Axios

The under-$20,000 new car is a goner.

Why it matters: The demise of cheap new rides thrusts more shoppers into the used-car market, where prices have consequently soared in recent years.

U.S. Steel is pushing back against a steelworker union effort to ensure that the company is purchased by rival Cleveland-Cliffs.

Why it matters: The fate of one of America's oldest and most iconic companies hangs in the balance.

Tyson Foods is seeking a buyer for its Chinese poultry business, according to Reuters.

Why it matters: This may reflect increased worry over China's economic slowdown, although a better bet is that it's about China's decreased meat consumption and rising feed costs.

A majority of Americans think the economy is in bad shape, but at the same time say their own finances are good, finds a new poll out from Quinnipiac University this week.

Why it matters: Since 2020, people's perceptions of the economy haven't quite lined up with, well, how the economy is doing. This latest poll offers a new way of looking at the phenomenon.

Rising interest rates have hammered tech-heavy growth stocks in the last few months.

Why it matters: Tech stocks have been the key driver of this year's rally, so if they falter, the market could be set for a hiccup, or worse.

The yield on the 10-year Treasury note soared to a 15-year high this week.

Why it matters: That's bad news for folks who want to take out a new mortgage — but it may also signal good news about the U.S. economy.

Profits held up far better in Q2 than folks on Wall Street expected.

Why it matters: Corporate America's resilient bottom line is another indication that the economy could pull off the much-ballyhooed soft landing.

Resorts in exotic locales like Bali, Qatar and the Maldives are advertising the latest in Instagrammable vacation indulgences: a picture-perfect breakfast tray that floats in your (private) swimming pool.

Why it matters: Americans are spending like crazy on post-pandemic international vacation travel — and tantalizing one-upsmanship among pricey hotels caters to our sybaritic fantasies.

CVS Health shares were trading down 8% on Thursday after Blue Shield of California announced plans to cut back on its pharmacy benefit management services.

Why it matters: CVS Caremark is one of three PBM players that control roughly 80% of the industry. But there are increasing concerns about the regulatory environment as the industry comes into the crosshairs of the Federal Trade Commission and Congress.

A dramatic realignment for most of the major college sports conferences is killing off some of the country's most beloved rivalries.

Why it matters: This is the last season for college football as we know it.

A small, rural bank in Washington state with ties to FTX, the bankrupt cryptocurrency platform founded by disgraced entrepreneur Sam Bankman-Fried will shut down.

Driving the news: Farmington State Bank and its holding company FBH were slapped with a cease-and-desist after violating commitments to state and federal regulators by engaging in digital asset activity.

Flashback: The bank, which also conducted business as Moonstone Bank, drew scrutiny in the wake of FTX's collapse. Alameda, the hedge fund arm of FTX had a stake.

• The order did not mention FTX or Alameda.

Zoom in: The Federal Reserve Bank of San Francisco approved FBH's application to be a holding company in Sept. 2020 as it bought Farmington Bancorp.

• FBH at the time didn't have a master account, though, Farmington State Bank did (since the 1990s), according to the FRB database of master accounts.
• Alameda acquired a stake in FBH in March 2022 for $11.5 million; the holding single-branch bank's was worth $5.7 million at the time.

In the weeds: All of that describes what is called a "charter strip," that is when a company that wants to open a bank with a new business model simply buys one, instead of applying for a de novo bank charter.

The intrigue: FBH's Chairman Jean Jacques Pierre Chalopin, of the Inspector Gadget cartoons and owner of the Bahamas-based Deltec Bank was named in the Fed's enforcement action, but was not charged as an individual.

• Just last month U.S. authorities were authorized to seize millions from Deltec amid a fraud investigation; Deltec has links to Tether.

Of note: Farmington worked with a third party to facilitate the issuance of their stablecoins to the public in exchange for "50 percent of mint and burn fees on certain stablecoins," per the Fed's cease-and-desist.

• The bank was also ordered to take steps "to preserve records and suspend any deletion, overwriting, modification, or other destruction of all paper documents, electronic documents, physical items, and data under their control."

The U.S.'s largest crypto exchange, Coinbase, is expanding its line of crypto products and services to include regulated futures trading.

Why it matters: For Coinbase, derivatives present another source of revenue (a bigger potential market than spot trading). For the industry, it would appear to bone up the crypto trading ecosystem.

U.S. mortgage rates hit a two-decade high this week as the economy continues to grapple with the fallout from inflation.

Why it matters: Higher rates threaten to stall home sales as existing homeowners don't want to give up low-interest mortgages, while prospective buyers are hesitant to borrow.

Find out why Miguel wants to fight, cheer on the Monkey King or watch one of the greatest comeback stories in music.

Interest rates have soared in recent days, suggesting higher long-term borrowing costs for households and businesses.

By the numbers: As of noon Eastern, the yield on the U.S. 1o-year Treasury bond was 4.3%, the highest in 15 years.

Gloomy warnings about an imminent recession have given way to calls that the economy is now facing the opposite: accelerating conditions.

Why it matters: Recent data largely points to an economy that began the third quarter in far better shape than many anticipated.

As Adobe's chief communications officer and vice president of marketing strategy, Stacy Martinet is responsible for shepherding consumers into the AI frontier by introducing major innovations like Adobe Firefly.

The U.S. Small Business Administration today will open up billions of loan dollars to venture capital funds, via the implementation of a new rule, it tells Axios exclusively.

The big picture: This is a modernization of the Small Business Investment Company (SBIC) program, which is aimed at increasing investment in U.S. startups.

D'Amelio Brands, the company founded by TikTok stars Charli and Dixie D'Amelio and their parents, is getting into food with a forthcoming snack line and $5 million in new funding for Fifth Growth Fund.

Why it matters: Combined, the family's TikTok accounts top more than 400 million followers, with Charli currently having the second most-followed account on the app.

Power companies and grid operators increasingly risk financial calamity from natural disasters, with challenges intensified by operational hurdles, soaring costs and the effects of climate change.

Why it matters: The utility industry was once thought of as virtually impervious to financial disaster — a surefire investment bound to deliver steady returns.

In the wake of the devastating Hawai'i wildfires, many businesses that typically cater to the islands' tourism sector have pivoted to focus on relief efforts for locals.

Why it matters: Tourism is Hawai'i's largest industry, supporting hundreds of thousands of jobs across the islands.

Why is housing affordability so bleak right now? This here chart tells the story.

Driving the news: The rate on the 30-year-mortgage ticked up to 7.16% this week — back to the high last reached in October last year. Before that you'd have to go back to 2001 to find mortgage rates this high.

Goldman Sachs is revising its call on home prices; in a new note its credit strategy research team forecasts prices will rise 1.8% this year — previously they'd predicted a drop of 2.2%.

Why it matters: With home prices going up — and mortgage rates at a stunning 22-year-high — the situation is looking increasingly bleak for Americans looking to buy a house.

Family members of victims and survivors of the 2022 mass shooting in Buffalo, New York, announced Wednesday that they have filed two lawsuits against YouTube, Reddit and several gun-related companies.

State of play: Authorities said the mass shooting at Tops supermarket in a predominantly Black neighborhood was a racially motivated hate crime and a state report found the shooter was "radicalized" online — both points the lawsuits note, as they accuse the defendants of helping enable the white gunman to kill 10 Black people.