Capital One's $35.3 billion deal to acquire Discover presents a conflict for competition regulators, Axios' Pete Gannon writes.
Why it matters: The combination raises concerns in one area, but it could offer a solution in another.
Zoom in: The proposed deal could create the largest credit card issuer in the U.S., accounting for 20% of outstanding card loans in the U.S., BofA analyst Mihir Bhatia notes today.
That's bad timing politically, with bank M&A under scrutiny and Americans' card balances — and rates — increasing after years of soaring inflation.
On the other hand, there's another part to this deal — Discover's credit card network.
The slowdown in home improvement spending is continuing to undermine Home Depot's revenue — and the retailer expects it to get worse in 2024, Nathan writes.
Zoom in: Home Depot today reported that its comparable sales fell by 3.5% in its fiscal fourth quarter — and 3.2% for the full year.
"After three years of exceptional growth for our business, 2023 was a year of moderation," CEO Ted Decker said in a statement.
In central banking, if you're not a step ahead, you're two steps behind. Economic policy choices shape results for several months into the future, not for today.
Why it matters: This marks a delicate moment for the Federal Reserve, as the data sends mixed messages about whether continued expansion is in peril and whether inflation will continue its downward glide.
Why it matters: A raft of data strongly implies workers are still productive outside traditional office confines. But some employees are balking at working continuously at home or in loud coffee shops.
Data: St. Louis Federal Reserve. Chart: Axios Visuals
Huge numbers of Americans are leaving the workplace in a surprise second wave of the post-COVID retirement boom.
Why it matters: An aging country — combined with a booming stock market and a nudge from return-to-office policies — means more working stiffs are preparing to exit the stage.
