The Federal Reserve held borrowing costs at a 23-year high yesterday, and Terraform Labs has agreed to pay $4.47bn in a case brought by the US Securities and Exchange Commission. Plus, tech companies launch a fight against a proposed California law to introduce a ‘kill switch’ on AI models.

Mentioned in this podcast:

Fed officials signal just one interest rate cut before end of 2024

Silicon Valley in uproar over Californian AI safety bill

US inflation falls to 3.3% in May in boost to markets

Terraform Labs to pay $4.5bn in SEC fraud case

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