*By Brian Henry*
Even as British Prime Minister Theresa May suffered an embarrassing defeat as her Brexit vote was voted down in Parliament, and then only narrowly survived a no-confidence vote, investors remained relatively unrattled.
According to Chris Demetriou, the U.S. CEO at Aberdeen Standard Investments, the mild response to the vote was not a surprise.
"There are two elements to it," he told Cheddar Wednesday.
"The vote \[Tuesday\] and the no confidence vote \[Wednesday\] weren't really a surprise to anybody. It's long been speculated Theresa May didn't have the votes to carry the deal through Parliament."
Demetriou said that the decision by British lawmakers to reject the Brexit deal by such a historic margin ー 432 to 202 ーearlier this week actually has investors feeling confident.
"The resounding defeat, the size of the defeat, really suggests that a tweak to the deal probably isn't going to help get it through either. I think that, perhaps, is giving investors confidence that the can will be kicked down the road or potentially even a more formal withdrawal of Article 15."
"Investors want as a little change as possible in the current arrangement," he added.
Demetriou says productive trade talks between the U.S. and China as well as the Federal Reserve displaying patience on future rate hikes have led to less market volatility.
"A lot of the uncertainty we saw in the back end of the year, the escalation of trade discussions, perhaps concern around fed policy coming into 2019 ー a lot of that has reversed in the beginning of January."
But will the relative market peace last?
"There's a lot of positive news or certainly constructive news out there to offset some of the uncertainty that exists," Demetriou said.
"We do expect continued uncertainty, which breeds volatility in the markets and that will continue throughout the year."
For full interview [click here](https://cheddar.com/videos/the-uk-government-survives-no-confidence-vote-after-brexit-defeat).
President Biden and Federal Reserve chair Jerome Powell meet at the White House today for the first time since Powell's renomination to the position. The President and the Fed Chair discussed the economy and historically high inflation, as new data shows inflation may be cooling slightly. Morning Consult economic analyst Jesse Wheeler joins Cheddar News' Closing Bell to discuss how the Biden administration at the U.S. central bank can work together to combat soaring prices for American consumers.
In the second part of Cheddar's talk with Governor Asa Hutchinson, the Republican from Arkansas discussed his state's abortion trigger law and the overturning of Roe v. Wade, the Texas law that would prevent social media platform moderation currently being held up by the U.S. Supreme Court, and rumors of his 2024 presidential run. "I did go to New Hampshire. I am testing the waters out there, so no decision at this point. But we're looking at it," he said, noting that if former President Donald Trump runs, it would not affect his own decision.
Cheddar Politics looks at the ongoing efforts to pass meaningful gun safety laws in both Chambers of Congress following multiple mass shootings. Lisa Hagen, senior political reporter for U.S. News and World Report, helps break down why Senators are hopeful that a modest bipartisan gun safety package might be able to overcome a filibuster.
Join Cheddar News as we break down the top headlines this morning including updates on the Tulsa medical center shooting, Johnny Depp V. Amber Heard verdict, and Democrats push for gun control reform.
After two subway shootings in two months and the more recent mass shootings in Uvalde, Texas, and Buffalo, New York, Mayor Eric Adams is calling for gun detection scanners to be installed in New York City subways. The tech would be similar to that used in sporting arenas, however, experts note multiple difficulties with such a setup including the need for nearby human operators.
Catching you up on what you need to know on Wednesday, June 1, 2022, House lawmakers hold an emergency hearing on gun control measures in the wake of the Uvalde shooting, the Supreme Court temporarily blocks Texas' law stopping social media moderation, and the James Webb Space Telescope gets a new mission.
With the baby formula in the United States surging to an out-of-stock rate of 70 percent, the FDA has given Abbott permission to reopen its Michigan plant amid the crisis and authorized foreign imports. Professor Peter Pitts, a former FDA associate commissioner and current president of the Center for Medicine in the Public Interest, joined Cheddar News to discuss the ongoing shortage and its wide impact. “As difficult as things is in urban areas, they’re even worse in small communities and tribal areas where parents can't just go to the next store on the corner," he said. Pitts also noted that the Abbott factory was a "disaster" prior to its shutdown and that it would have been "regulatory malpractice" to have left it open.
Cheddar's Megan Pratz reports from the ground in Uvalde, Texas where the community's grief and frustration with lawmakers and police officers grows as more details emerge.
