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All eyes will be on U.S. inflation data, expected on Wednesday, that will feed into the Fed's interest rate decision later in the month. The second-quarter earnings season kicks off this week and investors will assess the impact of tight monetary conditions and fears of an impending economic slowdown on businesses. Overall, earnings for the S&P 500 constituents are expected to fall 5.7% in the quarter, Refintiv data showed. Most megacap growth and technology stocks slid in mid-day trading, with the FANG index (.NYFANG) falling 1.3%. Big banks such as JPMorgan Chase (JPM.N) and Citigroup (C.N) edged up, ahead of reporting earnings on Friday.

Persons: Carl Icahn, Chris Larkin, Morgan Stanley, Michael Barr, Loretta Mester, Mary Daly, Jefferies, JPMorgan Chase, Janet Yellen, Johann M Cherian, Saumyadeb Chakrabarty Organizations: Citigroup, Dow, Nasdaq, Federal Reserve, PPI, Traders, Dow Jones, JPMorgan, Icahn Enterprises, Intel, Qualcomm, U.S, Treasury, NYSE, Thomson Locations: U.S, Bengaluru

☆ Fed plans to boost US banks' reserve requirements; industry gripes
▼ + stars: | 2023-07-10 | by ( Pete Schroeder | ) www.reuters.com time to read: +5 min

The banking industry called the effort misguided and economically harmful. ‘HOLISTIC REVIEW’Barr’s speech served as a comprehensive update on a “holistic” review of bank capital rules that he launched shortly after joining the U.S. central bank in 2022. He said he will seek to apply stricter capital rules to banks with more than $100 billion in assets, expanding the pool of firms that must comply. Dashing industry hopes for any rules relief, Barr also said he did not plan to weaken an existing surcharge on large global banks or leverage rules which the industry argued hampered Treasury market functions. The Fed has itself come under criticism for its oversight of banks involved in this year’s banking crisis.

Persons: Michael Barr, Evelyn Hockstein, ” Barr, Barr, Joe Biden, ”, Tim Adams, Jerome Powell Organizations: WASHINGTON, Federal, Federal Reserve, Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Center, Institute of International Finance, U.S, Silicon Valley Bank, Republican, House, Monday, Bank Locations: Washington , U.S, Washington, Basel, Silicon, U.S

☆ America’s Biggest Banks Are Going to Need More Capital
▼ + stars: | 2023-07-10 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, barr

☆ Morning Bid: Bruised bonds relying on disinflation
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +5 min

While that data took the edge off the red-hot private-sector jobs readout the previous day, it left a bruised bond market still wary of further Federal Reserve interest rate rises and praying disinflation may stay its hand after one more hike later this month. Although Treasury bond volatility (.MOVE) backed off six-week highs on Friday, its weekly rise was the biggest since the wild swings around the banking stress in March. Stock futures were in the red again ahead of Monday's open despite gains in Chinese and European bourses. British markets - where the UK government bond market selloff last week had been worse than in Treasuries - remained edgy. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, disinflation, Janet Yellen, Joe Biden, Jeremy Hunt, Andrew Bailey, Michael Barr, Mary Daly, Loretta Mester, Raphael Bostic, Ed Osmond Organizations: Wednesday's, Treasury, NATO, HSBC, Sunday . Bank of England, Federal, San Francisco Fed, Cleveland Fed, Atlanta Fed, Bank of England, . Treasury, Graphics Reuters, Reuters, Thomson Locations: U.S, China, Vilnius, British, Treasuries, South Korea, Ukraine

☆ Fed's Barr lays out plan to order more capital for large U.S. banks
▼ + stars: | 2023-07-10 | by ( ) www.cnbc.com time to read: +2 min

Federal Reserve Board Vice Chair for Supervision Michael Barr testifies before a House Financial Services Committee hearing on the response to the recent bank failures of Silicon Valley Bank and Signature Bank, on Capitol Hill in Washington, March 29, 2023. The Federal Reserve's top regulatory official laid out a sweeping plan to increase capital requirements for the nation's largest banks, saying recent bank failures underlined the need for regulators to bolster resilience in the system. Barr said he did not plan to overhaul the U.S. bank capital framework, but instead build on it in several ways, including by fully implementing an international bank capital agreement and expanding annual "stress tests" of bank health. Barr also said the Federal Reserve is close to reaching the appropriate level of interest rates to bring inflation back to the central bank's 2% target but added: "We still have a bit of work to do." Barr's remark came in response to a question on how much further the Fed's policy rate may need to rise to contain inflation.

Persons: Michael Barr, Barr Organizations: Financial, Valley Bank, Signature Bank, Capitol, Federal, Silicon Valley Bank, Federal Reserve Locations: Washington, Silicon

The overhaul would require the largest banks to increase their holdings of capital — cash and other readily available assets that can be used to absorb losses in times of trouble. Mr. Barr predicted that his tweaks would be “equivalent to requiring the largest banks hold an additional two percentage points of capital,” if they are implemented. “The beauty of capital is that it doesn’t care about the source of the loss,” Mr. Barr said in his speech previewing the proposed changes. If the Fed Board votes to institute them, their implementations will involve transition time. But the sweeping set of changes that he set out meaningfully tweak both how banks police their own risks and are overseen by government regulators.

Persons: Michael S, Barr, ratcheting, Mr Organizations: Federal, Monday Locations: ”

☆ Banks with at least $100 billion in assets could face higher capital limits
▼ + stars: | 2023-07-10 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Banks with at least $100 billion in assets would be subject to similar regulation that banks with $700 billion in assets currently face, under Barr’s proposal. These regulations would force banks to hold an additional two percentage points of capital, or an additional $2 of capital for every $100 of risk-weighted assets, Barr said. “Our recent experience shows that even banks [with at least $100 billion in assets] can cause stress that spreads to other institutions and threatens financial stability,” Barr in remarks at the Bipartisan Policy Center. Requiring banks to hold more capital could help mitigate risks that arise when banks are under stress. Barr on Fed’s fight against inflationIn addition to discussing bank regulation, Barr also spoke about the Fed’s plans to get inflation down.

Persons: Michael Barr, Banks, Barr, “, ” Barr, SVB, Kevin Fromer, ”, Dennis Kelleher Organizations: New, New York CNN — Federal, Center, Valley Bank, Financial Services, Wall, Better, CNN Locations: New York

☆ San Francisco Fed president: Silicon Valley Bank’s failure wasn’t our fault
▼ + stars: | 2023-07-10 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —Silicon Valley Bank failed because regulators were far too slow to take action, San Francisco Federal Reserve Bank President Mary Daly said Monday in her first extended remarks about the collapse. SVB operated in Daly’s district before the regional bank’s stunningly rapid failure in March, but she noted she doesn’t have a supervising role. Daly said the supervisors at the San Francisco Fed simply report issues to the Fed’s Board of Governors, which is ultimately responsible for fixing any regulatory issues. “My job is to support the supervision that the vice chair of supervision has set out, so how do I do that? The possibility of a rate hike in September remains unclear, though Powell said he wouldn’t take consecutive rate hikes off the table.

Persons: Mary Daly, SVB, ” Daly, Michael Barr, Democratic Sen, Elizabeth Warren, Daly, Jerome Powell, Warren, ”, Barr, it’s, It’s, Powell, Loretta Mester, Mester, “, Raphael Bostic, ” Bostic, ” — CNN’s Elisabeth Buchwald Organizations: DC CNN, Valley Bank, San Francisco Federal Reserve Bank, Brookings Institution, Signature Bank, First Republic Bank, Democratic, San Francisco Fed, Fed’s, of Governors, Fed, San Francisco, Cleveland Fed, University of California, Atlanta Fed, trickling, Cobb County Chamber of Commerce Locations: Washington, Daly’s district, Washington ,, San Francisco Fed, San Diego, Cobb County, Atlanta

MSCI's broad Asia ex-Japan index shed 1.5% last week, its third consecutive week without rising, and is flat for the year. Much of that is due to the sluggishness of China's markets, and key indicators from the region's largest economy on Monday will get the trading week underway. Annual producer price inflation, already the most negative since 2016, is seen falling to -5.0% from -4.6% in May. Chinese banking stocks, measured by the Hong Kong-listed Hang Seng Mainland Banks Index (.HSMBI), plunged 10.5% last week. Reflecting just how poorly China's post-lockdown economy has performed relative to consensus forecasts, Citi's Chinese economic surprises index has now fallen 11 weeks in a row.

Persons: Jamie McGeever, Janet Yellen's, Yellen, Fed's Barr, Daly, Mester, Diane Craft Organizations: U.S, Mainland Banks Index, Treasury, China CPI, PPI, Thomson, Reuters Locations: China, New Zealand, South Korea, Wall, MSCI's, Asia, Japan, Hong Kong, Mainland, underperformance

☆ June inflation data will be closely watched by investors in the week ahead
▼ + stars: | 2023-07-07 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

Investors are turning their attention to inflation data in the week ahead, following this week's hot jobs data, to further clarify the path of future monetary policy. Market participants are hoping next week's release of the June consumer price index on Wednesday, as well as last month's producer price index on Thursday, will show a downward trajectory in inflation after this week's strong ADP data spurred investor fears of further rate hikes ahead. Broadly speaking, investors are pricing in another quarter point rate hike at the July meeting. Of note, stocks tumbled Thursday after hotter-than-expected ADP data suggested the Federal Reserve has further to go in its tightening campaign. FactSet data shows analysts expect S & P 500 earnings fell 7% in the second quarter against the same quarter a year ago.

Persons: James Ragan, Davidson, Hogan, Rhys Williams, Williams, you've, Davidson's Ragan, Citigroup startegists, Wells, UnitedHealth, Michael Barr Organizations: Traders, Federal Reserve, Riley, Dow Jones Industrial, Treasury, Asset Management, JPMorgan, Citigroup, JPMorgan Chase, BlackRock, Dow, PepsiCo, Delta Air, Conagra, Delta Air Lines, Fastenal Locations: Wells Fargo, Cintas, UnitedHealth

☆ Opinion: As a Republican, I know the way forward cannot include Trump
▼ + stars: | 2023-07-05 | by ( Opinion Geoff Duncan | ) edition.cnn.com time to read: +6 min

Editor’s Note: Geoff Duncan, a CNN political contributor and Republican, served as Georgia’s lieutenant governor from 2019 to 2023. Geoff Duncan CNNMultiple candidates, including former President Donald Trump, have outright refused to commit to supporting the ultimate nominee. For a Republican candidate to effectively govern the country, there are far more meaningful questions worth answering. Here’s the truth: In the immediate aftermath of the 2020 election, Trump’s Department of Justice searched high and low for alleged improprieties. It’s long past time for the Republican Party to demonstrate our independence from former President Trump.

Persons: Geoff Duncan, ”, Geoff Duncan CNN, Donald Trump, Bill Barr, Trump’s, Joe Biden, Brad Raffensperger, Abraham Lincoln, Ronald Reagan, Florida Governor Ron DeSantis, Barr, Trump, Al Qaeda, George Bush, Al Gore, Yevgeny Prigozhin, Wagner, Vladimir Putin’s, Ron DeSantis, Putin, Biden Organizations: CNN, Republican, GOP, America’s Conservative Party, Republican Party, Trump’s Department of Justice, Supreme, Georgia, NBC, Florida Governor, Trump, Texas, Russian, ”, Twitter, Facebook, Republicans, US Locations: Georgia, Fulton County, New Hampshire, Iowa, Europe, Ukraine, Russian, Florida

☆ Arizona is running out of water. Big Tech data centers are partly to blame.
▼ + stars: | 2023-06-30 | by ( Alistair Barr | ) www.businessinsider.com time to read: +4 min

The area has several data centers that use lots of water. In 2021, all the company's data centers consumed 4.34 billion gallons of water. But these data centers have a part to play in Arizona's water shortage. Why do big tech companies build data centers in the middle of a desert? Microsoft said in 2021 that its Arizona data centers would use "zero water" for cooling using adiabatic cooling, which uses outside air instead of water.

Persons: Katie Hobbs, hasn't, there's Organizations: Google, Bloomberg, Microsoft, Meta Locations: Arizona, Phoenix, Mesa

There are thousands of firms out there, each with their own specialties and varied track records. We've narrowed it down to the best 75 based on data from Crunchbase and the firms themselves. Given that, Insider created the Seed 75 list as a new member to our Seed 100 and Seed 30 lists of the best individual seed investors. Some companies verified the Crunchbase data, some didn't respond but most others supplied us with updated data. What follows is the top 75 seed firms who scored at the top of our weighted scale.

Persons: We've Organizations: Crunchbase Locations: Crunchbase

☆ 10 Things in Tech: Microsoft employees roast CEO Satya Nadella, men use AI for dating profiles, and top investors for fledgling startups
▼ + stars: | 2023-06-30 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

Moving forward, I'll be a senior reporter on our flagship newsletter, Insider Today. Insider Today takes you inside the biggest stories in business, including tech. We're working on revamping Insider Today, and we want your feedback. Please fill out this quick, five-question survey to let us know what you want to see in the newsletter. Before we say "Bye Bye Bye" here — see you soon at Insider Today!

Persons: I'm, Siu, you've, you'll, Rebecca Zisser, we've, Elon Musk, Steve Jobs, Asia Martin, Arantza Pena Popo, Oran Cummins, Satya Nadella, William Bullock, Robert, Teodora Danilovic, Michael Parks, Diamond Naga Siu, Lisa Ryan, Alistair Barr, Hallam Bullock Organizations: Getty, Apple, Microsoft, OceanGate Expeditions Locations: Tech, Silicon, Midtown Manhattan, York City, San Diego, New York City, Silicon Valley, London

☆ In return to office messaging, there's now more stick, less carrot
▼ + stars: | 2023-06-29 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +8 min

This marks a shift from the incentive culture that many companies have been using to lure workers back to the office post-pandemic. But workforce demographics vary widely when it comes to the benefits, and the desire, to return to the office. Employees who work from the office at least three times a week report feeling more connected to their colleagues, a company spokesman said. This could mean, for instance, spelling out to the sales team that Mondays and Wednesdays are in-office days because that's when the bulk of customer interactions happen, and making clear to engineering that Thursdays are in-office days because that's when code reviews happen. This comes as the company will start mandating employees be in the office four days a week, up from three days, after Labor Day.

Persons: Bradford, Bell, William J, Conaty, there's, slowdowns, Morgan Chase, Davis Polk, Sallie Krawcheck, Lynne C, Vincent, Jenny von Podewils, Podewils, Rubab Jafry O'Connor, Neil Barr Organizations: Resources, Center, Cornell University's ILR, Google, Skadden, Wardwell, LaSalle Network, Citi, Bank of America, CNBC, Companies, Whitman School of Management, Syracuse University, Employees, Carnegie Mellon University's Tepper School of Business, Labor Locations: Slate

☆ US banks gird for dose of post-stress-test trauma
▼ + stars: | 2023-06-29 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, June 29 (Reuters Breakingviews) - For the biggest U.S. banks, the nerves this year come after the exam. Fed stress tests subject banks to a theoretical market shock and incorporate elements of operational risk, and then spit out a “stress capital buffer” requirement tailored to each firm. The risk for banks is that new rules get piled on top of existing regulations in a process known as gold-plating. U.S. banks are awaiting a proposal from their regulators to revamp capital rules, expected in July. Gruenberg said regulators were considering expanding the reach of a stricter set of capital rules to include banks with over $100 billion in assets.

Persons: Goldman Sachs, Michael Barr, Jamie Dimon, Banks, Morgan Stanley, Jay Powell, PwC, watchdogs, Michelle Bowman, Martin Gruenberg, It’s, Gruenberg, Peter Thal Larsen, Streisand Neto Organizations: YORK, Reuters, Federal Reserve, JPMorgan, Citigroup, Banking Supervision, Basel III, America, State Street, Bank of New York Mellon, Big, Bank, U.S ., Reuters Graphics Reuters, Signature Bank, First, Fed, Federal Deposit Insurance, FDIC, Credit Suisse, Committee, “, “ Basel IV, Federal, Thomson Locations: U.S, Basel, Goldman, Big U.S, Swiss, “ Basel

☆ 10 Things in Tech: Shopify's midlife crisis, how to land deals with brands, and Microsoft's former human resources vice president shares advice
▼ + stars: | 2023-06-29 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Also, please let me know what you want to see in Insider Today. Startup studios like Fractal think of startup ideas, then hire founders to execute the vision. But multiple Fractal founders say their businesses are on life support. Many of them think it's because of how startup studios structure terms and conditions for investing — they take a massive chunk of ownership. Investors also prefer when startup founders create the ideas themselves.

Persons: I'm, Siu, Chelsea Jia Feng, Melia Russell, Stephanie Palazzolo, Tyler Le, Shopify's, Chris Williams, Lindsay Noah, Vermillion, Jim Vermillion, Diamond Naga Siu, Alistair Barr, Hallam Bullock Organizations: Startup, Investors, Nike, Abercrombie, Amazon, OpenAI, Syracuse Land Bank, Leasing, Galactic, Space Station, Computing, Intel, Microsoft, MIT Locations: Tech, Syracuse , New York, Syracuse, New York, San Francisco, San Diego, Silicon Valley, London

Banks' commercial real estate portfolios performed better than expected, showing $65 billion in losses or 8.8% of average loan losses, slightly down on last year's 9.8%, the Fed said. "Some may ask how all the banks can get a regulatory thumbs-up when the industry just went through a period of turmoil. The test assesses whether banks would stay above the required minimum 4.5% capital ratio. The average capital ratio for the 23 banks was 10.1%, the Fed said. That compares with 9.7% last year, when the central bank tested 34 lenders against a slightly easier scenario.

Persons: Morgan Stanley, Goldman Sachs, Charles Schwab, Michael Barr, ” Barr, Banks, Barr, Lindsey Johnson, Dennis Kelleher, Ian Katz, Pete Schroeder, Caroline Valetkevich, Deepa Babington, Stephen Coates Organizations: Federal, JPMorgan Chase, Bank of America, Citigroup, Charles Schwab Corp, Deutsche Bank's, Financial Corp, U.S . Bancorp, Valley Bank, Wells, JPMorgan, Industry, Consumer Bankers Association, U.S, Treasury, T Bank, PNC Financial, Citizens Financial, Better, Fed, Capital Alpha Partners, Thomson Locations: Big U.S, Wells Fargo, U.S

☆ Federal Reserve says 23 biggest banks weathered severe recession scenario in stress test
▼ + stars: | 2023-06-28 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

All 23 of the U.S. banks included in the Federal Reserve's annual stress test weathered a severe recession scenario while continuing to lend to consumers and corporations, the regulator said Wednesday. Banks are the focus of heightened scrutiny in the weeks following the collapse of three midsized banks earlier this year. As a result, clearing the stress test hurdle isn't the "all clear" signal its been in previous years. Still expected in coming months are increased regulations on regional banks because of the recent failures, as well as tighter international standards likely to boost capital requirements for the country's largest banks. "At the same time, this stress test is only one way to measure that strength.

Persons: Michael Barr, Banks, Wells Organizations: Federal, Banking, Urban Affairs, Capitol, JPMorgan Chase, PNC Locations: Washington , DC, U.S, Wells Fargo

☆ 10 Things in Tech: Digital nomad regrets, a longevity researcher’s morning routine, and sun activity
▼ + stars: | 2023-06-28 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

In case you missed it: This is the last week of 10 Things in Tech. The EV company only has six gigafactories across the world: Fremont, California; Sparks, Nevada; Berlin; Shanghai; Austin, Texas; and Buffalo, New York. Each location is outfitted with solar panels, and Musk claims 100 gigafactories could supply the world with all of its energy. My colleague Graham Rapier takes us into the world of Tesla's gigafactories and breaks down what their futures could look like. In a world of remote work, they're trying to pay people the least amount of money to get work done (think freelancers and contractors).

Persons: I'm, Siu, let's, Elon Musk, Graham Rapier, gigafactories, Tyler Le, Allbirds, M0.0nshot, Gigi Chow, Elon Musk's, Walter Isaacson, it's, David Sinclair, Lewis Joly, cardiologists, Eid Mubarak, Diamond Naga Siu, Alistair Barr, Hallam Bullock Organizations: it's, EV, Employers, Paris Air, Storm Shadow, Interactive Entertainment, Tencent Locations: Tech, Fremont , California, Sparks , Nevada, Berlin, Shanghai, Austin , Texas, Buffalo , New York, Silicon, San Francisco, Croatia, Dubrovnik, Harvard, Le Bourget, Paris, France, Ukraine, New York, Florida, Barcelona, Spain, San Diego, Silicon Valley, London

☆ Stress Tests Show Largest Banks Are Sturdy, Fed Says
▼ + stars: | 2023-06-28 | by ( Emily Flitter | ) www.nytimes.com time to read: +1 min

Senior Fed officials said on Wednesday that they did not expect the banks to announce any plans to distribute cash to shareholders until Friday. “Today’s results confirm that the banking system remains strong and resilient,” said Michael S. Barr, the Fed’s vice chair for supervision. “At the same time, this stress test is only one way to measure that strength. Fed regulators are following a set of rules put in place during the Trump administration that critics say weakened oversight of banks in a certain size range — those smaller than the too-big-to-fail giants but larger than some regional and community banks. One sign of that reduced oversight was clear in Wednesday’s results: Not all the banks tested in 2022 were tested again in 2023.

Persons: ”, Michael S, Barr, “, Trump Organizations: Regulators, Silicon Valley Bank Locations: Silicon

Under the "stress test" exercise, the Fed tests big banks' balance sheets against a hypothetical severe economic downturn, the elements of which change annually. WHY DOES THE FED 'STRESS TEST' BANKS? It announces the size of each bank's stress capital buffer in the subsequent months. For example, the 2022 stress test envisioned a 5.8 percentage point jump in unemployment under a "severely adverse" scenario. This extra test will not count towards banks' capital requirements but will allow the Fed to explore applying multiple adverse scenarios in future.

Persons: Banks, Wells, Goldman Sachs, Morgan Stanley, Michael Barr, Pete Schroeder, Michelle Price, Andrea Ricci Organizations: U.S . Federal, Big, Fed, Citigroup, Bank of America, JPMorgan Chase &, Goldman Sachs, Deutsche Bank's U.S, JPMorgan Citigroup, Wells Fargo & Co, Bank, U.S, Treasury, Thomson Locations: Big U.S, Silicon

☆ Report on Epstein’s Death Finds Errors and Mismanagement at Manhattan Jail
▼ + stars: | 2023-06-27 | by ( Glenn Thrush | Benjamin Weiser | ) www.nytimes.com time to read: +1 min

What they did find was a remarkable, and largely unexplained, succession of circumstances that made it easy for Mr. Epstein to kill himself. For reasons that remain unclear, the jail’s staff members allowed Mr. Epstein to hoard extra blankets, linens, bedding and clothing, despite the fact that he had tried to hang himself earlier. The inspector general’s report comes nearly four years after Mr. Epstein, 66, was found dead in his cell with a bedsheet tied around his neck. Mr. Epstein had been awaiting trial on federal sex trafficking and conspiracy charges, and if convicted, would have faced up to 45 years in prison. Two days after Mr. Epstein’s death, Attorney General William P. Barr said that there had been “serious irregularities” at the jail.

Persons: Epstein, —, Epstein’s, William P, Barr, ” Organizations: of Prisons, Wall Street titans

☆ 10 Things in Tech: Google abandons smart glasses, lawsuits against real estate agents, and Snowflake CEO denies rumors of stepping down
▼ + stars: | 2023-06-27 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Moving forward, we'll be bringing you our top tech stories in our flagship newsletter, Insider Today. What do you want to see in Insider Today? The new tech bro is also becoming louder and brasher — they're trying to make being a techie cool. My colleague Grace Kay breaks down the "peak tech bro" persona and dives into its transformation over time. It currently has four main models: Model 3, Model Y, Model S, and Model X.

Persons: I'm, Siu, Alistair Barr, Hallam Bullock, Nathan Rennolds, we'll, Mark Zuckerberg, Jeff Bottari, Bill Gates, Steve Jobs, Larry Page, Jeff, Bezos, Mark, Zuckerberg, —, Elon Musk, Grace Kay, Iris, Snowflake, Frank Slootman, Peek, ROMAN ROMOKHOV, Wagner, Tom Stuker, He's, Hope, Diamond Naga Siu Organizations: It's Tech, Insider, Tech bros, Google, ROMAN, Getty, United Airlines, Digital Summit Denver Locations: Sacramento, Tech, AFP, Asia, Singapore, Colorado, San Diego, Silicon Valley, London

Under the "stress test" exercise, the Fed tests banks' balance sheets against a hypothetical severe economic downturn, the elements of which change annually. WHY DOES THE FED "STRESS TEST" BANKS? It typically publishes aggregate industry losses, and individual bank losses including details on how specific portfolios - like credit cards or mortgages - fared. It announces the size of each bank's stress capital buffer in the subsequent months. For example, the 2022 stress test envisioned a 5.8 percentage point jump in unemployment under a "severely adverse" scenario.

Persons: Banks, Wells, Goldman Sachs, Morgan Stanley, Michael Barr, Pete Schroeder, Michelle Price, Andrea Ricci Organizations: U.S . Federal, Fed, Citigroup, Bank of America, JPMorgan Chase &, Goldman Sachs, Deutsche Bank's U.S, JPMorgan Citigroup, Wells Fargo & Co, Bank, U.S, Treasury, Thomson Locations: Silicon

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