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☆ Distressed US corporate debt trading touches 11-month low: JPM
▼ + stars: | 2023-08-08 | by ( Matt Tracy | ) www.reuters.com time to read: +2 min

REUTERS/Stephanie Keith/File Photo/File PhotoAug 8 (Reuters) - The amount of U.S. corporate loans and bonds trading at distressed levels has reached its lowest in 11 months, according to a JPMorgan (JPM.N) research report on Tuesday. However, the volume of junk-rated corporate loans themselves trading at distressed levels has fallen for two consecutive months, nearing a year-to-date low in July, it said. At the end of July, $110 billion of outstanding loans traded at distressed levels. It marked the second straight month of declining distressed trading of junk-rated loans, after reaching a year-high in May, according to data in the report. At 22%, loans to junk-rated healthcare sector issuers made up the highest portion of distressed trading last month, according to the JPMorgan report.

Persons: Stephanie Keith, Shirley Singh, Singh, Matt Tracy, Deepa Babington Organizations: JPMorgan, REUTERS, Moody's Investors Service, Moody’s, Thomson Locations: New York City, U.S, . Federal

☆ What Moody's ratings cuts on U.S. banks means for the market
▼ + stars: | 2023-08-08 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat Moody's ratings cuts on U.S. banks means for the marketCNBC’s Leslie Picker joins 'Power Lunch' to discuss Moody’s ratings cut on U.S. banks.

Persons: Leslie Picker

☆ AI is being held up by a shortage of powerful chips
▼ + stars: | 2023-08-06 | by ( Brian Fung | ) edition.cnn.com time to read: +6 min

CNN —The crushing demand for AI has also revealed the limits of the global supply chain for powerful chips used to develop and field AI models. The latest sign of a potentially extended shortage in AI chips came in Microsoft’s annual report recently. In its May earnings call, Nvidia said it had “procured substantially higher supply for the second half of the year” to meet the rising demand for AI chips. AMD, meanwhile, said Tuesday it expects to unveil its answer to Nvidia’s AI GPUs closer to the end of the year. The chip shortage is expected to ease as more manufacturing comes online and as competitors to Nvidia also expand their offerings.

Persons: Microsoft’s, Sam Altman, Samuel Altman, OpenAI, Win McNamee, ” Altman, Raj Joshi, could’ve, ” Joshi, “, Joshi, ”, Lisa Su, we’ve, Sid Sheth, Biden, can’t, ” Sheth, Sheth Organizations: CNN, Microsoft, Privacy, Technology, Moody’s Investors Service, Nvidia, Intel, AMD Locations: Microsoft’s, Washington ,

☆ Opinion: The US has always made good on its debt. There’s no reason to think that will change
▼ + stars: | 2023-08-04 | by ( Opinion Mark Zandi | ) edition.cnn.com time to read: +6 min

The higher the rating, the more likely the investor can trust that principal and interest payments will arrive on time. Indeed, global investors use the interest rate on US Treasury bonds to determine the interest rate on other countries’ bonds. Consider the recent battle over increasing the Treasury debt limit and looming prospects for a government shutdown later this year. These so-called governance issues are central to Fitch’s decision to downgrade the nation’s debt. The last time was in the early 1990s when interest payments on the debt ballooned, and the fiscal outlook darkened.

Persons: Mark Zandi, CNN —, Fitch, “, Thomas Jefferson, Alexander Hamilton, we’ve, Joe Biden, Bill Clinton, Newt Gingrich, Lore, Winston Churchill Organizations: Moody’s, CNN, AAA, Mark Zandi CNN, Treasury, European Union, US Treasury, Twitter, Facebook, Democrat, Republican, British

In a July update of its credit opinion on the sovereign rating, Moody's maintained its Aaa rating and stable outlook, which means likelihood of a new rating over the medium term is low. Moody's did not offer comment beyond referring Reuters to its latest credit opinion, which it said reflected its latest thinking on the U.S. sovereign credit profile. In Moody's view, these factors counterbalance "lower fiscal strength," which the agency expects will weaken. In its latest credit opinion, Moody's said it had confidence in the strength of U.S. institutions, adding that monetary and macroeconomic policies have "a long history of effectiveness." It said, however, that other aspects of policymaking are "less robust than in many Aaa-rated peers," particularly when it comes to fiscal policy effectiveness.

Persons: Fitch, Lawrence Gillum, Ryan Detrick, Moody’s, it’s, Moody's, Davide Barbuscia, Megan Davies, Diane Craft Organizations: Moody's Corporation, AAA, U.S, OECD, LPL, Carson Group, Aaa, Reuters, TRIPLE, U.S ., Treasuries, Thomson Locations: Manhattan , New York, U.S, United States, Australia, Canada, Fitch

☆ Warren Buffett isn’t worried about Fitch’s downgrade
▼ + stars: | 2023-08-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

New York CNN —Warren Buffett is shrugging off Fitch Ratings’ historic downgrade of US credit from the top AAA grade to AA+. The “Oracle of Omaha” told CNBC on Thursday that his company, Berkshire Hathaway, bought $10 billion worth of US Treasuries on Monday and did the same exactly a week prior. “The only question for next Monday is whether we will buy $10 billion in 3-month or 6-month [Treasury notes],” Buffett said. That suggests that much like others on Wall Street, Buffett believe Fitch’s downgrade won’t have much of a long-lasting, negative impact on the economy, the government’s ability to borrow, nor the safety of US Treasuries. Even after the most recent downgrade, Moody’s has kept its top rating of US credit.

Persons: New York CNN — Warren Buffett, Omaha ”, Berkshire Hathaway, ” Buffett, Buffett, Moody’s Organizations: New, New York CNN, Fitch, AAA, CNBC, AA Locations: New York, Omaha, Berkshire, United States

CNN —There may not be any lasting major negative ramifications from the surprise US credit rating downgrade by Fitch this week — not for the economy, not for consumers and not for the government’s ability to borrow. Normally, when your credit score as a consumer falls — or your credit rating as a country — there are negative consequences. Here’s why the United States is unlikely to see that kind of impact from the Fitch downgrade. The downgrade wasn’t a huge dropFitch cut its US credit rating to AA+ from what had been a sterling AAA rating. “Fitch’s credit rating is an expression of the probability of a default.

Persons: You’re, Fitch, “, brinkmanship, Marc Goldwein, you’re, ”, Mark Zandi, Yellen, Jamie Dutta, Dutta, ” George Mateyo, ” Mateyo, ” José Torres, Torres, it’s, ” Torres, Uncle Sam, CRFB, – CNN’s Krystal Hur, Allison Morrow Organizations: CNN, Fitch, AAA, Committee, U.S . Treasury, Moody’s, AA, “, Vantage, Key Private Bank, Federal Reserve, Interactive Brokers, Moody’s Investors Service, Treasury, Congressional, Social Security Locations: United States, States, corporates, United

☆ Wild weather turns up heat on EU debt stragglers
▼ + stars: | 2023-08-02 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

Meanwhile, record-high temperatures and dryness triggered devastating blazes in Greece, forcing thousands to flee popular summer destinations such as Rhodes. The extreme weather may be limited to southern European countries, but its fiscal repercussions make this a Europe-wide emergency. Reuters GraphicsAgriculture accounts for just 4.4% of GDP in Greece, and less than 3% in Spain and Italy, according to Moody’s. Letting Greece, Italy and Spain deal with such climate nightmares, on top of other economic challenges, risks landing them with a Sisyphean task. As climate risks intensify, the EU will need to consider widening its joint borrowing plans.

Persons: Nicolas Economou CATANIA, Rhodes, heatwaves disproportionally, Francesco Guerrera, Oliver Taslic Organizations: REUTERS, Reuters, Cogeca, Reuters Graphics, European Environment Agency, Union, Copa Cogeca, Thomson Locations: Rhodes, Greece, Italy, Sicily, Europe, Spain, EU, Corfu

☆ Fitch downgrades US long-term credit rating to AA+ from AAA
▼ + stars: | 2023-08-01 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

“I strongly disagree with Fitch Ratings’ decision,” said Treasury Secretary Janet Yellen in a statement on Tuesday. The last time the US debt was downgraded by another major credit rating agency, S&P, came in 2011. Until 2011, US debt had carried a perfect credit rating since Moody’s Investors Service first assigned the United States a AAA rating in 1917. The country’s new Fitch rating puts it on par with Austria and Finland but below Switzerland and Germany. S&P has maintained its AA+ rating on the US after the 2011 downgrade while Moody’s has kept its AAA rating.

Persons: CNN — Fitch, “, Fitch, ” Fitch, Biden, ”, Janet Yellen, Karine Jean, Pierre, —, Chuck Schumer, Spokespeople, Kevin McCarthy, Moody’s, Larry Summers Organizations: CNN, AAA, Biden, Fitch, AA, Republican, Republicans, Moody’s Investors Service, Dow Jones, Nasdaq, Twitter Locations: United States, Austria, Finland, Switzerland, Germany

☆ Inflation will keep moderating so Fed won't raise rates after today, says Moody's Mark Zandi
▼ + stars: | 2023-07-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation will keep moderating so Fed won't raise rates after today, says Moody's Mark ZandiEmily Roland, John Hancock Investment Management co-chief investment strategist, Subadra Rajappa, Societe Generale head of U.S. rates strategy, and Mark Zandi, Moody’s Analytics chief economist, join 'The Exchange' to discuss the upcoming decision from the Federal Reserve.

Persons: Mark Zandi Emily Roland, John, Subadra, Mark Zandi Organizations: John Hancock Investment Management, Societe Generale, Federal Reserve

☆ Moody’s warns Israel faces ‘significant risk’ of political and social tensions that will harm its economy, security
▼ + stars: | 2023-07-25 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —The controversial overhaul of Israel’s judicial system risks plunging the country into further turmoil that will hurt its economy and security, Moody’s Investors Service warned on Tuesday. “There is a significant risk that political and social tensions over the issue will continue, with negative consequences for Israel’s economy and security situation,” the credit ratings firm wrote in a report. “Although domestic and geopolitical tensions have traditionally not had a major or lasting impact on Israel’s economy, a serious escalation of tensions with the Palestinians could endanger improved relations” between Israel and regional powers, Moody’s said. In response to the Moody’s report, Israeli Prime Minister Benjamin Netanyahu issued a statement defending the resilience of the country’s economy. “This is a momentary reaction, when the dust settles it will become clear that Israel’s economy is very strong,” Netanyahu and Finance Minister Bezalel Smotrich said in a joint statement.

Persons: Moody’s, ”, “, ” Moody’s, Benjamin Netanyahu, ” Netanyahu, Bezalel Smotrich Organizations: New, New York CNN, Moody’s Investors, Tel, Finance, Nasdaq Locations: New York, Tel Aviv, Israel

☆ Scorching summer temperatures could strain the economy even further
▼ + stars: | 2023-07-23 | by ( Alicia Wallace | ) edition.cnn.com time to read: +12 min

“The recent heat waves and scorching summer temperatures demonstrate the economic cost of heat stress,” Chris Lafakis, Moody’s Analytics’ director of economic research, wrote in an emailed response to a CNN query. Moody’s Analytics estimates that chronic physical risk from heat stress could reduce worldwide GDP by up to 17.6% by 2100. The losses are steepest in sectors such as agriculture and construction, but no industry or business is immune, she said. “Every summer we have a stretch [of excessively hot weather], where it might last from four days up to a week,” he said. “We have to look at the potential of our business model shifting to a nine-month facility going forward,” she said.

Persons: Lyn Thomas, there’s, Thomas, she’s, “, it’s, Chris Lafakis, Liliana Salgado, ”, Kathy Baughman McLeod, Adrienne Arsht, Cesar Chavez, Damian Dovarganes, That’s, Jack Vessey wasn’t, He’s, “ It’s, Vessey, Zeyla Alcantara, Patrick Tiseth, Jobs, Ami Feller, I’ve, Los Cerrillos, Harrold Granthan, Bonnie Mendoza, David Wagner, bloodsicles, Mendoza, Zach Fowle, Kyle Ledeboer, ” Fowle, ” They’ve, Justus Swanick, Joshua Graff Zivin, ” Graff Zivin Organizations: Minneapolis CNN, Phoenix, CNN, Reuters Workers, Rockefeller Foundation Resilience, Atlantic Council, Rockefeller, IBEW, Company, Lone Star, Roofer, Saddle Riding Company, Phoenix Zoo, Arizona Wilderness, Arizona Wilderness Brewing, University of California San Locations: Minneapolis, Louisiana, United States, California, Los Angeles, Holtville , California, Imperial County, Texas, New Braunfels, Santa Fe , New Mexico, Los, “, Arizona, Phoenix, University of California San Diego

☆ AT&T, Verizon stocks pare back losses after hitting decades lows on toxic lead cable investigation
▼ + stars: | 2023-07-18 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

That prompted a flurry of downgrades from analysts that in turn helped spur a steep sell-off in telecom stocks. Since the investigation’s publication, AT&T shares have tumbled roughly 14%, Verizon fell 10% and Frontier Communications slid 33%. AT&T shares on Tuesday fell to $13.45, its lowest closing price since 1993. Verizon shares fell 7.5% to $31.46 on Monday to their lowest closing level since 2010 before paring back their losses slightly on Tuesday. Lawmakers have demanded action to further investigate the network of toxic lead cables in the wake of the release.

Persons: JPMorgan Chase, Edward Jones, David Heger, paring, Akin, ” Neil Mack, Democratic Sen, Edward Markey, Jonathan Spalter, ” Markey, USTelecom Organizations: CNN —, Verizon, AT, Bell, Frontier Communications, JPMorgan, CNN, Moody’s Investors Service, Lawmakers, Democratic Locations: United States, U.S

On a year-on-year basis, GDP expanded 6.3% in the second quarter, accelerating from 4.5% in the first three months of the year, but the rate was well below the forecast for growth of 7.3%. "The data suggests that China's post-COVID boom is clearly over," said Carol Kong, economist at Commonwealth Bank of Australia in Sydney. The latest data raises the risk of China missing its modest 5% growth target for 2023, some economists say. Authorities are likely to roll out more stimulus steps including fiscal spending to fund big-ticket infrastructure projects, more support for consumers and private firms, and some property policy easing, policy insiders and economists said. So I think this does raise greater urgency for more policy support soon."

Persons: Carol Kong, Alvin Tan, Harry Murphy Cruise, Kevin Yao, Ellen Zhang, Joe Cash, Shri Navaratnam Organizations: National Bureau, Statistics, Reuters, Commonwealth Bank of Australia, Analysts, Authorities, Asia FX, RBC Capital Markets, stoke, Moody’s, Thomson Locations: BEIJING, Shanghai, Sydney, China, Asia, Singapore

In recent weeks, banks have stepped up efforts to prevent such losses, according to commercial real estate (CRE) analysts and industry data. The 23 largest U.S. banks held 20% of office and downtown retail CRE loans, according to the U.S. Federal Reserve. Small banks also have high exposure to CRE loans as a percentage of their assets. About $2.1 billion of office loans pooled in CMBS matured in May, almost double the total amount from January through April, for example. If borrowers agreed to loan extensions, some $10.8 billion of office loans maturing this year would be pushed to later years, Moody's said.

Persons: Shaishav Agarwal, Agarwal, Steve Jellinek, Moody's, Kevin Fagan, Fagan, ” Fagan, Eliasaf, ”, Banks, Shankar Ramakrishnan, Matt Tracy, Paritosh Bansal, Nick Zieminski Organizations: U.S, Deutsche Bank, U.S . Federal, Manhattan, Northwind, Thomson Locations: York

☆ The U.S. Economy Looked Like it Was in for a Recession. It Wasn’t. - The New York Times
▼ + stars: | 2023-07-11 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

Almost a year has passed since the Bureau of Economic Analysis, which estimates gross domestic product, announced that real G.D.P. had declined over the previous two quarters — a phenomenon that is widely, although incorrectly, described as the official definition of a recession. Right-wingers had a field day, crowing about the “Biden recession.” But it wasn’t just a partisan thing. Even forecasters who knew that recessions are defined by multiple indicators, and that America wasn’t in a recession yet, began predicting one in the near future. As Mark Zandi of Moody’s Analytics, one of the few prominent recession skeptics, put it: “Every person on TV says recession.

Persons: Biden, Mark Zandi, I’ve Organizations: Federal Reserve

LONDON, July 3 (Reuters Breakingviews) - Canary Wharf may be in trouble once again. While CWG’s average tenancy agreement still has 10 years left, the risk is that itself and the wider Canary Wharf area slip into a vicious circle. Rental incomes on apartments are roughly on a par with offices, per square foot, according to a person familiar with the matter. The 45-storey skyscraper in Canary Wharf has been HSBC's home for more than 20 years. Canary Wharf Group, which runs the east London financial district, declined to comment.

Persons: Paul Reichmann’s Olympia, Morgan Stanley, CWG, Knight Frank, Hong Kong’s Cheung, Bear Stearns, that’s, Liam Proud, Pranav Kiran Organizations: Reuters, Docklands, HSBC, York, Saudi Arabian, Canary Wharf Group, Barclays, Estates, Brookfield Property Partners, Qatar Investment Authority, Brookfield, Canary, QIA, Moody’s, Reuters Graphics Reuters, Hong Kong’s Cheung Kei Group, Churchill, NYK, Transport, BT, Thomson Locations: London, Canary, Canadian, Saudi, U.S, Brookfield, That’s, Docklands, Stratford, Wharf, QIA, Canary Wharf, Europe's

☆ Resetting student loans brings Econ 101 lessons
▼ + stars: | 2023-06-30 | by ( Ben Winck | ) www.reuters.com time to read: +3 min

A U.S. Supreme Court ruling against President Joe Biden’s student loan forbearance erases as much as $20,000 in potential relief for graduates. Combined with the resumption of debt payments, borrowers will be feeling the pinch in their wallets and their confidence. The court said on Friday that a plan to wipe out swathes of student loans was unconstitutional, ending hopes of an easier financial future for some 43 million borrowers. If the Supreme Court had supported the relief, it also risked stoking inflation just as it slides to a healthier level. The proposal aimed to relieve $10,000 of student loans for individuals earning less than $125,000 annually, and an additional $10,000 for eligible borrowers who received Pell Grant subsidies.

Persons: Joe Biden’s, Mark Zandi, Taco, Pell Grant, Donald Trump, Jeffrey Goldfarb, Streisand Neto Organizations: Reuters, U.S, Supreme, White, Census Bureau, U.S . Federal Reserve, Bureau of Labor Statistics, Taco Bell, Yum Brands, Biden, Democratic, Congressional, Office, Former U.S, Thomson

☆ Breakingviews: Student-loan ruling offers Econ 101 crash course
▼ + stars: | 2023-06-30 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

A U.S. Supreme Court ruling against President Joe Biden’s student loan forbearance erases as much as $20,000 in potential relief for graduates. Combined with the resumption of debt payments, borrowers will be feeling the pinch in their wallets and their confidence. Had Biden’s policy covered $10,000 of their debt, the typical monthly payment would have shrunk by about a quarter. If the Supreme Court had supported the relief, it also risked stoking inflation just as it slides to a healthier level. CONTEXT NEWSThe U.S. Supreme Court on June 30 ruled 6-3 against President Joe Biden’s plan to forgive student loan debt for some 43 million borrowers.

Persons: Joe Biden’s, Mark Zandi, Taco, Pell Grant, Donald Trump, Jeffrey Goldfarb, Streisand Neto Organizations: Reuters, U.S, Supreme, White, Census Bureau, U.S . Federal Reserve, Bureau of Labor Statistics, Taco Bell, Yum Brands, Biden, Twitter, Democratic, Congressional, Office, Former U.S, Thomson

☆ American companies are draining their cash at the dumbest possible time
▼ + stars: | 2023-06-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Companies are sitting on a lot less cash than they were last year, largely because they’re spending it on share buybacks and corporate dividends. What’s happening: A new report from Moody’s Investors Service finds that nonfinancial companies’ corporate cash declined 12% last year to $2 trillion. But debt was flat year over year, meaning that companies didn’t use much of their cash reserves to pay down outstanding loans. Now that it’s more expensive to borrow, companies in the US should reconsider the amount of money they’re spending on buybacks, he added. Preventing companies from repurchasing their own shares, they argue, would free corporate cash to invest in growth and raise wages instead.

Persons: Emile El Nems, ”, Ben Lofthouse, Janus Henderson, ” El Nems, Joe Biden, buybacks, “, Brian Moynihan, Moynihan, CNN’s Poppy Harlow, Nathaniel Meyersohn, That’s Organizations: CNN Business, Bell, New York CNN — Companies, Moody’s Investors Service, Moody’s, Federal Reserve, Bank of America, Corporations, ”, CNN, Commerce Department, UBS Locations: New York, buybacks

☆ Inflation hurts. But White House economists find that it’s even worse in every other G7 nation
▼ + stars: | 2023-06-27 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN Business —The United States is recovering faster than its peers from the historic bout of inflation squeezing families and souring the mood of the nation, according to a new analysis from White House economists. To address that, the White House economists built an apples-to-apples inflation metric that makes certain adjustments to how shelter costs factor into overall inflation. But we are very heartened and happy to see the trend going where it is,” a CEA official told CNN in a phone interview. And here’s the thing about inflation: It is undeniably down in the United States.”Two independent economists that CNN shared the CEA report with support the logic powering the analysis. That is absolutely a painful thing,” the CEA official said.

Persons: Joe Biden’s, “, “ I’m, Mark Zandi, Republican John McCain, Zandi, Joe Brusuelas, ” Brusuelas, Joe Biden, Ronald Reagan, Biden, Brian Moynihan, CNN’s Poppy Harlow, George W, Bush, Piper Sandler, Trump, ” Piper Sandler Organizations: New York CNN Business —, White House, of Economic Advisers, CNN, CEA, White, Republican, RSM, Federal Reserve, Bank of America, Federal, Gallup Locations: United States, Ukraine, Canada, France, Germany, Italy, Japan, United Kingdom, America, Europe, Wall, Middle America

☆ Fed Chair Powell is heading to Capitol Hill. Here’s what to expect
▼ + stars: | 2023-06-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Federal Reserve Chair Jerome Powell testifies before congressional lawmakers this week, starting Wednesday morning with the House Financial Services Committee — just one week after the central bank paused its most aggressive rate-hiking campaign in decades. Indeed, just days after the decision, two Fed officials called for more increases, citing persistent inflationary pressures. Powell will try to quell Democrats’ concerns over the Fed inducing more job losses than necessary and reassure Republicans that the central bank remains committed to fighting inflation. Financial markets see a roughly 77% chance the Fed will hike rates by another quarter point in July, according to the CME FedWatch Tool. The Fed has already published Powell’s semiannual report to Congress, which includes mostly what Powell and the post-meeting statement communicated earlier this month.

Persons: Jerome Powell, “ Powell’s, ”, José Torres, “ Powell, Christopher Waller, Thomas Barkin, Biden, Brendan Boyle, Powell, Mike Pence, Madhavi Bokil Organizations: DC CNN — Federal, House Financial, Fed, Interactive Brokers, Richmond Fed, ”, Pennsylvania Democrat, Republicans, US, Moody’s Investors, Moody’s Investors Service Locations: Washington, Pennsylvania

☆ U.S. National Debt Tops $32 Trillion for First Time
▼ + stars: | 2023-06-16 | by ( Alan Rappeport | ) www.nytimes.com time to read: +2 min

But the debt is on track to top $50 trillion by the end of the decade even after newly passed spending cuts are taken into account. Mark Zandi, the chief economist of Moody’s Analytics, said during the standoff in May that spending cuts proposed by lawmakers failed to address the costs of social safety net programs. While avoiding a default would prevent an immediate crisis, he said, the ballooning debt is a persistent problem that needs to be addressed. A failure to pass and reconcile House and Senate bills by Oct. 1 could lead to a government shutdown. At the same time, House Republicans started considering a new round of tax cuts this week.

Persons: Mark Zandi, Mr, Zandi, Biden, Kevin McCarthy Organizations: Congressional, Republican majority’s, Republicans, Federal

☆ Retailers battle for uncertain back-to-school demand after ‘volatile’ quarter
▼ + stars: | 2023-06-06 | by ( Katherine Masters | ) www.reuters.com time to read: +5 min

[1/2] Shopping trolley is seen in front of Walmart logo in this illustration, July 24, 2022. U.S. shoppers' spending in the summer ahead of the college and K-12 school year has grown steadily since 2015, according to the National Retail Federation, a trade group. The chain is stocking Adidas' Samba and Gazelle sneakers ahead of the new school year, it said. The challenge for retailers is predicting whether parents will buy less clothing and sneakers when the cost of necessities - such as pencils, notebooks and laptops - strains many households. Retailers face a "volatile time," said Jessica Ramirez, a senior research analyst at Jane Hali & Associates.

Persons: Dado Ruvic, Locker, Spencer, hasn't, Ralph Lauren, Nordstrom, Doug McMillon, John David Rainey, Jessica Ramirez, Jane Hali, Moody’s, Moody's, Maxx, Martin Waters, Fran Horowitz, Jennifer Foyle, Abercrombie’s Hollister, URBN, Katherine Masters, Siddharth Cavale, James Davey, Gerry Doyle Organizations: Walmart, REUTERS, National Retail Federation, Ulta, Adidas, U.S . Commerce Department, Associates, Target, Moody's Victoria’s, Abercrombie & Fitch, Urban Outfitters, Abercrombie, Fitch, Free People, Thomson Locations: Britain, U.S, North America, New York, Bentonville , Arkansas, London

June 5 (Reuters) - Cryptocurrencies and shares in crypto and blockchain-related companies tumbled on Monday after the U.S. securities regulator sued crypto exchange Binance, another blow to the industry. The SEC crackdown has prompted some crypto companies to increase compliance, spike products, and expand overseas, moves that some marketwatchers said would likely be accelerated by this latest action against the world's largest crypto exchange. In April, the SEC charged crypto exchange Bittrex Inc with operating an unregistered securities exchange, broker and clearing agency, and settled with Kraken in February for $30 million over the exchange's U.S. crypto staking service. Shares of Coinbase (COIN.O) were down 9.1% on the news of the SEC's charges against Binance. Both Coinbase and crypto exchange Gemini launched international exchanges for crypto derivatives in May.

Persons: Binance, Changpeng Zhao, Binance's cryptocurrency, Gary Gensler, marketwatchers, John Reed Stark, Kraken, Bittrex, James Angel, Gemini, Rajeev Bamra, Sinéad Carew, John McCrank, Manya Saini, Hannah Lang, Michelle Price, Leslie Adler, Lisa Shumaker Organizations: U.S . Securities, Exchange Commission, Reuters, SEC, Washington , D.C, Internet, Coinbase Global Inc, Georgetown University, Binance, Inc, Marathon, Mining, Moody’s Investors Service, Thomson Locations: Washington ,, U.S, New York, Bengaluru, Washington

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