Trump passing the 100-day mark, soft versus hard data with the jobs report Friday, the meeting of the Federal Reserve, and French elections on May 7.
A $100 million lawsuit was filed against organizers of the inaugural Fyre Festival, a music festival in the Bahamas that was billed as a luxury experience but quickly devolved into an island landscape of half-built tents, cheese sandwiches, and a distinct lack of musical talent. In a lawsuit filed Monday, Fyre Festival and its organizers were accused of fraud, negligent misrepresentation, and breach of contract.
Manhattan is the borough of discounts. Brooklyn is where buyers might have to overpay for a home. In most Manhattan neighborhoods, buyers got median reductions of at least 2 percent off the initial asking price in the first quarter. In Brooklyn, buyers in some northwest and central parts of the borough had to pay more than the asking price.