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Inflation is falling, with the headline consumer price index (CPI) measure slowing to 3.0% in June from 4.0% in May. The current debate is whether more rate increases might be needed to ensure "disinflation" continues or if doing more could cause unnecessary damage to the economy. Core PCE was last reported at 3.8% for May. But none of the inflation gauges polled by Reuters - CPI, core CPI, PCE and core PCE - were expected to reach 2% until 2025 at the earliest. A slight majority of economists who answered an additional question, 14 of 23, said wage inflation would be the most sticky component of core inflation.

Persons: Jerome Powell, Jan Nevruzi, Doug Porter, Indradip Ghosh, Prerana Bhat, Maneesh Kumar, Ross Finley, Paul Simao Organizations: U.S . Federal Reserve, Reuters, Fed, NatWest Markets, PCE, CPI, BMO Capital Markets, Thomson Locations: BENGALURU, U.S

☆ UK borrowing costs drop sharply after lower-than-expected inflation print
▼ + stars: | 2023-07-19 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Bailey has been facing pressure over the extent of U.K. inflation. Bloomberg | Bloomberg | Getty ImagesLONDON — U.K. government borrowing costs fell sharply Wednesday morning as a cooler-than-expected inflation print rippled through markets. The current bank rate is 5%. The 10-year gilt yield was lower by 18 basis points at 4.152% on Wednesday morning. But data Wednesday showed the rate fell to 7.9% in June on an annual basis, from 8.7% in May.

Persons: Andrew Bailey, Bailey, BOE, Susannah Streeter, Hargreaves Lansdowne Organizations: Bank of England, Bloomberg, Getty, Bank of, Bank of England's, Reuters, U.S . Locations: India, U.K, China, Hargreaves

☆ Reactions: UK inflation cools in June, pound drops
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +6 min

Sterling dropped broadly, falling against the dollar, the euro and the yen, as interest-rate futures showed investors no longer expect UK rates to peak above 6%. COMMENTS:KEVIN BRIGHT, GLOBAL LEADER, CONSUMER PRICING PRACTICE, MCKINSEY & COMPANY, LONDON:"Inflation dipped more than expected; but the gulf between the UK and the Eurozone inflation levels remains. Despite most categories seeing a decline, food & non-alcoholic beverage inflation at 17.3% remains only 1.8% below its peak in March 2023. "Continued rising prices, higher interest rates and below inflation wage growth – are a triple blow to household budgets. NEIL BIRRELL, CHIEF INVESTMENT OFFICER, PREMIER MITON INVESTORS, LONDON:"Some good news on UK inflation at last, coming in below expectations for June and most importantly the core inflation rate fell more than thought.

Persons: Sterling, BoE, KEVIN, JOE TUCKEY, JORDAN, NOMURA, CHRIS BEAUCHAMP, Andrew Bailey, JEREMY BATSTONE, CARR, RAYMOND JAMES, ” KENNETH BROUX, It's, JOSEPH CALNAN, NEIL BIRRELL, Amanda Cooper, Andrew Heavens, Catherine Evans Organizations: Bank of England's, Reuters, Reuters Graphics Reuters, MCKINSEY, COMPANY, LONDON, Bank of England, JORDAN ROCHESTER, CPI, IG GROUP, Bank of, SOCIETE GENERALE, U.S, EMEA, Thomson Locations: homebuilders, Bank of England, EUROPEAN

☆ Christopher Nolan's 'Oppenheimer' is the longest IMAX film ever: Here's where to watch it in 70mm IMAX
▼ + stars: | 2023-07-19 | by ( Nicolas Vega | ) www.cnbc.com time to read: +1 min

Starting this week, it will be one of only 30 theaters in the world screening Christopher Nolan's latest blockbuster "Oppenheimer" in 70-millimeter IMAX film. What makes 70mm film so special, Keighley explains, is the level of detail it can capture. While a modern digital projection is equivalent to a 4K display, 70mm film is equal to roughly 18K. The last film to receive a 70mm IMAX release was Nolan's "Tenet" in 2020. Of the 30 theaters equipped to show the 70mm IMAX print of "Oppenheimer," only 19 are in the United States.

Persons: Christopher Nolan's, Oppenheimer, David Keighley, Tenet Organizations: AMC Lincoln, CNBC, Keighley Locations: United States, Canada, United Kingdom, Australia, Czech Republic

☆ Here are Wednesday's biggest analyst calls: Apple, AT&T, Tesla, Amazon, Meta, Microsoft, Spotify and more
▼ + stars: | 2023-07-19 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

JPMorgan adds Qualcomm and HP Inc. to the focus list JPMorgan added HP Inc. to the focus list and said it's a top value idea. The firm also added Qualcomm to the focus list and says it's a top growth idea. JPMorgan adds Charles Schwab to the focus list JPMorgan added the stock to its focus list after its earnings report and said it sees "improving fundamentals." Bank of America reiterates Amazon as buy Bank of America said it's bullish heading into Amazon earnings later this month. Bank of America reiterates Block as buy Bank of America said shares of the company formerly known as Square are undervalued.

Persons: Tesla, it's, Charles Schwab, Schwab, Jefferies, Berkshire Hathaway, Archer, Guggenheim, ServiceNow Organizations: JPMorgan, Qualcomm, HP Inc, Watch, Cisco, " Bank of America, of America, Bank of America, Meta, UBS, Berkshire, Citi, Republic Services, Hollywood, Argus, Street, Aviation, UW, DuPont, Texas, Microsoft, Apple Locations: 2023E, 2025E, Berkshire, ACHR, EE

☆ Analysts caution expectations may be too high for Netflix heading into earnings
▼ + stars: | 2023-07-19 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Some Wall Street analysts are raising the alarm on Netflix ahead of the streaming company's second-quarter earnings after the bell Wednesday. NFLX YTD mountain Netflix shares since the start of 2023 "We're raising #s into the print for NFLX, but also note very high buyside expectations," wrote Wells Fargo analyst Steven Cahall. "We actually think investors would buy a pullback on the [long-term] outlook in the event NFLX has [short-term] pressure on the print (de ja vue)." Jefferies analyst Andrew Uerkwitz is also bracing for a pullback, viewing any dip on the back of earnings as a buying opportunity. Early Netflix password crackdown data boosts his confidence in the company's short-term path, he added.

Persons: Wells, Steven Cahall, Jefferies, Andrew Uerkwitz, Cahall, Uerkwitz, — CNBC's Michael Bloom Organizations: Netflix, Jefferies

☆ Is the World Ready for Another Goop?
▼ + stars: | 2023-07-19 | by ( Jessica Testa | ) www.nytimes.com time to read: +1 min

There was once an Instagram account called Sporty & Rich. But hobbies do not stay hobbies for long in the modern age. As her following grew, Ms. Oberg envisioned a print magazine. She envisioned a small line of merch: simple hoodies and tote bags and hats embroidered with “Sporty & Rich.” Then she began to envision a different life for herself — one of less hustle and more leisure. She moved to Los Angeles in 2018, and now her T-shirts are printed with phrases like “Health Is Wealth!” and “Drink More Water!”

Persons: Ralph Lauren —, Frank, Phoebe Philo’s, Barack Obama, Joe Namath, Emily Oberg, Oberg, ”, — Organizations: ”, tote Locations: Bedford, Stuyvesant, Brooklyn, Los Angeles

HONG KONG, July 19 (Reuters) - China's appointment of a top intelligence official to run Hong Kong's national security regime underscores its determination to tighten its grip on the financial hub, according to diplomats and analysts. Dong will bolster security oversight of Hong Kong, rocked for months in 2019 by pro-democracy protests that posed a crisis for Beijing's Communist Party leadership. Under the security law, China's national security office has sweeping investigative and surveillance powers, and enjoys immunity from city laws. Dong's appointment comes as Hong Kong prepares to bolster its national security regimen with a new law, called Article 23, that Hong Kong officials say will encompass espionage and treason among other offences not covered in the 2020 legislation. Additional reporting by Hong Kong newsroom and Yew Lun Tian in Beijing; editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Dong Jingwei, Dong, Xi Jinping's, Tian, Robert Birsel Organizations: Hong, Beijing's Communist Party, Ministry of State Security, U.S, Hong Kong, Thomson Locations: HONG KONG, British, Beijing, Hong Kong, China, United States, Britain, Australia

☆ Here are Tuesday's biggest analyst calls: Apple, Alphabet, Pinterest, Netflix, Amazon, Nvidia & more
▼ + stars: | 2023-07-18 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Jefferies reiterates Apple as buy Jefferies said it's expecting a "quiet quarter" when the company reports earnings Aug. 3. Wells Fargo reiterates Netflix as overweight Wells said it's bullish heading into the company's earnings report Wednesday. Jefferies reiterates Alphabet as buy Jefferies said it's bullish heading into Alphabet earnings next week. Bank of America downgrades Lumentum to neutral from buy Bank of America called the stock an "overstated" AI beneficiary. JPMorgan reiterates Amazon as overweight JPMorgan said the e-commerce giant is its top pick heading into earnings. "

Persons: Jefferies, it's, Wells, Truist, Piper Sandler, Dave, Buster's, Piper, Bernstein, Goldman Sachs, Goldman, Max, Roth, Uber, Roth MKM, it's bullish, Morgan Stanley, Evercore, Marvell, Williams Deutsche, Sherwin Williams, JPMorgan Organizations: Apple, Netflix, Argus, Warner Brothers Discovery, Citi, Polaris Citi, 2Q, Bank of America, Nvidia, American Express, Digital, Marvell Technology Inc, Global, Inc, Deutsche Bank, Sherwin, JPMorgan Locations: capex

☆ UnitedHealth is worth buying and can rally nearly 25%, Bernstein says
▼ + stars: | 2023-07-18 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

UnitedHealth is worth buying as it still trades at a cheap valuation coming out of a good earnings report, according to Bernstein. Analyst Lance Wilkes upgraded the health insurance stock to outperform from market perform and raised his price target by $8 to $603. Now, he said those concerns are priced into the stock and valuation has fallen (from around 1.3 times earnings to 0.9 times earnings) to a level that undervalues the long-term growth opportunity. Despite the post-earnings rally, the Dow Jones Industrial Average member is still down nearly 9% in 2023 despite the broader market's rise. UnitedHealth trades at a 0.9 multiple relative to the S & P 500, near the Medicare-for-All lows of 0.85.

Persons: Bernstein, Lance Wilkes, Wilkes, UnitedHealth, That's, —, Michael Bloom Organizations: Dow Jones Industrial Locations: Monday's

☆ Wall Street is bullish on Big Tech heading into earnings — here's what we think
▼ + stars: | 2023-07-18 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

Wall Street kicked off the week with bullish takes on several high-flying tech stocks in the portfolio — validating our decision to stick with these mega-caps heading into quarterly earnings. It's also important to understand that some price target raises are just chasing a big move, and that the price reaction to an earnings release has less to do with the results and much more to do with expectations. It's also why Citigroup also put AMD on a "negative catalyst watch," meaning it is negative on the stock heading into earnings. In the analysts' view, Apple has an opportunity to grow its revenue by seven times in the U.S. over the next decade to about $40 billion, while adding 170 million new users. Microsoft What the analysts say: Analysts at Mizuho reiterated their buy rating on Microsoft while taking up their price target to $390 from $360.

Persons: bullish, Meta, It's, CUDA, Morgan Stanley, we're, —, Jim Cramer, monetize, Jim Cramer's, Jim, Jensen Huang, Sam Yeh Organizations: Nvidia, Apple, Microsoft, Devices, Citigroup, AMD, Intel, Mizuho, Activision Blizzard, JMP Securities, Jim Cramer's Charitable, CNBC, Afp, Getty Locations: U.S, China, India, Taipei

☆ The U.S. Fed will continue to raise interest rates, strategist says
▼ + stars: | 2023-07-18 | 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 EmailThe U.S. Fed will continue to raise interest rates, strategist saysMehvish Ayub of State Street Global Advisors says that although the U.S. Federal Reserve could breathe "a huge sigh of relief" after the June inflation print, core inflation is still "way above" its target of 2%.

Persons: Mehvish Ayub Organizations: U.S, Fed, State Street Global Advisors, U.S . Federal

☆ For ‘Oppenheimer,’ These Fans Go to Great Lengths for Just 30 Screens
▼ + stars: | 2023-07-17 | by ( Marc Tracy | More About Marc Tracy | ) www.nytimes.com time to read: +1 min

To film buffs who are buffs, specifically, of film — of movies shot and projected with a physical, photochemical product — comparing IMAX 70-millimeter to IMAX digital, let alone standard digital, is like comparing lightning to the lightning bug. “It’s how much of the image you’re missing if you see it on another screen,” said Birlidis, a former theater manager. The first time he saw the 1982 film “Blade Runner,” one of his favorites, he added, was on a pirated VHS tape. He can cite several IMAX 70-millimeter destinations off-the-cuff. (The AMC Metreon in San Francisco is “a wonderfully huge screen.”) He knew Brooklyn has one of the roughly 100 theaters showing “Oppenheimer” in ordinary 70-millimeter film — an “absolutely beautiful” print, he said.

Persons: ”, Birlidis, “, ” Nolan, Oppenheimer, Nolan, “ Oppenheimer Organizations: AMC Locations: San Francisco, Brooklyn

☆ China's quarterly report card is in, and it's bad — but Beijing is unlikely to step in and prop up the economy just yet
▼ + stars: | 2023-07-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China posted GDP growth of 6.3% in the second quarter of 2023, badly missing expectations. Even so, China is unlikely to unleash major stimulus measures to boost the economy because it's already in so much debt. And while the GDP did grow year-on-year, it bears noting that the comparison is with a low base from last year when China's economy was battered by on-off COVID-19 restrictions. "There are growing hopes for 'big bang' stimulus to fire up China's growth," Vishnu Varathan, the head of economics and strategy at Mizuho Bank, wrote in a Monday note before China's second-quarter GDP release. The inherent risk with such high debt levels is that a default threatens a domino impact on the Chinese economy — and even the world.

Persons: Vishnu Varathan, China's, Liu Guoqiang, Zhu Min, Robert Carnell, ING's, Carnell, Nomura Organizations: Service, Reuters, Mizuho Bank, Bloomberg, International Monetary Fund, Asia Pacific Locations: China, Wall, Silicon, Beijing, Tianjin

☆ What Benjamin Franklin Learned While Fighting Counterfeiters
▼ + stars: | 2023-07-17 | by ( Veronique Greenwood | ) www.nytimes.com time to read: +1 min

When Benjamin Franklin moved to Philadelphia in 1723, he got to witness the beginning of a risky new experiment: Pennsylvania had just begun printing words on paper and calling it money. The first American paper money had hit the market in 1690. Franklin, who started his career as a printer, was an inveterate inventor who would also create the lightning rod and bifocals, found paper money fascinating. During his printing career, Franklin produced a stream of baroque, often beautiful money. He created a copper plate of a sage leaf to print on money to foil counterfeiters: The intricate pattern of veins could not easily be imitated.

Persons: Benjamin Franklin, Franklin Locations: Philadelphia, Pennsylvania, England

☆ China reports second-quarter GDP miss, another record high in youth unemployment
▼ + stars: | 2023-07-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China said Monday that second-quarter gross domestic product grew by 6.3% from a year ago, missing expectations. The unemployment rate among young people ages 16 to 24 was 21.3% in June, a new record. The 6.3% GDP print for the second quarter marked a 0.8% pace of growth from the first quarter, slower than the 2.2% quarter-on-quarter pace recorded in the first three months of the year. Analysts polled by Reuters had predicted a 7.3% increase in the second quarter GDP. When asked about the outlook for the second half, spokesperson Fu said he expected real estate investment would remain low for the near future.

Persons: Fu Linghui, Fu Organizations: Railway, Reuters, National Bureau of Statistics, CNBC, Information, Investment Locations: Guangzhou, BEIJING — China, China, Beijing

July 17 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The macro and market week in Asia starts with a bang on Monday, with a raft of top-tier economic indicators from China culminating in second-quarter GDP growth data. A raft of Chinese economic indicators for June - investment, retail sales, industrial production and unemployment - will be released on Monday, as well as the second-quarter GDP report. A sub-consensus Q2 GDP print on Monday could tilt expectations toward further easing. Here are key developments that could provide more direction to markets on Monday:- China GDP (Q2)- China investment, retail sales, industrial production, unemployment (June)- Indonesia trade (June)By Jamie McGeever; Editing byOur Standards: The Thomson Reuters Trust Principles.

Persons: Jamie McGeever, Goldman, Morgan Stanley, Goldman Sachs Organizations: Bank of America, Tesla, Netflix, Thomson, Reuters Locations: Asia, China, U.S, Japan, New Zealand, Australia, Indonesia

☆ Why declaring victory over inflation too soon may be a mistake for economy
▼ + stars: | 2023-07-16 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +9 min

The market is fully expecting another interest rate hike from the Fed in July, after it skipped a rate hike in June. For the Fed, ideal inflation is in the target range of 2%. But he is more encouraged about the economy avoiding recession, which recent economic history said would not be possible. San Francisco Fed President Mary Daly expressed her commitment to lowering inflation even further on "Squawk on the Street" last week. "It's really too early to say that we can declare victory on inflation.

Persons: Tom Werner, Jerome Powell, Ed Yardeni, Yardeni, Paul McCulley, Tom Lee, Fundstrat, Lee, Liz Young, Roger Ferguson, Ferguson, Hugh Johnston, they've, CFOs, Milton Friedman's, Pimco, Tiffany Wilding, Wilding, Mary Daly Organizations: Federal Reserve, Market Committee, Fed, CME Fed, Yardeni, Dow Jones, Dow, PepsiCo, CNBC, Francisco Fed Locations: U.S, Georgetown

☆ Collective embrace of soft landing economic scenario extends 2023 rally after welcome drop in CPI
▼ + stars: | 2023-07-15 | by ( Michael Santoli | ) www.cnbc.com time to read: +6 min

Now, especially after the sturdy June jobs report as week ago and the reassuringly cool CPI print on Wednesday, this is something closer to the prevailing view. The market all year has been acting as if inflation and the Fed's aggressive war against it were mostly 2022 problems. The wobble in early July after a blockbuster ADP employment report sent Treasury yields flying was over in a day. Passing these tests, and now having seen market strength broaden significantly since the end of May, belief is replacing doubt. And last quarter, the S & P went choppily sideways for the first month of reporting season.

Persons: it's, what's Organizations: Federal, Treasury, Investment, National Association of Active Investment, Deutsche, Nasdaq, Bulls, Wall, & $ Locations: what's

☆ I made nearly $1 million in revenue my first year on Etsy. Here's how I did it and my best tips for shop owners.
▼ + stars: | 2023-07-14 | by ( Aria Yang | ) www.businessinsider.com time to read: +8 min

One of my clients back then had an Etsy shop, and she was selling products both on an Etsy shop and a Shopify Store. I wasn't the standard DIY or handmade crafts Etsy shop ownerI didn't make crafts or other handmade products — I was the give-me-something-to-sell-and-I-will-sell-it type of Etsy shop owner. Essential tips to start your first-ever Print-on-demand Etsy store1. For example, when you get an order from your Etsy shop, Printfuls will print it and fulfill it for you. If you're an Etsy shop owner and would like to share your story, email Aria yang at ayang@insider.com.

Persons: Hannah Gardner, Etsy, —, — they're, Rich Organizations: Morning, Commerce, USPS Locations: Etsy, Miami, West Palm, Brazil, Hollister

☆ Despite Aspartame Warning, Beverage Companies Likely to Stick With It
▼ + stars: | 2023-07-14 | by ( Julie Creswell | More About Julie Creswell | ) www.nytimes.com time to read: +1 min

About eight years ago, in response to customer concerns about possible health risks associated with the artificial sweetener aspartame, PepsiCo decided to remove the ingredient from its popular diet soda. A trip through the grocery store reveals the ingredient on the labels of not only diet sodas but also diet teas, sugar-free gums, sugar-free energy drinks and diet lemonade drink mix. By some estimates, thousands of products contain aspartame. The use of aspartame, which is often known by the brand name Equal, in food and beverage products has long been scrutinized. The latest iteration came on Thursday, when an agency of the World Health Organization declared that aspartame could possibly cause cancer and encouraged people who consume a significant number of beverages with aspartame to switch to water or other unsweetened drinks.

Persons: Coke Organizations: PepsiCo, Diet Pepsi, Pepsi, World Health Organization Locations: Diet

☆ The curious cases of the nonexistent silver coins, vanishing crypto, and stones in place of nickel – 3 bizarre investment frauds of 2023
▼ + stars: | 2023-07-14 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +4 min

As in previous years, the world of investments has continued to see several frauds and scandals come to light in 2023. Some of the more peculiar cases involved missing silver coins, untraceable crypto, and bags filled with stones instead of nickel. Blockchain analytics firm Chainalyis has sounded the alarm on a possible inside-job by members of staff – linking the disappearance of its founder with the missing coins. London Metal Exchange-approved contracts are regarded as the gold standard for metal investors and this mix-up called the security of the prestigious market into question. Read more: Over half a million silver coins just vanished – now the metals dealer behind the 'fraudulent' scheme must pay $146 million

Persons: Robert Leroy Higgins, Higgins, Multichain, Read Organizations: Service, Eagle, Asset, Depository Company, CFTC, JPMorgan, London Metal Exchange Locations: Wall, Silicon, Rotterdam, Netherlands

☆ Jim Cramer's plans for Disney stock after everything we learned from CEO Bob Iger
▼ + stars: | 2023-07-14 | by ( Paulina Likos | ) www.cnbc.com time to read: +7 min

Hulu As part of Disney's future streaming business, Hulu is expected to be a strategic asset. "I don't think that Bob's going to get out of paying very little for Hulu," Jim said, which could lead to further pressure on the entertainment giant's balance sheet. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. Disney CEO Bob Iger speaking with CNBC's David Faber at the Allen&Co.

Persons: Walt Disney, Bob Iger's, —, Jim Cramer, Bob, Jim, Bob Iger —, Iger, Bob Chapek, ESPN Iger, Ron DeSantis, DeSantis, Iger's, Jim Cramer's, Bob Iger, CNBC's David Faber, David A Organizations: Disney, CNBC, Sun, ESPN, Apple, Apple Vision, Hulu, Comcast, Parks, Flordia, Netflix, Disney Entertainment, Allen, Grogan Locations: Idaho, Wells Fargo, Hulu, Florida, Sun Valley , Idaho

☆ Shein accused of RICO violations in new lawsuit
▼ + stars: | 2023-07-14 | by ( Ellie Stevens | ) edition.cnn.com time to read: +2 min

CNN —Three graphic designers are suing Chinese fast-fashion giant Shein over what they allege is “egregious” copyright infringement and racketeering. In the lawsuit, which was filed in a California federal court Tuesday, the designers allege Shein produced and sold exact copies of their designs. Rather, there is a mysterious tech genius, Xu Yangtian aka Chris Xu,” the suit claims. According to their “About us” page, Shein says the company only produces 100 to 200 pieces of each model at launch. Those small quantities are intentional, the suit alleges: That way, before making more pieces, Shein can see if anyone complains about a stolen design.

Persons: Shein, “, Coco Chanel, Yves Saint Laurent, Xu Yangtian, Chris Xu, “ SHEIN, ” Krista Perry, Shein.com, shein.com Organizations: CNN, BBC Locations: California

☆ If you're under 40, Biden's latest student-debt relief plan probably isn't much help
▼ + stars: | 2023-07-14 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The Biden administration will forgive $39 billion of student debt for about 800,000 borrowers. Only those who've made repayments in an income-driven plan for either 20 or 25 years are eligible. That means the policy probably isn't much help to anybody younger than 40. The Education Department said it will start notifying borrowers who are eligible to have their debt repayments forgiven over the next few weeks. The Biden administration's latest move comes two weeks after the Supreme Court struck down its broader plan to cancel up to $20,000 worth of student debt for federal borrowers.

Persons: Biden, Joe Biden's Organizations: Service, Education Department Locations: Wall, Silicon

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