Top stories today:

1. $118B Senate bill on Ukraine, Israel, border unveiled
2. Powell: “give it some time and see the data” before cutting rates
3. Vision Pro reviews: best-in-class but still early-stage product
4. Elon again accused of drug use by WSJ
5. Meta stock's +20% on Fri. increased market cap by record $196.8B

0. Data and calendar

1. $118B Senate bill on Ukraine, Israel, border unveiled, but top Republicans declare it dead

House Speaker Johnson called it “dead on arrival,” supporting a $18B Israeli-only bill

• Johnson said the House would vote on a $18B Israel-only package, signaling a lack of support for Ukraine aid and that the GOP believes Biden can fix the border crisis through executive orders.

2. Powell on CNBC: “give it some time and see the data” before cutting rates, likely not in March, but this year

• He wants to be careful in rate cuts: “the prudent thing to do is to, is to just give it some time and see that the data continue to confirm that inflation is moving down to 2% in a sustainable way.”

• “We wouldn’t wait to get to 2% [inflation] to cut rates.”

• Doesn't think [commercial real estate crash] is likely: “I don’t think there’s much risk of a repeat of 2008.”

• Debt is unsustainable “over the long term”: “effectively, we’re borrowing from future generations.”

• “The U.S. has been the indispensable nation supporting and defending democracy, security arrangements, economic arrangements [—] I hope that continues.”

Markets price in rate cuts starting in May, reaching 4.00% - 4.25% by the end of the year

4. Vision Pro reviews point towards best-in-class but still early-stage product

Casey Neistat's review showed the Vision Pro being used throughout NYC: