Good morning. US stock futures inched higher in Wednesday morning trading as investors cheered a large merger in the energy space.
💳 Lawmakers train eye on US credit card rates
US legislators introduced a bill known as the Capping Credit Card Interest Rates Act to prevent card companies from raising fees beyond a certain cap
The Consumer Financial Protection Bureau also proposed a rule earlier this year to slash fees for late credit card payments.
Credit cards are “the most prevalent form of household debt” according to the Federal Reserve Bank of New York.
💡 So what: Americans continue to lean more on credit cards to pay their bills as pandemic-era inflation caused food prices, housing and other consumer items to spike in cost. Large credit card debt amounts also create the potential for massive default risks from customers unable to service their debts.
Wednesday - Fed’s September FOMC Meeting Minutes
Friday - No Major Economic News
🕰️ Here’s why you should think long term as an investor
🏛️ SBF faces ex-girlfriend in courtroom showdown
🛢️ US consumers prepare for bumpy ride
WHAT: US consumers are doing a little crystal ball gazing as they are expecting slightly higher inflation over the next few years and tighter credit conditions according to the latest report published by the Federal Reserve Bank of New York. The median inflation expectation rose to 3% for three years from now, up from 2.8% in August.
WHY: Fed officials have been on an aggressive tightening campaign to tame the hottest inflation in a generation. Policymakers have repeatedly declared they intend to keep borrowing costs elevated well into 2024.
🕺🏾 Another day, another TikTok lawsuit…
WHAT: The State of Utah has decided to throw some legal dance moves at Chinese-owned video-sharing platform TikTok, accusing it of harming children by encouraging them to spend unhealthy amounts of time on the platform. The suit comes amidst consideration by US legislators for an all-out ban of the app in the US.
WHY: ByteDance-owned TikTok which has more than 150 million US users denies it inappropriately uses US data and maintains it continues to take steps to ensure the safety and privacy of user data on its platform.
👓 EU exec chides X over Israel-Palestine disinformation
WHAT: Elon Musk got a virtual nudge from the European Union’s Industry Chief Thierry Breton who pointed out that disinformation was spreading on Musk’s X messaging platform since the recent outbreak of the Israeli-Palestinian conflict. Breton said he had evidence to suggest that X was disseminating illegal content and disinformation in the EU.
WHY: The EU’s online content rules, known as the Digital Services Act (DSA), requires X and other large online platforms to remove illegal content and to take measures to tackle the risk to public security and civic discourse.
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