Client Financial Behavior - Margin loans reached an all-time high of approximately 97 billion USD at the end of the quarter [1] - Margin loans represent less than 1% of clients' total assets, which are valued at 116 trillion USD [2] - Clients aim to maximize wealth and capitalize on perceived opportunities [2] Trading Activity - Trading volume increases with volatility [3] - Clients tend to trade countercyclically, buying dips and selling rips [3] - Elevated trading levels are observed on volatile days [3]

MARTIN Several lawmakers have said that higher taxes are basically inevitable because of federal cuts to health care and food aid under President Trump's new mandates, new budget laws. Where does that leave what Mamdani is proposing and what Andrew Cuomo says he will do for the city. Well, it's going to make my daddy's proposals harder to get through the legislature.The state is facing a seven and a half billion dollar budget deficit. You have the cuts from the one big, beautiful bill. So they're going to h ...

Market Disruption & Impact - The media platform outage caused inconvenience for borrowers and investors in the municipal bond market [1] - No transactions were delayed or impacted due to the outage [2] - The municipal bond market supply is up approximately 15% year-over-year [1] Cybersecurity Threat - Cyberattacks are a growing risk in the municipal bond market [2] - A Detroit suburb had their bond sale hacked last year, and the proceeds were stolen [3] - Credit analysts are mentioning cyberattacks as an impact for borrowers [3] - Local governments are vulnerable to sophisticated attacks due to being understaffed and underfunded [3]

Fed Policy and Labor Market - The Fed is focusing on the labor market and is expected to cut rates, potentially by 25 basis points in October, to achieve full employment [2][5] - Market participants anticipate the Fed will cut rates, with the two-year yield serving as an indicator of future Fed policy [3] - The market is pricing in a terminal funds rate of around 3%, aligning with estimates of a neutral rate, but there's downside risk if the economy softens [11][12] - The Fed's focus on the labor market weakness suggests a path towards lowering the federal funds rate, but cautiously, in increments of 25 basis points [6] - Tariffs are estimated to contribute about 10% to the current inflation rate, with the remaining impact expected over the next two to three quarters [50] Credit Market and Risk Assessment - Concerns about credit quality are emerging, with J P Morgan CEO Jamie Dimon warning of potential future credit problems, likening them to "cockroaches" [28][31] - Despite concerns, the investment-grade credit market shows resilience, supported by strong technicals and consistent inflows [33][34] - Investment-grade credit markets are experiencing 24 straight weeks of inflows, driven by attractive yields, while high-yield markets saw outflows [34][35] - Spreads between investment-grade banks and the rest of investment grade are relatively flat, indicating strong performance by big banks, but investors are advised to be cautious [38][39] Economic Outlook and Market Dynamics - The U S remains the best-performing country in terms of growth globally, despite trade war concerns with China [16][17] - The dollar's exposure has been somewhat hedged away, and foreign demand for U S assets, including corporate mortgage bonds, remains strong [16]

Market Performance & Trends - The S&P 500 and NASDAQ closed up approximately 05% as the trading day ended [5][7] - The Dow Jones Industrial Average increased by over 200 points, representing a gain of approximately 05% [7] - The Russell 2000 was down approximately 06% indicating concerns about small and mid-cap companies, especially financials [8] - Tech, consumer staples, financials, energy, and communication services sectors showed strong performance [9] - Utilities and materials sectors underperformed [9] Regional Banks & Financial Institutions - Zions Bancorp rebounded with a nearly 6% increase after a 13% decline the previous day, following positive earnings reports from regional lenders [10] - Truist's stock price increased by approximately 37% after releasing its earnings report [11] - Fifth Third's stock price increased by approximately 13% [11] - American Express (Amex) gained over 7% after exceeding earnings expectations [12] Individual Stocks & Assets - Can you guys' stock price increased by approximately 84%, rebounding from a sharp sell-off due to a lawsuit in the UK [15] - Newmont's stock price decreased by over 75%, despite being up over 140% year-to-date [17] - Oracle's stock price decreased by almost 7% after suggesting a smaller boost from infrastructure spending [18] - Hims & Hers' stock price decreased by 16% due to concerns about potential cuts to GOP-1 drug costs [20] Macroeconomic Factors & Geopolitics - Potential easing of US-China trade tensions following White House press conference [3][4] - Focus on geopolitics in the coming week with the president and surrogates traveling globally [6] - Concerns about rising delinquencies in car loans, increasing by 515% from Q1 2010 to Q1 2025 [24][25] - Government shutdown impacting Treasury Department approvals for alcoholic beverage makers [27]

This is Bloomberg Businessweek Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies and trends shaping today's complex economy. Plus, global business, finance and tech news as it happens, Bloomberg Businessweek Daily with Carol Massar and Tim Stanek back live on Bloomberg Radio, Television, YouTube and Bloomberg Originals. All right, folks, you have been listening to President Trump in the Cabinet Room, a packed room, no doubt about it.Key members of ...

China did a substantial unprovoked escalation last week. We were unable to get in touch with them. Since then it's been IMF World Bank Week.They have had working level people here. There have been meetings. The vice premier who is now in counterpart and I will be speaking this evening at around 830, 9:00, and then he and I in a delegation will meet in Malaysia probably a week from tomorrow to prepare there for the two presidents to meet.So I again, I think that things have deescalated. We hope that China wi ...

Drone Technology & Warfare - The industry acknowledges the significant role of drone warfare in recent conflicts [1] - The industry is involved in both building and procuring drones [1] - The industry possesses technology to intercept drones, exemplified by activities in Israel [1] Geopolitical & Weaponry - The industry possesses a diverse range of weaponry, including advanced jets and stealth aircraft like B-52s [2][3] - The industry emphasizes the importance of maintaining sufficient national stockpiles of weapons [3] - The industry is a significant arms supplier to the European Union [4] Conflict Resolution & Diplomacy - The industry aims to facilitate the end of the Russia-Ukraine war, acknowledging substantial casualties of thousands per week [4] - The industry indicates engagement in diplomatic efforts, including discussions with President Putin [5] - The industry suggests optimism regarding the resolution of both the Russia-Ukraine war and the Middle East conflict [5]

Trade Negotiations with China - Trade negotiations with China are ongoing, with potential meetings planned in South Korea [1] - The speaker expresses a positive outlook on the trade relationship with China [1] - China desires to engage in discussions [2][5] Historical Trade Imbalance - The speaker asserts that the US previously experienced significant financial losses, "hundreds of billions of dollars a year," due to trade practices with China [2] - These financial losses are claimed to have contributed to China's military development [2] Tariffs and Revenue - The speaker implemented "very severe tariffs" on Chinese goods, resulting in "hundreds of billions of dollars" in revenue during their first term [3][4] - The current administration is perceived to have weakened the impact of these tariffs through exceptions [3] - Tariffs are viewed as a source of strength and leverage in the trade relationship [5]

My congratulations with your successful ceasefire in the Middle East. Thank you. Yeah.And you did it. And I think this is a momentum to finish Russia's war against Ukraine. I think that, yes, we understand that Putin is not really, I think, not ready, but I think that I'm confident that with your help, we can stop this war and we really need it.We see that they don't have successful steps on the battlefield and it is good. I think that their army is weak now, but a lot of losses. They have a lot of losses i ...