China's Pet Population vs. Birth Rates

Goldman Sachs predicts that by 2030, China's pet population will almost double that of young children due to declining birth rates and increasing preference for pets over starting families.

Economic Forecast and Federal Reserve Policy

Goldman Sachs economists raised the likelihood of a U.S. recession within 12 months to 25% but still view the risk as limited. They foresee job growth improving, prompting the Federal Reserve to cut interest rates.

Stock Market Updates and Financial News

The S&P 500 rose to a new record high as Nvidia became the most valuable public company, surpassing Microsoft. The market saw gains despite weaker retail sales data. BlackRock launched a new active ETF similar to a highly rated mutual fund. Goldman Sachs raised its year-end market expectations. Federal Reserve officials commented on inflation and interest rates. Cedar Fair and Six Flags completed their merger, and Berkshire Hathaway increased its stake in Occidental Petroleum.

Beth Hammack to Lead Federal Reserve Bank of Cleveland

Beth Hammack, a Wall Street veteran from Goldman Sachs, is set to become the next president and chief executive of the Federal Reserve Bank of Cleveland. She will take over from Loretta Mester and bring her expertise in global financing to the role, joining the Fed's interest-rate committee as a voting member.