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...JPMorgan Chase spent about a year discussing a possible deal with Discover Financial before Capital One agreed a $35bn bid for the credit card company, as the largest US bank pursued ways to get control...
...More and more market participants and pundits are betting that stalling disinflation might stop the Federal Reserve from cutting rates at all in 2024....
...It compares their forecasts every three months with the out-turn for annualised inflation in the first quarter....
...Either way, the FT reports that Shari Redstone, who controls the studio, doesn’t like the Apollo bid. Tough break for the rich guys in suits. Email me: robert.armstrong@ft.com....
...the chair of the Federal Deposit Insurance Corporation has warned....
...Everyone knows that bonds are back At a first pass, the risk-on feeling in corporate credit makes sense. Bond investors are chiefly concerned with two types of risk: credit and duration....
...The market reaction came after the Federal Open Market Committee voted unanimously to leave rates unchanged at a 23-year high of 5.25 per cent to 5.5 per cent....
...Late payments rise on US loans tied to inflated pandemic credit scores Consumers cut back on credit cards as repayment charges hit record high...
...If you look at Howard Marks’s investment philosophy for Oaktree, the first item for us is the primacy of risk control....
...In the first two months of 2024 funds raised a combined $11.7bn, compared with $30.4bn in the same period last year....
...Capital One’s $35.3bn proposed takeover of Discover Financial Services would fuse two leading credit card lenders and give it control of a network that connects consumers, merchants and banks....
...“The minute the Federal Reserve has concretely signalled that they’ve stopped raising rates, let alone the point at which they first do a rate cut, these markets will take off,” he said....
...The Federal Reserve will be watching closely....
...Turns out that last December’s inflation-control victory lap was a little premature....
...“After dropping almost by half and reaching historical lows in the second quarter of 2021, credit card delinquency rates have been steadily increasing and have now surpassed pre-pandemic levels for the first...
...The positive data will also be a boon to Eli Lilly’s efforts to push for more widescale coverage of the drugs by private insurers and US federal health insurance programme Medicare, which were both initially...
...While overall loan growth was tepid, credit card debt by US consumers continued to rise, hitting $1tn for the first time last year....
...The incident took place in his first stint at the Federal Aviation Administration when he was the agency’s deputy head during Barack Obama’s presidency. No one was hurt but the FAA did investigate....
...Bloomberg first reported Ant’s bid....
...Unless he seizes control of the Federal Reserve and orders it to loosen monetary policy or facilitate large-scale currency intervention, there isn’t much scope for unilateral depreciation....
...“I think there are risks to credit spreads here.”...
...Further reading:— Could change of control covenants put a drag on M&A?...
...That compares with the six or more cuts expected back in January and the three that the more conservative Federal Reserve had projected....
...Suspend your disbelief Our first assumption is that all US investment grade securities contain a change of control covenant. Why is this assumption wrong?...
...UBS put the unit, which includes investment banking and brokerage services, up for sale after taking control of Credit Suisse when it collapsed last year....
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