Swiss National Bank says medium-term inflation expectations have risen only slightly.

Fed chair Kevin Warsh expects AI to push up observed price levels over the next 12 months; whether AI causes inf will depend on the Fed.

On Wednesday SpaceX stock slipped below its IPO price for the first time, little more than a month after the company’s record-breaking listing. The shares had peaked at $225.64; the IPO raised about $85.7bn and valued the company at roughly $2.1trn at the close of its first trading day. Investors who bought at the IPO price are now showing unrealized losses, a development that could test market confidence in the stock.