Market Beats | Fed Waller Signals Rate Cut Could Come as Soon as July; Meta Teams Up with Oakley for New Smart Glasses; Thousands of Government Consultants Face Tight Job Market; Trump Signals Decision on Iran Strike Within Two Weeks, Open to Diplomacy; Masayoshi Son Eyes Trillion-Dollar AI & Robotics Hub in Arizona; Europe Offers Iran a Comprehensive Proposal to End Hostilities with Israel

—— Fed’s Waller Signals Rate Cut Could Come as Soon as July; Meta Teams Up with Oakley for New Smart Glasses; Thousands of Government Consultants Face Tight Job Market; Trump Signals Decision on Iran Strike Within Two Weeks, Open to Diplomacy; Masayoshi Son Eyes Trillion-Dollar AI & Robotics Hub in Arizona; Europe Offers Iran a “Comprehensive” Proposal to End Hostilities with Israel

1. Fed’s Waller Signals Rate Cut Could Come as Soon as July

Federal Reserve Governor Christopher Waller said Friday that the central bank could begin cutting interest rates as early as July, depending on how inflation evolves.

“We could do this as early as July,” Waller said in a CNBC interview, referring to the next Federal Open Market Committee meeting scheduled for July 29-30.

“I think we’ve got room to bring it down, and then we can kind of see what happens with inflation,” Waller added, suggesting the Fed could pause rate reductions if inflation doesn’t cool as expected.

His remarks follow the Fed’s decision on Wednesday to hold rates steady.

The central bank’s updated projections showed policymakers still expect two cuts before the end of 2025, though there’s growing divergence within the committee — seven officials projected no cuts at all for this year.

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2. Meta Teams Up with Oakley for New Smart Glasses

Meta Platforms Inc. is moving upmarket with its unexpectedly popular smart glasses, launching new models in collaboration with Oakley that target athletes and feature enhanced video capabilities.

On Friday, the company unveiled glasses based on Oakley’s HSTN design, marking its first expansion beyond Ray-Ban for its display-free smart eyewear line. Like earlier models, the Oakley versions can make phone calls, play music, capture photos and videos, and use Meta’s AI to answer questions about the environment.

The new glasses start at $399, with a limited edition featuring gold accents priced at $499. They offer roughly twice the battery life, 3K video recording, and water resistance compared to previous models.

“We are increasingly seeing performance use cases with the Ray-Bans like people wearing them on roller coasters, cycling and being around water, so we’re trying to lean into that,” said Alex Himmel, Meta’s vice president of wearables, in an interview.

Arriving at a second eyewear brand was not a certainty for Meta. Its first attempt, the Ray-Ban Stories in 2021, failed to gain traction. But its 2023 follow-up was a major success, potentially giving Meta a meaningful hardware foothold in the emerging AI race.

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3. Thousands of Government Consultants Face Tight Job Market

Thousands of private government consultants laid off amid the Trump administration’s cost-cutting drive are flooding a labor market that’s already showing signs of contraction.

Job postings at seven of the 10 consulting firms targeted for contract cuts by the General Services Administration have dropped about 27% since 2023, and 11% from a year ago, according to job board data compiled by labor analytics firm Lightcast.

Booz Allen Hamilton Holding Corp. and Deloitte LLP had nearly 1,200 and 8,200 fewer job openings respectively than last year, according to Lightcast. Both firms announced job cuts earlier this quarter.

“The job market is certainly not great for these people,” said Ron Hetrick, principal economist at Lightcast. “If they lay off people, they’re probably not going to backfill them.”

Federal government employment fell by 22,000 in May, bringing total job losses since January to 59,000, according to the latest jobs report. That figure excludes those still on paid leave or receiving severance.

About 75,000 federal workers have accepted a buyout offer paying them through September, with thousands more expected to accept in an upcoming round.

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4. Trump Signals Decision on Iran Strike Within Two Weeks, Open to Diplomacy

US President Donald Trump said he would give diplomacy a chance before deciding whether to strike Iran, easing tensions after earlier remarks suggested military action was imminent.

“Based on the fact that there’s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks,” Trump said in a dictated message, according to White House spokeswoman Karoline Leavitt.

Iran maintained on Friday that it will not engage in negotiations with the US while Israel’s assault continues. “The only way to end the imposed war is to unconditionally stop the enemy’s aggression,” Iranian President Masoud Pezeshkian said in a post on X.

Oil prices declined following a Reuters report that Iran is willing to discuss limits on uranium enrichment but won’t consider a full halt. That position puts Tehran at odds with Trump’s insistence on zero enrichment.

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5. Masayoshi Son Eyes Trillion-Dollar AI & Robotics Hub in Arizona

SoftBank Group Corp. founder Masayoshi Son is seeking to partner with Taiwan Semiconductor Manufacturing Co. to realize what may be his boldest bet yet — a trillion-dollar industrial hub in Arizona dedicated to robotics and artificial intelligence.

According to people familiar with the matter, Son envisions a modern-day version of Shenzhen in the U.S., with high-tech manufacturing brought back through a sprawling complex focused on producing AI-powered industrial robots. The plans remain private, and the individuals requested anonymity.

SoftBank officials are particularly interested in involving TSMC — the leading manufacturer of Nvidia’s advanced AI chips — in a central role. However, the specifics of what part Son envisions for TSMC remain unclear. TSMC, for its part, has already committed to $165 billion in U.S. investment and recently began mass production at its Arizona site. One person familiar with TSMC’s stance said Son’s project does not factor into the chipmaker’s Phoenix plans.

Codenamed “Project Crystal Land,” the complex marks Son’s most ambitious effort in a career defined by bold bets, massive gains, and equally sizable losses.

The 67-year-old billionaire has frequently spoken of dissatisfaction with his legacy and has said he’s committed to accelerating the progress of artificial intelligence.

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6. Europe Offers Iran a “Comprehensive” Proposal to End Hostilities with Israel

President Emmanuel Macron said European nations have prepared a “comprehensive negotiation offer” for Iran, aimed at ending the hostilities with Israel.

Foreign ministers from the UK, France, Germany, and the EU’s high representative are scheduled to meet with Iran’s foreign minister in Geneva on Friday afternoon — marking the first high-level, face-to-face diplomatic engagement with Tehran since war erupted a week ago.

Macron emphasized that the talks must move toward zero uranium enrichment — a process that can be used to produce both nuclear fuel and weapons-grade material — as well as curbs on Iran’s missile programs and its funding of terrorist groups.

Before Israel launched its assault on the Islamic Republic last week, Iran had been engaged in indirect talks with the US in an attempt to resolve the prolonged nuclear standoff. The outbreak of war abruptly halted those diplomatic efforts.

Iran has consistently refused to halt domestic uranium enrichment, a major sticking point in past negotiations.

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7. Nvidia posts 69% revenue surge

Nvidia reported a 69% year-on-year jump in revenue to $44.1 billion for the quarter ending April 27, surpassing Wall Street’s forecast of $43.3 billion, even as it absorbs a major revenue hit from US export restrictions targeting China.

The chipmaker, central to the global AI infrastructure boom, expects revenue of about $45 billion for the current quarter, plus or minus 2%. That range puts its guidance slightly below the Bloomberg consensus estimate of $45.5 billion. Nvidia shares rose 5% in early Thursday trading.

The company is navigating the fallout from President Donald Trump’s renewed trade tensions with China, including export controls introduced in April that barred Nvidia from selling its AI chips specifically tailored for the Chinese market. Nvidia said those curbs led to a $4.5 billion charge last quarter and an additional $2.5 billion in missed sales. The company also expects to lose roughly $8 billion in Chinese revenue this quarter as a result.

CEO Jensen Huang said demand for Nvidia products remains “incredibly strong,” but he reiterated criticism of the US government’s export control measures on a call with analysts.

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