The Wealth Recap

This week: The government's first look at Q1 GDP shows the economy grew 2%, but AI-related investment did much of the heavy lifting while consumer spending on dining and everyday goods pulled back. The Wall Street Journal reports on the Great Wealth Transfer, an estimated $124 trillion set to change hands by 2048, and we explain what that actually looks like for many families. The U.S. pauses Project Freedom, its effort to guide ships through the Strait of Hormuz, as oil stays above $100 and gas hits $4.54. And the country is short roughly 4 to 5 million homes and millions of childcare slots at the same time, creating a double squeeze on family budgets.Sources referenced in this episode:AAA — https://gasprices.aaa.com/BEA — https://www.bea.gov/news/2026/gdp-advance-estimate-1st-quarter-2026CEPR — https://cepr.net/publications/first-quarter-gdp-2026/Cerulli Associates — https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048CNBC — https://www.cnbc.com/2026/05/06/oil-prices-trump-pauses-strait-of-hormuz-escort-effort.htmlCNN — https://www.cnn.com/2026/05/04/world/live-news/iran-war-hormuz-trumpCongressional Research Service — https://www.congress.gov/crs-product/IN12628Federal Reserve — https://www.federalreserve.gov/releases/z1/dataviz/dfa/ISM — https://www.ismworld.org/NPR — https://www.npr.org/2026/05/05/nx-s1-5811770/iran-war-updatesSt. Louis Federal Reserve — https://www.stlouisfed.org/on-the-economy/2026/jan/tracking-ai-contribution-gdp-growthU.S. Treasury Department — https://home.treasury.gov/news/press-releases/jy0355Wall Street Journal — https://www.businessreport.com/article/the-110-trillion-great-wealth-transfer-may-take-decades-to-play-outNew episodes every Wednesday.

This week: The UAE quits OPEC after nearly 60 years, and we explain what OPEC is and why it matters for gas prices. Consumer confidence hits its lowest level since 1978, even as stocks sit near all-time highs. The Federal Reserve holds rates steady in its most divided vote in over 30 years. And the world's most valuable AI company misses its own growth targets, which tells us something important about how new industries work.Sources:NPR — UAE leaves OPEC: https://www.npr.org/2026/04/28/nx-s1-5802735/uae-leaves-opec-oilCNN — UAE/OPEC live updates + energy minister: https://www.cnn.com/2026/04/28/world/live-news/iran-war-trump-israelCNBC — Oil prices / market data: https://www.cnbc.com/2026/04/28/openai-reportedly-missed-revenue-targets-shares-of-oracle-and-these-chip-stocks-are-falling.htmlAAA — National gas prices: https://gasprices.aaa.com/CNBC — Consumer sentiment / inflation expectations: https://www.cnbc.com/2026/04/10/consumer-sentiment-inflation-fears-iran-war.htmlWSJ / Yahoo Finance — OpenAI missed targets: https://finance.yahoo.com/markets/stocks/articles/openai-misses-revenue-user-growth-144605121.htmlFederal Reserve — FOMC calendar: https://www.federalreserve.gov/monetarypolicy/fomccalendars.htmCNBC — Fed decision / 8-4 split / Powell presser: https://www.cnbc.com/2026/04/29/fed-interest-rate-decision-april-2026.htmNBC News — Powell staying on as governor: https://www.nbcnews.com/business/economy/powell-fed-meeting-interest-rates-rcna342520CNBC — OpenAI $122B funding round close: https://www.cnbc.com/2026/03/31/openai-funding-round-ipo.html