Good morning. US stock futures ticked higher in Wednesday morning trading as investors digest comments from Federal Reserve Chair Jerome Powell indicating that interest rates may need to go higher for longer.

"The problem (in investing) is that real risk and perceived risk are two different things"

Bill Miller

Top News

Fed Chair: Faster rate hikes not off the table

• Just under five weeks since the Federal Reserve slowed its interest-rate hike rate, Chair Jerome Powell cautioned that there might be a need to resume rate acceleration.

• "The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated" Powell told a US Senate Banking Committee.

Biden gains upper hand on TikTok

• The White House endorsed a bipartisan bill empowering the President to ban or force a sale of TikTok, speeding up passage and resolving privacy concerns about the Chinese-owned app.

• This is the first time the Biden Administration has weighed in on legislation to deal with the app, which the White House says pose national security risks.

EU to Musk: Staff Up!

• According to the Financial Times, the European Union urged Elon Musk to increase his team of human moderators and fact-checkers for Twitter posts, based on discussions between Musk, Twitter executives and Brussels regulators.

• European Union industry chief Thierry Breton warned Musk in January of "huge work ahead for Twitter" to apply transparent use policies, significantly reinforce content moderation and protect freedom of speech.

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In Other News

Walmart doubling down on Latam

• Walmart's unit in Mexico and Central America, Walmex, announced that it intends to invest approximately 27 billion pesos ($1.49 billion) in the region in 2023, a 27% increase from last year.

• Walmex said the bulk of the investments will go towards remodeling and maintenence on existing stores, while some 30% will be used to open new stores and clubs.

Buy now, struggle later...

• According to a recent report from the Consumer Financial Protection Bureau, buy-now, pay-later loan users tend to rely more on other types of credit, and experience higher financial stress compared to non-users.

• The study found that at least 62% of BNPL borrowers said they used retail credit cards compared with 44% of non-BNPL customers.

Reworking WeWork's debt

• The New York Times reported that workspace sharing company WeWork is negotiating with investors to restructure its debt of over $3 billion, and secure additional funds.

• In January, the New York-based company also planned to eliminate about 300 roles across countries after announcing last year it would exit about 40 underperforming US locations due to high expenses.

Key Economic Events

• Wednesday - ECB's Lagarde Speaks, US Trade Balance

• Thursday - No Major Economic News

• Friday - US Unemployment Rate

Notable Briefs

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• Add these tips to your routine to stay sharp during the day!

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