What you need to know on Wall Street today

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.

The Federal Reserve will release a statement on its latest policy decision and opinions on the economy on Wednesday. In company with leaving its benchmark interest rate unchanged, economists don’t expect the Fed to make other major changes. But the way it appraises the economy could present a challenge: acknowledging temporary drags in the first quarter without suggesting that it plans to raise rates faster than expected.

In related news, four charts shed light on the Fed’s mysterious $US4.5 trillion portfolio. You can stay up to date with the lates news from the Fed here.

With all three major US indexes hovering near record highs, it’s been a great time to be a stock trader. That is, unless you’re a short seller

A Wall Street legend explained the strategy that made him one of the best stock pickers of all-time. And traders are loading up on bets against the world’s “most levered real estate developer.”

A $US59 billion investor just issued a dire warning about the retail apocalypse. Super-rich private equity stars are upset about their “lousy” reputation. Major investors and business leaders have gotten used to ignoring Trump. And Puerto Rico is moving towards the largest municipal bankruptcy in US history.

JPMorgan is moving hundreds of London bankers to Dublin, Frankfurt and Luxembourg because of Brexit. The CEO of Barclays is in a dispute with a $US130 billion investment giant.

Michael Milken invented the modern junk bond, went to prison, and then became one of the most respected people on Wall Street.

David Einhorn says Tesla is a bubble stock — but it’s always been that way. Traders betting against Tesla have lost more than those betting against Apple, Amazon, and Netflix combined. In related news, the SEC is reportedly investigating Tesla’s solar business.

Ferrari is going to be boosted by “super margin cars,” according to UBS. And here’s the futuristic supercar designed to defeat Ferrari.

There’s a bunch of tech news. Here goes:

LAX is getting a private terminal that costs $US2,000 for the rich and famous to use. Lastly, check out the design for a new, nearly 600-foot yacht ordered by a Norwegian billionaire that will be the largest in the world.

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