Happy Friday! This is a weekend full of festivities: The Kentucky Derby is tomorrow, and Cinco de Mayo is on Sunday! Here’s what’s in today’s edition:
The U.S. economy added far fewer jobs than expected last month. The Fed has been waiting for signs like this to consider lowering interest rates.
Democrats are sounding alarm bells that conservative justices are slow-rolling two of former President Trump’s court cases to help him out.
Young Democrats are warning President Biden that he must quickly change course.
I’m CateMartel with a quick recap of the morning and what’s coming up. Send tips, commentary, feedback and cookie recipes to cmartel@digital-stage.thehill.com. Did someone forward this newsletter to you? Sign up here.
📊 News This Morning
This is one piece of the puzzle to lower interest rates:
The U.S. economy added just 175,000 jobs in April, roughly 65,000 fewer than economists had expected. The unemployment rate ticked up from 3.8 percent to 3.9 percent, according to Labor Department data released this morning.
💡 Why this is important: Job growth had been hotter-than-expected in the past few months. That kept the Federal Reserve from lowering interest rates. If the rates are dropped too soon, it could accelerate inflation. The Fed has been looking for any sign for when it can begin dropping rates. This month’s lower-than-expected jobs’ report certainly is a sign.
What to expect: “While [the Fed not cutting rates this month] was widely expected, an uptick in inflation and other strong economic indicators have shifted the central bank’s rate cut timeline further into the future. Most traders don’t expect the Fed to start cutting rates until September, according to the CME FedWatch Tool, which lurched briefly to November on Wednesday.” (The Hill)
⚖️Trump’s Legal Battles
Are conservative judges slow-rolling the cases? Some Democrats think so:
Democratic lawmakers are concerned that conservative judges and Supreme Court justices are playing politics in helping former President Trump in two federal cases, reports The Hill’s Alexander Bolton.
How so? In the Jan. 6 case: Some Democratic senators have accused conservative Supreme Court justices of slow-rolling special counsel Jack Smith’s case so it won’t have a verdict before Election Day.
And in the classified documents case: The case has gotten “bogged down in complex and arcane legal arguments over the Presidential Records Act, which prosecutors say has nothing to do with the case.”
Keep in mind: These are two of the most serious legal cases against Trump.
Today is the seventh day of former President Trump’s hush money trial in New York.
Who is testifying today?: “A forensic analyst with the Manhattan District Attorney’s office is retaking the stand. Doug Daus spent some of Thursday detailing to jurors how he inspected phones belonging to ex-fixer Michael Cohen.”
What happened Thursday?: Keith Davidson, a lawyer who represented adult film actor Stormy Daniels and former Playboy model Karen McDougal, testified on the witness stand. Both women claim they had sexual encounters with Trump, but Trump denies it.
The Washington Post’s Ashley Parker writes that “Hope Hicks witnessed nearly every Trump scandal. Now she must testify.”
Hicks took the stand around 11:30 a.m. EDT.
The gist: “Friends say the former aide and Trump have not spoken since she testified to Congress about the Jan. 6 Capitol attack, but the two continue to have fondness for each other.” The full Washington Post reporting
📢 Campus Protests
It’s been a tense few weeks:
“College campuses have seen increased tension among students, faculty and administration in the months since the start of the Israel-Hamas war in October. Protests have erupted across the country as campuses grapple with rising rates of discrimination and calls for universities — and the United States — to sever ties with Israel.”
If you haven’t been following this saga, The Hill’s Lauren Irwin published a very helpful read on what exactly students are protesting. It’s worth reading.
‘Democrats enter panic mode as Gaza protests erupt’: Axios
What is keeping the Biden campaign up at night?:
Young voters.
The Hill’s Amie Parnes reports that “young Democratic voters are sounding the alarm and warning President Biden that his reelection bid could be in jeopardy if he doesn’t change course on the issues that matter most to them, including the war in Gaza.”
It’s not just the war in Gaza: “While they have soured on Biden on a range of issues from cost of living to climate issues, the rash of protests at college campuses around the country has been the latest point of contention with the president.”
🍫 Celebrate: Today is National Raspberry Popover Day and National Chocolate Custard Day.
🦠 It already feels like a throwback talking about COVID-19: The New York Times published an investigation into the COVID-19 vaccines. Four takeaways, including their side effects.
🌏 Around the world in Washington, D.C.: The annual Around the World Embassy Tour is happening this weekend! Washingtonian published a list of seven embassies to visit.
📅 On The Agenda
The House and Senate are out. President Biden and Vice President Harris are in Washington. (all times Eastern)
12:30 p.m.: Biden and Harris receive the President’s Daily Brief.
1:30 p.m.: White House press secretary Karine Jean-Pierre briefs reporters. 💻 Livestream
4:30 p.m.: Biden presents the Presidential Medal of Freedom to individuals who have made exemplary contributions to the country. Harris also attends.
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