🏡 Will THIS Shake The Housing Market?

Good morning. US stock futures ticked higher in Tuesday morning trading as stronger-than-expected earnings reports excited investors about what the new reporting season would bring.

🖥️ Biden proposes cap on rent increases

📝 Our report: US President Joe Biden is set to propose a 5% cap on annual rent hikes for tenants of major landlords, showing he's taking a swing at the high cost of housing. The proposal, to be announced while the president visits Nevada, is being championed by Biden in the middle of a tense presidential campaign and a time when housing costs have been a major driver of overall inflation.

 🔑 Key points:

• Biden himself had previewed the announcement at a recent NATO news conference, folding it into comments that blamed inflation on companies trying to maximize their profits in the aftermath of the pandemic.

• But the plan would require solid Democratic control of Congress to become law. Additionally, most policymakers have said the best way to limit housing costs would be through more construction and changes to land use regulations.

• Asking prices for rentals jumped in the aftermath of the pandemic and have since cooled, but the Harvard University Joint Center for Housing Studies found in its most recent report that half of renters were “cost burdened” because they spend more than 30% of their income on housing and utilities.

💡 So what: A rental cap by the Biden administration could lead to mixed implications. On the positive side, it may provide relief to tenants by preventing exorbitant rent hikes, potentially making housing more affordable and stable. However, landlords might push back, arguing it could deter investment in rental properties and maintenance, leading to a potential decline in housing quality. Additionally, the cap could spark legal challenges from property owners and real estate associations, creating a contentious political and legal landscape.

Tuesday - U.S. Retail Sales, Fed Gov. Adriana Kugler Speaks

Wednesday - Fed Beige Book

Thursday - U.S. Leading Economic Indicators

Friday - New York Fed President Williams Speaks

📈 The Oracle of Omaha shares his top 10 rules for investing success

💰 Are you a creative? Here’s how you start your entrepreneurial journey!

🧾 A credit card might actually help you get out of debt. Here’s how!

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💰 British regulators train eye on Big Tech digital wallets

WHAT: British regulators are investigating the surge in digital wallet use from Big Tech, checking for any competition, consumer protection, or market integrity issues. The Financial Conduct Authority and Payments Systems Regulator is seeking views on the benefits and risks, and will assess the impact digital wallets, such as Apple Pay, Google Pay and PayPal, have on competition and choice of payment options at checkout, among other things.

WHY: Regulators and lawmakers in Europe and the United States have been examining the growing role of Big Tech in financial services. The British regulators said their review of digital wallets built on their previous work on contactless mobile payments and on the role of Big Tech firms in financial services.

🏬 Macy’s ends takeover talks

WHAT: Macy's is calling off its buyout talks with two investment firms, citing a less-than-stellar offer and shaky financing. In announcing the end of negotiations, Macy’s alleged that Arkhouse Management and Brigade Capital Management did not meet its request for information by a June 25 deadline, including the highest purchase price they were prepared to pay and details about how the revised deal would be financed.

WHY: The iconic New York department store chain is also accelerating the expansion of its new, small-format stores, opening 30 small-format locations through the fall of 2025. Macy’s believes the smaller stores are more convenient for customers.

🛒 Prime Day sales set to break records

WHAT: Shoppers are expected to shell out about $14 billion during Amazon's Prime Day extravaganza, according to Adobe Analytics, the e-commerce data wizards. The online retailer began holding Prime Day a decade ago, typically in July. Prime Day accounts for 1% to 2% of Amazon's net global sales, according to CFRA Research.

WHY: Amazon's Prime Day has turned July, an otherwise slow time for retailers, into a season when shoppers look for bargains, especially on back-to-school clothing, electronics, uniforms, backpacks, dorm decorations and supplies.

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