5 things to start your day

[Bloomberg]( Dovish Fed comments, Bitcoin miners join forces, and streaming wars set to heat up. Transitory Fed officials pushed back against the idea that higher inflation would last long enough to put pressure on the U.S. economic rebound. Governor Lael Brainard, Atlanta Fed President Raphael Bostic and St. Louis’s James Bullard all said that the price-growth momentum [would prove temporary](. The dollar sank to the [lowest level since January]( as the comments helped calm investor nerves about tightening monetary policy. Another tweet  Bitcoin is [holding close to $38,000]( this morning after another busy day of comments and market-moving tweets about the largest digital currency. Elon Musk caused a rally in the asset when he sought to bolster the token’s green credentials [in a tweet](, while increasing numbers of miners are joining the [Crypto Climate Accord](, a private sector initiative to decarbonize the industry by 2030. Strategists remain concerned by how much the digital token can be moved by a single Musk tweet. That hasn’t stopped Ray Dalio, founder of Bridgewater Associates, saying he would [rather own Bitcoin than a bond](. Paid Post Positioning for a Growth Rebound PIMCO’s Group CIO Dan Ivascyn discusses how to position portfolios for a strong resurgence in economic growth while defending against elevated inflationary and interest rate risks – including the potential for future tapering-related volatility. [Watch video.]( PIMCO Deals Amazon.com Inc. may announce the acquisition of the Metro-Goldwyn-Mayer movie studio [as soon as today](, according to a person familiar with the matter. The $9 billion deal would bring a library of movies to Amazon’s Prime video service. The battle for the streaming audience is also in focus at Walt Disney Co. which plans to [close 100 of its international TV channels]( this year, with the majority of content migrating to Disney+. Elsewhere in consumer products, Authentic Brands Group LLC, the owner of brands such as Brooks Brothers, Juicy Couture and Forever 21, is [exploring going public as soon as this year](. Markets rise Dovish reassurances from Fed officials are helping push global stock gauges higher. Overnight the MSCI Asia Pacific Index added 1.1% while Japan’s Topix index closed with a 0.3% gain. In Europe the Stoxx 600 Index had risen 0.4% by 5:50 a.m. Eastern Time with miners continuing to underperform. S&P 500 futures pointed to a [move higher at the open](, the 10-year Treasury yield was at 1.591%, oil was at [$65.60 a barrel]( and gold rose. Coming up... U.S. FHFA house price index and the S&P CoreLogic home prices for March are at 9:00 a.m. April new home sales, May consumer confidence and the Richmond Fed Index are at 10:00 a.m. Fed Vice Chair for Supervision Randal Quarles gives semi-annual testimony before the Senate Banking Committee from 10:00 a.m. Today’s other Fed speakers are Richmond’s Thomas Barkin and Chicago’s Charles Evans. Toll Brothers Inc. and Nordstrom Inc. are among the companies reporting results. What we've been reading Here's what caught our eye over the last 24 hours. - Deutsche Bank's [nightmare decade is gone](, but not yet forgotten. - The upside-down world of negative bond yields [is getting smaller](. - It’s [bring your own benchmark]( time for financial markets. - [Shell on trial]( as court weighs its climate responsibility. - Erdogan [reshuffles central bank again]( with new deputy. - Extreme climate [displaced more people than conflicts]( in 2020. - We’re [nothing special](. And finally, here’s what Joe's interested in this morning I tend to mentally bucket stuff like crypto, ARKK, Chamath SPACs, Tesla all being one kind of trade. They're not identical and they've peaked at different times, but all sort of similar zeitgeisty. Anyway, it's clear both in terms of price and sentiment that for the last several weeks things had gotten super negative. ARKK fell nearly 40% from its February peak to its low on May 13. And then of course over the weekend we had the crypto obliteration, and people were ready to dance on the graves of all the coins. But lately there's been a bounce in all this stuff. Ethereum is 50% higher already than its low on Sunday afternoon. ARKK has rallied 10% in about two weeks. This definitely feels like a moment so to speak. It's cliche to talk about whether something has changed or whether this is just a dead-cat bounce. And yet that's the thing that interests me more here. Does the selling resume once people see a price they like, or does an uptrend bring in new enthusiasm and new money into all this stuff? Joe Weisenthal is an editor at Bloomberg Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Follow Us 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](. You received this message because you are subscribed to Bloomberg's Five Things - Americas newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022