Financial Daily Dose 5.6.2021 | Top Story: Peloton Recalls All Treadmills Over Child-Safety Concerns

Peloton has recalled all of its treadmill models—the Tread+ and Tread—“less than a month after it fought the U.S. Consumer Product Safety Commission as it warned that dozens of injuries and one death of a child had been linked to the machines” - NYTimes and WSJ and Bloomberg and Law360 and Mashable

New SEC Chief Gary Gensler will appear before the House Financial Services Committee today, and an early look at his prepared testimony suggests that he’s pushing the Commission to explore new rules that could limit the kinds of features that brokers like Robinhood can use on their smartphone apps - MarketWatch and Bloomberg and Law360

The U.S. revealed its support on Wednesday for the “temporary waiver of intellectual property provisions to allow developing nations to produce Covid-19 vaccines created by pharmaceutical companies, citing an urgent need to stem the pandemic”- WSJ and Bloomberg and Law360 and NYTimes

With inflation fears dominating cable business news shows, the Fed has deployed its army of officials around the country to reassure markets and Wall Street that the central bank is both okay with what it has dubbed transitory inflation and also keeping a very close eye on price gains - NYTimes

We’ve been trying to avoid much Dogecoin talk here, but anything that increases 14,000% on the year merits at least a mention - NYTimes and MarketWatch and WSJ

Uber’s food delivery arm, Uber Eats, delivered for the company in Q1, accounting for almost 2/3 of its total bookings in the first three months of 2021. While total bookings “grew and beat analysts’ forecasts,” its revenue fell a bit compared to a year earlier thanks to $600M in adjustments “tied to new driver benefits in the U.K.” - WSJ

Lots of Facebook Oversight Board talk lately—a rather terrifying prospect, given Zuck’s track record—and while that body’s important, former British politician Nick Clegg is arguably the more important man behind the curtain - NYTimes

The Biden Administration is blocking enforcement of a Labor Department rule completed in the final days of the prior administration that “sought to make it more difficult for a gig worker . . . and other workers to be counted as an employee under federal law” - WSJ

Join the Times, won’t you, in trying to sort out what a post-Trebek “Jeopardy” will be based on the recent string of guest hosts - NYTimes

Stay safe and get vaxxed,
MDR