With Nvidia earnings out of the way, the next test for US markets is Federal Reserve Chair Jerome Powell’s annual speech at the Jackson Hole economic summit on Friday.
When Powell spoke this time last year at the Kansas City Fed symposium in Wyoming, he warned that interest rate hikes would mean “pain” for US households. The Dow Jones Industrial Average index sank 1,000 points in response. Will history repeat itself? At its most recent meeting in July, the Fed unanimously voted to raise interest rates to a range of 5.25-5.5%, their highest level in 22 years.
Macy’s sounds the alarm on credit card delinquencies Macy’s is warning of a spike in customers who are failing to make credit card payments, adding to the evidence of mounting financial stress on consumers, reports my colleague Matt Egan. The iconic department store had anticipated delinquencies would climb following a post-Covid lull. But Macy’s management has been caught off guard by the magnitude of the uptick.
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