Banking
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Powell keeps battling Trump without saying his name: ‘Like many other institutions, the Fed has been undergoing a stress test’
Former Federal Reserve Chair Jerome Powell used one of his first major public appearances since leaving office to defend independent institutions while accepting an award Sunday honoring his efforts to preserve the central bank’s independence. Speaking at the John F. Kennedy Presidential Library overlooking Boston Harbor, Powell called universities, courts, Congress and the central bank…
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Ankur Jain says Bilt is building the ‘Shopify for housing’—and the company’s card is only the beginning
Ankur Jain wants everyone to know the Bilt card is “less than 11%” of his business. Sitting across from me, the hospitality platform CEO and co-founder kept returning to a metaphor: his company’s flagship card—the thing that made Bilt and gets it tagged, tweeted, and torched on Reddit—is the tip of an iceberg. The rest…
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Inflation hit the highest level in almost three years as the Fed releases the first inflation report under new chair Kevin Warsh
A key inflation gauge accelerated in April to the highest level in three years, the latest sign that spiking gas prices and higher food costs are squeezing Americans’ finances. Inflation jumped to 3.8% in April compared with a year ago, the Commerce Department said Thursday, up from 3.5% in March and the highest since May…
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Jamie Dimon said the American Dream was slipping away. JPMorgan just put $40 million on the table to fix it
Jamie Dimon said the American Dream was “slipping out of reach” and he wanted to be part of the solution, so his bank put $40 million on the table. The sheriff of Wall Street laid down a marker in March with the announcement of the American Dream Initiative, saying that the idea that hard work…
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Robinhood launches agentic trading, announces credit card for AI agents with 3% cash back
In the latest sign of AI’s growing footprint in online commerce, Robinhood announced on Wednesday that users can now instruct agents to make purchases on their behalf using the Robinhood Gold card. To illustrate the potential of agentic shopping, the company cited examples: “A sneakerhead can tell their agent to buy a coveted new release…
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FDA’s tobacco center just drafted new rules to let ecigs, pouches onto market, but staffers didn’t write them
Senior officials in the Food and Drug Administration’s tobacco center were blindsided by a recent decision that opens the door to allowing more unauthorized electronic cigarettes and nicotine pouches onto the U.S. market, The Associated Press has learned. The guidelines, posted days before former FDA Commissioner Marty Makary resigned, will allow companies to launch certain…
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‘The Butterfly Trust’: How Deutsche Bank maintained Jeffrey Epstein as a client until he was arrested
On a Friday morning in May 2019, months after Deutsche Bank claimed to have severed its relationship with Jeffrey Epstein and just weeks before he was arrested, one of the financier’s longtime bankers sat at his desk in Deutsche Bank’s midtown Manhattan headquarters, scrolling through the bank’s internal systems. The numbers on his screen didn’t…
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Wall Street is keeping a close eye on Kevin Warsh at the Fed. These are the red (and green) flags they’re watching for
All eyes are on Kevin Warsh, and for good reason. Incoming Fed chairman takes over the central bank at a pivotal moment: AI is estimated to reshape the economy as we know it (for better or worse, depending on who you ask), geopolitical tensions are rising, and consumers are hollering for relief from the cost…
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Fed Governor Stephen Miran to resign after Kevin Warsh is sworn in
Federal Reserve Governor Stephen Miran said he will resign from the central bank effective once incoming Chair Kevin Warsh is sworn into office, or shortly before. The move by Miran was expected given his seat on the Fed’s Board of Governors will be taken by Warsh. In a letter announcing his resignation, Miran was critical…
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Kevin Warsh confirmed as Fed chair in party-line vote amid Elizabeth Warren’s ‘sock puppet’ criticism
The Senate confirmed President Donald Trump’s nominee to lead the Federal Reserve, Kevin Warsh, bringing new leadership to the world’s most powerful central bank at a fraught moment for the global economy. Warsh, 56, a former top Fed official, was confirmed Wednesday in a largely party-line 54-45 vote and will replace Jerome Powell as chair…