Five Figures That Caught Our Eye — May 7, 2026
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"Our favorite holding period is forever." — Warren Buffett
May 7, 2026
Jerome Powell's Tenure Ends This Week. Here's What He Leaves Behind.
Powell's second term as Fed Chair expires on May 15 — eight days from today — making him one of the most consequential lame ducks in American financial history. He hands off a labor market that's soft but not broken, inflation that's sticky but not spiraling, and a central bank whose independence Kevin Warsh will be tested on from day one.
Source: Board of Governors of the Federal Reserve System
Greg Abel Ran His First Berkshire Meeting Last Saturday — With $373 Billion on the Sidelines
Roughly 40,000 shareholders descended on Omaha for Abel's debut as CEO, the first annual meeting in six decades without Buffett on stage fielding questions. Abel spent much of the morning explaining why Berkshire's $373 billion cash pile is "dry powder, not a retreat" — while Warren Buffett, age 95, watched from the audience with the board.
Source: Berkshire Hathaway — 2025 Annual Report / CNBC
Americans Will Spend $36.2 Billion on Mother's Day This Sunday
The National Retail Federation projects Mother's Day spending will reach $36.2 billion this year — roughly comparable to total Black Friday weekend spending — with the average celebrant dropping about $258 on flowers, dining, and jewelry. America has more complicated feelings about retail holidays than it does about its mother.
Source: National Retail Federation — Mother's Day Spending Survey 2026
The Four Biggest AI Spenders Burned Through $130 Billion in One Quarter
First-quarter earnings from Microsoft, Alphabet, Amazon, and Meta revealed a combined $130 billion in capital expenditures — the bulk of it flowing toward AI data centers, chips, and power infrastructure that doesn't yet have a consensus return on investment. The four are on pace for over $500 billion this year, a number that keeps getting revised upward every time an analyst thinks it can't go higher.
Source: Company Q1 2026 Earnings Releases / FactSet
Mortgage Rates Have Barely Moved All Year — and That's the Whole Problem
The 30-year fixed rate sits at 5.97%, almost exactly where it started 2026, as the Fed's extended pause keeps borrowing costs pinned in place. Housing affordability remains roughly 35% below pre-COVID levels by NAR's measure — which means the difference between 6.63% last spring and 5.97% today is the difference between unaffordable and still unaffordable.
Source: Freddie Mac Primary Mortgage Market Survey / National Association of Realtors