Core Viewpoint - T-Mobile took the opportunity to highlight its operational network while poking fun at Verizon during a widespread service outage affecting Verizon customers across the country [1][2]. Group 1: T-Mobile's Response - T-Mobile reassured its customers that its network was fully operational and that they might experience difficulties reaching Verizon users due to the outage [2]. - The company emphasized the importance of reliable connectivity and expressed its commitment to keeping customers connected [2]. Group 2: Verizon's Outage Details - Verizon confirmed that some users were experiencing issues with both voice and data services, acknowledging the outage [4]. - The outage tracking website Downdetector reported a peak of 172,980 outage reports around 12:30 p.m. ET, which decreased to 120,628 by 1:22 p.m. ET, and further to 67,646 by 2:36 p.m. ET [7]. - Verizon's engineers are actively working to identify and resolve the issues impacting their services [7]. Group 3: Market Impact - The stock performance showed Verizon Communications Inc. (VZ) at $39.83 with a change of +2.12% and T-Mobile US Inc. (TMUS) at $192.02 with a change of +1.24% [8].

Group 1 - The first sale of Venezuelan oil, valued at $500 million, has been completed, with the U.S. set to receive between 30 million and 50 million barrels of sanctioned oil worth approximately $2.8 billion at current market prices [1][2] - The U.S. government will oversee the sale, and the proceeds will be deposited into accounts controlled by Washington, with additional sales expected in the near future [2] - Venezuela possesses over 300 billion barrels of proven oil reserves, significantly more than the U.S., but production has declined from 3.5 million barrels per day in the late 1990s to around 800,000 barrels per day due to mismanagement and rising extraction costs [8] Group 2 - President Trump has initiated discussions with oil companies to invest in restoring Venezuela's oil infrastructure, aiming to mobilize major U.S. oil companies to spend billions on repairs [10][11] - The White House has stated that the energy deal will benefit both American and Venezuelan people, following the arrest of Nicolás Maduro [5] - The administration emphasizes the importance of protecting the Western Hemisphere from narcoterrorists and foreign adversaries through this energy initiative [6]

Core Viewpoint - Macy's is closing over a dozen additional stores in 2026 as part of its strategy to enhance profitability by shutting down underperforming locations, aiming to close approximately 150 stores by the end of 2026 [1][3]. Group 1: Store Closures and Strategy - Macy's plans to close around 14 stores in the first fiscal quarter of 2026 as part of its "Bold New Chapter" turnaround strategy [1]. - The company is continuously reviewing its portfolio, focusing on closing underproductive stores and streamlining operations [2]. - The turnaround strategy includes the closure of about 150 stores by the end of 2026 to achieve sustainable and profitable sales [3]. Group 2: Sales Performance and Investments - Despite the closures, Macy's is investing in its 125 "Reimagine" stores, which have shown an increase in sales, indicating a positive impact from enhanced merchandising and customer experience [5][7]. - Sales at the "Reimagine" stores rose by 2.7% year over year in the third quarter, demonstrating the effectiveness of the company's investments in staffing, store design, and customer experience [7]. - Macy's reported its highest sales level in over three years in December, marking significant progress in its turnaround efforts [8]. Group 3: Overall Brand Performance - In the latest report covering a three-month period ending November 1, sales at the stores Macy's plans to keep open increased for the second consecutive quarter, while overall sales across the Macy's brand, including all stores and its website, grew at the fastest pace in 13 quarters [10].

For years, home buyers have been told the housing market would eventually "normalize" — meaning if mortgage rates came down or inventory improved, affordability would return to something resembling pre-pandemic levels such as 2019. But new data from Realtor.com suggests that version of the market may never come back, and returning to pre-pandemic affordability would require outcomes economists say are extremely unlikely.The numbers underscore a tougher reality for buyers, one expert points out: America’s ho ...

Core Viewpoint - President Trump advocates for the Federal Reserve to lower interest rates, citing steady inflation data from December as justification for his position [1][3]. Inflation Data - The Bureau of Labor Statistics reported that the consumer price index (CPI) for December showed a headline inflation increase of 2.7% year-over-year, while core CPI, excluding food and energy, was at 2.6% [2]. - Although inflation remains above the Fed's long-term target of 2%, Trump believes it is low enough to warrant interest rate cuts [3][4]. Federal Reserve's Position - Trump criticized Fed Chair Jerome Powell, suggesting that lower interest rates would benefit the economy and that Powell's inaction would label him as "too late" [3][6]. - The market currently anticipates that the Fed will maintain interest rates in the range of 3.5% to 3.75%, with a 97.2% probability of no changes at the next meeting [12][13]. Political Context - The call for interest rate cuts comes amid a criminal investigation by the Department of Justice into whether Powell misled Congress regarding the Federal Reserve's renovation project [7][9]. - Powell has stated that the investigation is an attempt to pressure the Fed into making policy decisions based on political influence rather than economic evidence [9].

JPMorgan CFO Jeremy Barnum warned Tuesday that President Donald Trump's push to put a 10% cap on credit card interest rates could hurt the broader economy and reduce access to credit. "What's actually simply going to happen is that the provision of the service will change dramatically. Specifically, people will lose access to credit, like on a very, very extensive and broad basis, especially the people who need it," Barnum said during a call tied to the bank’s fourth-quarter earnings release. Barnum said th ...

Core Insights - Meta Inc. is cutting 10% of its employees, which amounts to over 1,000 jobs, from its Reality Labs division as part of a strategic shift in investment focus away from metaverse products towards wearables [1][4] - The company plans to reinvest the savings from these job cuts to support the growth of wearables in the current year [1] - Reality Labs has incurred over $70 billion in losses since 2021, with a reported operating loss of $4.4 billion in the third fiscal quarter alone [4] Investment Strategy - The decision to reduce workforce in Reality Labs aligns with Meta's strategy to shift investment from metaverse initiatives to wearable technology [1][4] - Meta is in discussions with EssilorLuxottica SA to potentially double the capacity for AI-powered smart glasses by the end of the year, indicating a focus on expanding its wearables segment [6] Operational Impact - The layoffs will be communicated to affected employees, as noted in an internal message from Chief Technology Officer Andrew Bosworth [2] - The Reality Labs division includes various hardware and futuristic product efforts, such as VR headsets and AI glasses, which have not performed well financially [4]

JPMorgan Chase CEO Jamie Dimon said Tuesday that Justice Department grand jury subpoenas issued to the Federal Reserve risk undermining the central bank’s independence and could ultimately push inflation expectations higher.  "While I don't agree with everything that the Fed has done, I do have enormous respect for Jay Powell, the man," Dimon said during a call with reporters after the company announced its fourth-quarter earnings report, according to Yahoo Finance."Everyone we know believes in Fed independ ...

Core Viewpoint - A group of global central bank leaders has expressed support for Federal Reserve Chair Jerome Powell amid a criminal investigation by the Department of Justice related to his testimony before the Senate Banking Committee regarding the Fed's renovation project [1][3][6]. Group 1: Central Bank Leaders' Support - The central bank leaders emphasized the importance of the independence of central banks for economic stability and expressed solidarity with Powell, stating he has served with integrity and commitment to the public interest [3][6]. - Signatories of the statement included prominent figures such as Christine Lagarde, Andrew Bailey, Michele Bullock, and Tiff Macklem, along with leaders from several other countries and the Bank for International Settlements [7]. Group 2: Investigation Context - Powell announced that the DOJ served grand jury subpoenas related to perjury allegations concerning his testimony about the renovation project, which he claims is a pretext for political pressure to lower interest rates [2][10]. - The renovation project, initially estimated at $1.9 billion in 2019, has seen costs rise to nearly $2.5 billion by 2025 due to increases in material costs and remediation efforts [17]. Group 3: Political Pressure and Responses - Powell stated that the investigation is not genuinely about his testimony or the renovation but rather about the Federal Reserve's ability to set interest rates based on economic conditions rather than political pressure [10]. - President Trump has publicly criticized Powell, calling for lower interest rates and accusing him of mismanagement, while denying knowledge of the subpoenas [13][14].

Core Viewpoint - President Trump's proposal to impose a 10% cap on credit card interest rates aims to protect consumers from high-interest rates, but it may lead to significant restrictions on credit access for many Americans, particularly low to moderate-income households [2][3][7]. Impact on Consumers - The Electronic Payments Coalition (EPC) estimates that 82% to 88% of credit card holders could see their cards eliminated or their credit limits drastically reduced due to the proposed cap [3][4]. - Nearly all credit card accounts associated with a credit score below 740 would be closed or severely restricted, affecting approximately 175 million to 190 million American cardholders [7]. - The average credit score for low-income Americans is reported at 658, while it is 735 for middle-income households, indicating a significant disparity in credit access [7]. Impact on Small Businesses - Small business owners, who often use personal credit cards alongside business accounts, would face compounded restrictions, affecting their financial operations [15][16]. - The reliance on credit cards for cash flow is critical for small businesses, with 98% of them making under a million dollars in gross receipts annually [16]. Changes in Credit Access - Remaining cardholders would experience lower credit limits, tighter underwriting standards, and reduced or eliminated rewards, regardless of their credit scores [8]. - Consumers may turn to riskier alternatives, such as payday lenders and unregulated online lenders, which are exempt from the proposed cap [11].