As expected, the Fed held steady on rates as it waits for the American economy and labor market to keep improving.  June remains on the table for the next incremental increase, though some analysts are shifting expectations to September due to a “distinct absence of teeing up a hike” in the next 2 months – NYTimes and WSJ and Bloomberg

A day after news that Comcast’s pursuing Dreamworks, we have some thoughts from Dealbook and Breakingviews on how the acquisition would serve Comcast’s long game, including a meaningful challenge to Disney supremacy (a decade + removed from Comcast’s hostile $54 billion bid for Big Mouse) – NYTimes

Yahoo has agreed to give an impressive 4 Board seats to activist hedge fund Starboard Value, in what some see as a sign that Yahoo’s very serious about its intent to explore a sale—a plan that Starboard pushed hard in past months – NYTimes and WSJ

French drug maker Sanofi has made an unsolicited bid for Medivation—best known for its prostate cancer drugs—in a deal potentially valued at $9.3 billion – WSJ

And in fresh health care merger news, Abbott has reached an agreement to acquire St. Jude Medical for a reported transaction value of $25 billion – WSJ

The SEC’s long-debated CAT (consolidated audit trail) program, which “will track real-time trading in the securities market and is designed to help regulators quickly get to the root of issues like the 2010 flash crash,” is finally moving forward—nearly 6 years after it was first proposed – Law360

It’s clear that Bill Ackman’s not wasting any time in his efforts to right the ship at Valeant. Less than a week after announcing that Perrigo CEO Joseph Papa will soon take the helm, Ackman unveiled “sweeping changes to its board of directors,” including the departure of 5 longstanding directors and 4 replacements already lined up jump aboard – WSJ

While we’re talking Valeant, here’s a look at herd hedge funding through the lens of the troubled pharma firm (with a nod to SunEdison)—in particular, how groupthink has cost not only Bill Ackman his Pershing Square group billions as Valeant’s tanked but how funds like Paulson & Co, Viking Global, and Braham Cap have likewise been savaged by following Ackman’s lead – NYTimes

And for the hat trick, if you’d like to see Ackman and former Valeant execs in action, be sure to tune into CSPAN this afternoon.  All will be facing the Senate Special Committee on Aging. Which includes Senator Warren.  Who’s on record just loving the drug industry.  So perhaps a few sparks will fly? – WSJ

Let’s be honest, if you’re in the businesses of renewable energy, electric cars, and—you know—SPACE (and your name is Elon), taking a few “unusual” risks can’t really be all that surprising . . .  – WSJ

Can Sir James Dyson do the impossible: disrupt the hair dryer market entirely (and get anyone—other than the Kardashians—to pay $399 to do so)?  We’ll find out this fall – NYTimes