Good morning. US stock futures rose slightly in Friday morning trading as investors mull the possibility of a US government shut down.

"Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient"

Seth Klarman

Top News

Biden Admin seeks to scrub medical bills from credit reports

WHAT: The Biden Administration is on a mission to make medical bills vanish from American’s credit reports. The proposals under consideration are designed to help families financially recover from medical crises, stop debt collectors from coercing people into paying bills they may not even owe, and ensure that creditors aren’t relying on data plagued with inaccuracies and mistakes.

WHY: According to the Consumer Financial Protection Bureau (CFPB), roughly 20% of Americans have medical debt, but the CFPB said its data also showed medical billing data is a poor indicator of whether consumers are likely to pay down traditional debts.

Ex-Fed execs challenge soft landing possibility

WHAT: It looks like ex-Fed big shots are having a debate about the US economy’s “landing style” and the Federal Reserve’s ability to cushion it! Speaking at a recent webinar, ex-Fed Vice Chair Donald Kohn said the Fed probably needs to raise rates more, while former Fed Governor Kevin Warsh said that a soft landing was less likely now than six weeks ago, citing a stronger dollar and higher long term interest rates.

WHY: After boosting interest rates more than five percentage points over the last 18 months, Fed Chairman Jerome Powell left policy unchanged at the last Fed meeting while signaling that a further increase was likely this year.

Neuralink set to begin human trials of brain chip implants

WHAT: Elon Musk’s brain-chip dream team Neuralink just got the greenlight from an independent review board to begin human trials of its brain implant for paralysis patients. The trial, expected to take about six years to complete, will initially focus on paralysis patients with cervical spinal cord injury or lateral sclerosis.

WHY: In May, the company said it had received clearance from the US Food and Drug Administration (FDA) for its first-in-human clinical trial, when it was already under federal scrutiny for its handling of animal testing.

In Other News

Cisco goes big with $28 billion acquisition

WHAT: Cisco is going big! They’re shelling out a whopping $28 billion to snag data firm Splunk, making it the biggest acquisition in the firm’s history and cementing a massive push into software and AI-powered data analysis.

WHY: Splunk, based in San Francisco, is known for data observability services, which allow companies to monitor internal systems for network health, cybersecurity risks, and other insights.

We’ll show all fees…

WHAT: Hilton Hotels is making a bold resolution: no more “hide-and-seek” with those pesky hotel fees! The company announced that it was working to ensure that mandatory fees are displayed upfront on all its websites and apps. Hilton also added that it was encouraging all platforms that sell, distribute or advertise their inventory to be fully transparent with fees as well.

WHY: Hotel operators have received criticism on how fees are displayed to consumers and have been accused of engaging in fraudulent and anti-competitive practices by misleading consumers in advertisements.

Warner Bros sets sights on UK expansion

WHAT: Warner Bros Discovery is turning up the volume on its presence in Britain. The company announced that it would be expanding its production capacity at its Leavesden facility near London by 50%, adding 10 new sound stages to the studio where films like “Barbie” and the “Game Of Thrones” series were shot.

WHY: The investment comes as Warner Bros Discovery’s California production has been hit with the first joint writers’ and actors’ strike in 63 years, delaying major projects and prompting it to slash revenue forecasts for the rest of the year.

Key Economic Events

• Friday - No Major Economic News

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