Good morning. US stock futures moved lower in Tuesday morning trading as investors awaited more earnings and an important speech from Federal Reserve Chairman Jerome Powell. 

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Carl Icahn

Top News

IMF head: US default would hurt consumers 

•  International Monetary Fund managing director Kristalina Georgieva warned that a US debt default could raise borrowing costs, squeeze American consumers, and harm the global economy.

• By law, the US Federal debt can't exceed $31.7 trillion, a cap that was reached on January 19, with the US Treasury saying it can hold out until early June by using special accounting measures.

China's banking sector ramps up consumer lending

• Chinese banks have ramped up lending to retail customers, with authorities hinting at the need for a pick up in consumer spending to help stabilize the world's second largest economy.

• China's bank lending in January is expected to exceed 4 trillion yuan ($593 billion) - a monthly record - with Chinese policymakers signaling they will prioritize economic growth in 2023, with a key focus on boosting consumption and investment.

Companies likely to feel financial pinch in 2023

• A report from asset manager Janus Henderson is forecasting worsening corporate financial conditions across the globe even as inflation in the US appears to have peaked and amid high hopes of a "soft" economic landing.

• The firm which manages $275 billion in assets said it expects earnings growth to weaken in 2023, with energy and input costs eroding companies' cash flows.

In Other News

GenZ: The most financially savvy? 

•  According to a recent survey from the TransAmerica Center for Retirement Studies, young workers between the ages of 18 and 25 have already saved roughly $33,000 for their retirement accounts.

• The survey also found that Baby Boomers had $162,000 in retirement savings, while GenX had $87,000 and Millennials had $50,000.

Storage wars! 

• Public Storage, the top US self-storage firm launched an $11 billion hostile takeover bid for Life Storage, escalating efforts to acquire its smaller rival after prior takeover offers were declined.

• Public Storage said the proposed combination would save costs and make Life Storage's business more efficient.

Bed, Bath and Bold Moves 

• Bed Bath and Beyond is seeking new funds from the public markets as it launches a final attempt to avoid bankruptcy.

• The retailer, which is on the brink of filing for bankruptcy, will issue convertible preferred securities and warrants in an effort to raise $1 billion to escape a Chapter 11 filing.

Key Economic Events

• Tuesday - Fed Chair Powell Speaks In Washington

• Wednesday - Fed's Williams At WSJ Live Event

• Thursday - No Major Economic News

• Friday - Fed's Walker Speaks At Crypto Conference, U. Of. Mich. Sentiment

Notable Briefs

• Having a hard time saving? Consider these hacks!

• Use these investment vehicles to build your wealth

• Everything you need to know about a "soft landing"

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