Axios

Hertz is issuing $750 million in secured notes as the rental car company tries to get back on its financial feet.

The big picture: The company is hoping to bolster its liquidity as it's reeling from a massive depreciation in its vehicle fleet pegged to the sale of 30,000 EVs after its fleet costs ballooned.

• Hertz is hoping the pivot back to gas-powered vehicles will bolster its finances.
• But the company warned today in an SEC filing that if "we are unable to sell our fleet" at anticipated prices, "cash infusions may be required," which "could materially adversely affect our financial condition and liquidity."

"TrumpCoin-gate," the question of who's behind a new crypto memecoin called DJT, has taken a wild turn.

Why it matters: DJT exploded in value in recent days on rumors that it had a real connection to the Trump family.

• That sent a whole bunch of other Trump memecoins spiraling.

The latest: Blockchain research company Arkham Intelligence yesterday claimed to have solved the mystery. The token, it said, was created by… convicted "pharma bro" Martin Shkreli.

• Shkreli isn't denying a hand in creating the token. But he's been claiming on X that he did so in an effort with several others, including the former president's youngest son, Barron.

The battle has begun over what should become of former President Trump's signature tax law — many provisions of which are scheduled to expire next year — and Trump's former vice president is leading a new offensive to extend them.

Why it matters: Mike Pence's group Advancing American Freedom plans to spend $10 million to try to influence the tax debate over the next 18 months, pushing a pro-business tilt that contrasts with both the Biden administration and some populist Republicans who have Trump's ear.

Get a new hobby if you enjoy popping plastic air pillows from your Amazon packages because the company is aiming to trash the box fillers in North America for good by year-end.

Why it matters: The move, Amazon says today, will remove 15 billion plastic cushions annually from its shipping process — and from oceans and landfills.

The form of inflation that causes the most day-to-day discomfort is grocery inflation. White House economists have released a new analysis suggesting that the discomfort is finally improving.

Why it matters: Everybody has to eat, so when food becomes more expensive, it is particularly vivid and painful. But the data shows that grocery inflation has come off its high boil — with some commonly consumed items actually becoming cheaper — and that wage growth is catching up.

Younger investors like cryptocurrency a lot more than older investors.

• That might come as no surprise, but it's eye-opening to see how much they do like it.

The fine print: This is from a Bank of America survey conducted in January and February of 1,007 U.S. adults with at least $3 million in investable assets — not exactly your average man on the street.

Why it matters: This difference might help explain Trump's conversion to crypto as an election topic.

Coinbase International is offering futures markets on tokens that haven't launched.

Why it matters: For retail investors, these kinds of markets can aid in price discovery as they consider whether or not they want to buy a token when it starts trading.

• It also shows Coinbase getting competitive in an area adjacent to one that Binance has led internationally.

How it works: The pre-launch futures market will work like any other futures market. Investors will be buying or selling based on what they believe a given token will be worth at launch, based on all the publicly available information about it.

A milestone news dump hit with the midweek holiday: the SEC closed its monthslong investigation into Ethereum 2.0.

Why it matters: A sigh of vindication was audible from at least one major Ethereum firm that's been locked in a battle with the regulator.

Zoom in: Consensys, the company behind the Ethereum-based wallet MetaMask, touted the development Tuesday night as a "major win" for Ethereum developers.

• The SEC would not be pursuing charges against the company, according to Consensys.

Context: Consensys sued the SEC in April seeking a court order to halt an investigation that started months earlier, and "to stop its unlawful power grab," per the company's blog.

Next week's presidential debate may be President Biden's last chance to win over some of the single-issue voters with cryptocurrency on their minds.

Why it matters: Much to everyone's surprise, both candidates for U.S. president appear to be taking the topic of cryptocurrency seriously as an election issue, but only the challenger has made clear statements about the topic from the stump.

McDonald's is launching a new $5 meal deal nationwide starting June 25 as the fast-food price wars heat up.

Why it matters: Restaurant chains are feeling pressure to put the "value" back into the value meal after years of price hikes have hampered sales.

The Bank of England kept interest rates at the highest in 16 years on Thursday, joining the Federal Reserve in moving cautiously before cutting borrowing costs as a critical election looms.

Why it matters: Although U.K. inflation was the lowest since 2021 last month, the nation's central bankers worry subdued price pressures won't last.

Target is banking on a new generative artificial intelligence tool to help employees do their jobs and improve the shopping experience.

Why it matters: The Minneapolis-based company is the latest retailer to bet on AI for increased efficiency amid rising labor costs and underwhelming sales.