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Federal reserve says inflation is back, holds rates steady anyways, Powell to stay on board after term as chair ends, PNW tech companies Microsoft and Amazon beat expectations, stocks fall anyways. LIV golf league loses funding, Intel rallies 12% in single day, Seattle Kraken to build 2nd ice complex.

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Let’s Rip

PNW Market Look

As of market close 4.29.26

Amazon beat on earnings and revenue, stock drops (FT)
Microsoft beat on earnings and revenue, stock drops
Meta beat on earnings and revenue, stock drops
Google beat on earnings and revenue, stock pops

Bill Ackman’s Pershing Square IPO opens down 16% from list price (CNBC)

Headline Roundup

Seattle Kraken, Kirkland announce $60M new iceplex: 2 rinks, a restaurant, and more (KOMO)
Another year of cuts: Portland Public Schools presents $2.77 billion budget (OPB)
Portland Public Schools Faces $56 Million Budget Deficit as Superintendent Proposes 336 Layoffs (WW)
$11M federal grant buoys Port of Everett pier modernization (DJC)
Amazon launches new AI tools, as Microsoft and OpenAI end exclusive cloud deal (KUOW)
Northeast Portland multifamily building fetches $30.7 million (DJC)
Portland housing authority to pay outgoing CEO $171K to resign (ORL)
Boise Auditorium District’s expansion plans continue with second River Street lot (IDS)
Everett City Council approves extra $10.6M for future AquaSox stadium (ST)
Microsoft reports AI business is strong amid record spending (ST)
Whatcom County Council tentatively approves $225M budget cap for justice project (CD)
Fed holds rates steady but with highest level of dissent since 1992 (Ground)
Saudi Arabia's Public Investment Fund pulling the plug on LIV Golf funding after four years: report (Ground)
Powell to Stay on Fed Board, Citing Trump Legal Pressure (WSJ)
Intel CEO Lip-Bu Tan Just Delivered Phenomenal News to Shareholders (MF)
Microsoft calls for $190 billion in 2026 capital spending on soaring memory prices (CNBC)
Hilton hotel in SeaTac sells to local buyer (PBJ)

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Community Highlight

Idaho state representative giving up House seat to run for Senate (IDP)

Rip’s Spotlight

The Buffett Indicator hit 227%, well above the level that should concern investors (IDS)

“The Buffett Indicator, which measures the total value of U.S. stocks as a percentage of GDP, according to GuruFocus, now stands at 227%. That is roughly one-sixth higher than the 200% threshold Buffett himself identified as the danger zone.

Buffett first laid out this framework in a 2001 Fortune article he wrote during the dot-com collapse. "If the relationship approaches 200% as it did in 1999 and 2000, you are playing with fire," he wrote. The Indicator has now climbed well beyond that level, Fortune noted.”

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