It's King Charles' economy now

This is Bloomberg Opinion Today, a bathtub brimming with Bloomberg Opinion’s opinions. Sign up here. You will be King for more than a day (i [Bloomberg]( This is Bloomberg Opinion Today, a bathtub brimming with Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - You will be King for more than a day (if your surname is Windsor and [your first name is Charles](). - You don’t have to raise interest rates (if you’re [the Bank of Japan](). - You can be too rich (if you’re [an oil company](). - You should make a ton of money graduating from a good college (if [you don’t attend New York University](). Let Them Eat Cake. Lots of Cake.  Bunting. Commemorative mugs. Special tins of tea and biscuits. T-shirts for dogs illustrated with crowns. [Retailers are anticipating they’ll sell truckloads]( of monarchist tat/royal memorabilia (choose according to your innate republicanism) as Britain prepares to celebrate the May 6 coronation of King Charles III. Moreover, as Andrea Felsted writes, much of the economic gloom that accompanied the late Queen Elizabeth’s Platinum Jubilee celebrations a year ago has faded. Despite last year’s cost-of-living crisis, Brits stocked up on party food, booze and smart new clothes to celebrate the Queen’s 70 years on the throne. Hopes are high that less cash-strapped celebrants will splurge even more this year as Charles ascends — particularly if the sunshine cooperates during May’s three public holidays. “It is a burst of good weather that would really get Brits heading to the shops,” Andrea says. Pubs, restaurants and other hospitality venues could all do with an outbreak of coronation-inspired spending. “Brits might toast King Charles with a glass of champagne or a beer at a barbecue,” Andrea writes. “As some consumers hope that the worst dent to their finances in decades is easing, the glass will be at least half full.” You Can Go Your Own Way The Federal Reserve is expected to raise its official interest rate by a quarter-point when it meets next week. The European Central Bank is also expected to continue tightening policy, although it may repeat its more aggressive half-point moves. The Bank of Japan, however, remains doggedly unconvinced that borrowing costs need to change. For now. At his first policy meeting since taking over from Haruhiko Kuroda as Bank of Japan chief, Kazuo Ueda abandoned the central bank’s previous guidance that its main interest rate could drop below the -0.1% rate that’s prevailed since 2016. But with a review of the bank’s policies in recent years likely to take at least 18 months to complete, “[easy money looks set to dominate the world’s third-largest economy]( well into 2024,” writes Daniel Moss. In Friday’s press conference, the new governor sounded like “a person striving to say and do little to stir up concern.” Not scaring consumers and businesses that higher rates are imminent was his priority. “Ueda has reason for caution,” Dan writes. “After the thrills and spills of the Kuroda era, he can afford to ease his way into the job. Critically, he chose not to rock the boat too much at the start of his five-year term.” Telltale Charts After enjoying its most profitable start to the year ever, Exxon Mobil Corp. generated $16.3 billion in cash from operations in the first quarter, leaving its piggy bank straining at the seams with $32.7 billion. “With a war chest balance sheet, the buzzword in the American oil patch is that [Exxon is about to embark on another M&A frenzy](, purchasing a big US shale company operating in the prolific Permian basin,” notes Javier Blas. Graduates of the Massachusetts Institute of Technology make more money than those of any other top US university, with those receiving federal student aid earning a median income 10 years after starting college of $124,213 a year. Moreover, for those financially assisted students, “[MIT is among the least expensive of American universities](, costing an average of just $5,084 a year with living costs, books and supplies included,” notes Justin Fox. Further Reading Wall Street says this will be Microsoft’s big year. — Dave Lee What Chinese President Xi Jinping [really wants in Latin America](. — Eduardo Porter The Twitter backlash is not just about you, Elon Musk. [It’s the $8 fee](. — Allison Schrager How to cope when the demands of your job [clash with your personal values](. — Sarah Green Carmichael The Supreme Court needs [a real ethics code](. — Bloomberg’s editorial board Ukraine is running out of ammunition. [So is the US](. — James Stavridis That [green Porsche premium]( is a price worth paying — Chris Bryant [Deutsche Bank’s London deal]( will be a hard slog. — Chris Hughes For Your Listening Pleasure [The cure for bank runs](, housing markets, and childcare, featuring Paul J. Davies, Conor Sen and Kathryn Edwards. ICYMI Latin America’s Socialist wave is triggering [an unprecedented capital flight](. The world backed two generals. [Then Sudan went to war](. Europe is waking up to [an eastern version of Brexit](. [Amazon jolted investors](with talk of a slowdown in cloud computing growth. Kickers Fancy a job where you get to dress up in an eagle costume to deter seagulls? [Blackpool Zoo is recruiting]( … Your new staff uniform? [Bitcoin thief photographed in a bathtub of cash]( gets four years in prison. Gary Harmon in a tub full of money. [A goblin fetus, complete with claws and a tail](, was found by builders in a disused warehouse in a Mexican town. Your couch is [probably toxic](. (h/t Jessica Karl) Cardigans are becoming a male symbol status as sales of the non-threatening, cozy knitwear soar. [Allegedly](. Notes:  Please send orclings and complaints to Mark Gilbert at magilbert@bloomberg.net. [Sign up here]( and follow us on [Instagram](, [TikTok](, [Twitter]( and [Facebook](. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Bloomberg Opinion Today newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. 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