Reps. Alexandria Ocasio-Cortez (D-N.Y.), Rashida Tlaib (D-Mich.) and Ayanna Pressley (D-Mass.) are calling on President Biden to replace Federal Reserve Chair Jerome Powell with someone more focused on "eliminating climate risk and advancing racial and economic justice," according to a joint statement reported by Politico.
Wall Street is only slightly adjusting estimates for how the economy will fare to reflect the impact of Hurricane Ida.
Why it matters: The muted national economic impact that’s been penciled in doesn’t capture the human cost of the historic storm: millions displaced or without power as Southeast residents now brace for flash flooding.
Centerbridge Partners and Caisse de dépôt et placement du Québec are in talks to buy Omaha-based travel nurse staffing firm Medsol from TPG for around $2.3 billion, per Bloomberg.
Why it matters: Medical temp needs were expected to surge pre-pandemic, due to aging baby boomers, but they're now in hyperdrive as hospitals struggle to keep pace with unvaccinated COVID patients.
China's increased scrutiny of capital markets isn't restricted to tech IPOs. It's also taking a harder look at private funds.
Driving the news: China's top securities regulator, Yi Huiman, today said in a speech that VC and buyout fund managers must better align their interests with those of limited partners, adding that the government is dedicated to rooting out embezzlement and public equities masquerading as private equities.
Rivian, the well-financed electric vehicle startup about to start delivering its pickup truck, says it has filed plans to go public with securities regulators.
The big picture: The company is quite well-capitalized. Rivian's financial backers include Ford, Amazon and BlackRock.
The next U.S. jobs report could be a big market-moving event.
Why it matters: The Fed wants to know if the U.S. labor market has made “substantial further progress,” the vague threshold that would give the FOMC the confidence to dial back some of its emergency bond purchase program.
Fed chair Jerome Powell isn’t in a hurry to dial back loose monetary policy because he doesn't want to cause “lasting harm” to the economy.
Why it matters: With the economy progressing, everyone wants to know when the Fed will taper its monthly purchases of $120 billion worth of bonds, an emergency policy intended to keep interest rates low and financial markets liquid during the pandemic.
Incomes got a sizable boost in July. Nominal personal income grew 1.1% to $20.67 trillion during the month, accelerating from June's 0.2% monthly rise, according to Friday’s government figures.
New foods that play on nostalgia and comfort — like "dessert and candy mash-ups" — are the focus of food manufacturers as they cater to the palates of millennials and Gen Z, per the market research firm Mintel.
What's happening: In an article titled, "Trending flavors: co-branding and collaborations in desserts and confections," Mintel's Alyssa Hangartner argues that consumers, particularly younger ones, are seeking out familiar foods from childhood.
The biometric ID company CLEAR — which most people know as a quick way to get through airport security and prove vaccination status — is adding new lines to its business, including identity verification for employee background checks.
Why it matters: Background checks can cost up to $100 per hire and take several days, and they're often not available when firms are trying to hire an independent contractor.
Hospitals, drug companies, health insurers, medical device manufacturers and other health care suppliers generated record sales and profits during the second quarter, according to an Axios analysis of financial statements.
The big picture: Health care spending soared as Americans got vaccinated and resumed seeing their doctors between April and June. However, the coronavirus is raging again and may change behaviors going into the flu season.
Hurricane Ida continued to lash Louisiana overnight, as the first death from the Category 2 storm was reported and an estimated 1 million-plus customers were left without power in the state.
The latest: President Biden approved Louisiana's disaster declaration late Sunday, enabling federal funding for parishes affected by the storm, which will go toward grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses, and other programs.
