The Office of Personnel Management (OPM) swiftly countered a threat issued by Elon Musk concerning the potential forced resignation of government employees. Last week, Musk's Department of Government Efficiency sent an email to all federal workers demanding a list of recent accomplishments, warning that failure to comply would lead to a "resignation." OPM has since clarified that non-response to this directive does not equate to an automatic resignation, according to an internal communication from the Department of Justice's human resource chief.
Meanwhile, U.S. markets experienced fluctuations on Monday as President Donald Trump's ongoing tariff threats impacted investor confidence. The Dow Jones Industrial Average managed a slight gain of 0.08%. However, the S&P 500 decreased by 0.5%, and the Nasdaq Composite fell by 1.21%, with significant pressure on major tech companies' shares.
In a move to counteract economic downturn pressures, South Korea's central bank reduced interest rates to 2.75% from 3% on Tuesday, marking its lowest rate since August 2022. The central bank emphasized this decision aims to alleviate economic strain, forecasting a significant decline in growth.
Anthropic, an artificial intelligence startup, is reportedly in discussions to secure a $3.5 billion funding round, which would be substantially higher than previously anticipated. Lightspeed Venture Partners is leading the round, with contributions from General Catalyst and other investors. This funding would potentially triple Anthropic's valuation to $61.5 billion.
Elon Musk reiterated his stance regarding federal employees' compliance, stating in a post on X:
"Failure to respond a second time will result in termination." – Elon Musk
This statement follows his initial communication and underscores his intent to enforce the submission requirement.
President Trump confirmed on Monday that the comprehensive U.S. tariffs on imports from Canada and Mexico "will go forward" after the expiration of a monthlong implementation delay next week. These tariffs include a 25% duty on products from Mexico and Canada and a 10% levy on Canadian energy imports, as established by executive orders signed on February 1.
In light of these developments, Mislav Matejka, an equity strategist at JPMorgan, advised investors against interpreting market resilience as a bullish sign, particularly with the continuous flow of tariff announcements from the White House.