Category: 3. Business

  • Why Robinhood’s stock is falling while crypto peers and bitcoin surge

    Why Robinhood’s stock is falling while crypto peers and bitcoin surge

    By Tomi Kilgore

    Florida AG launches probe into alleged false promotion of crypto trading pricing, Robinhood responds by saying pricing disclosures are ‘best in class’

    Shares of Robinhood Markets Inc. are standing out in early Friday trading, falling while the stocks of others in the cryptocurrency business are surging, and as bitcoin climbs further into record territory.

    Robinhood’s stock (HOOD) dropped 1% in premarket trading, after running up 8.1% over the past two sessions to close Thursday at a record high.

    Florida Attorney General James Uthmeier has launched an investigation into a Robinhood crypto-trading services subsidiary, Robinhood Crypto LLC, alleging violation of the state’s Deceptive and Unfair Practices Act. Uthmeier alleges that Robinhood falsely promoted its crypto platform as the least expensive way to purchase crypto, while he said there is evidence to suggest that is not true.

    “Robinhood has long claimed to be the best bargain, but we believe those representations were deceptive,” Uthmeier said on Thursday.

    Robinhood responded to the allegations, saying its disclosures on pricing are “best in class.”

    “We disclose pricing information to customers during the life cycle of a trade that clearly outlines the spread or the fees associated with the transaction and the revenue Robinhood receives,” Robinhood General Counsel Lucas Moskowitz said in an emailed statement to MarketWatch. “We are proud to be a place where customers can trade crypto at the lowest cost on average.”

    Meanwhile, bitcoin (BTCUSD) was rallying 1.7%. It has shot up 8.9% amid a four-day winning streak, heading for a second straight record close.

    Robinhood stock’s decline stands out because it has a high correlation with bitcoin at 0.86 over the past year. A correlation of 1.00 would mean they move exactly in sync. That compares with the correlation of 0.71 between bitcoin and crypto-trading platform Coinbase Global Inc.’s stock (COIN).

    Meanwhile, Coinbase shares were rising 1.6% in Friday’s premarket, after climbing 9.6% over the past two sessions to close Thursday at a record high.

    MicroStrategy Inc.’s stock (MSTR), which has a correlation of 0.96 with bitcoin, given that it owns nearly 600,000 bitcoin as a treasury reserve asset, rallied 2.9% toward an eight-month high.

    Elsewhere, Mara Holdings Inc.’s stock (MARA) rose 3.5% and Riot Platforms Inc.’s stock (RIOT) rallied 3%, with both on track to open at six-month highs.

    The gains in crypto-related stocks stand in contrast to early weakness seen in the broader stock market, as S&P 500 index futures (ES00) dropped 0.5%.

    -Tomi Kilgore

    This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

    (END) Dow Jones Newswires

    07-11-25 0843ET

    Copyright (c) 2025 Dow Jones & Company, Inc.

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  • US equity fund inflows ease on caution over tariff threats

    US equity fund inflows ease on caution over tariff threats

    (Reuters) -U.S. equity funds saw a significant drop in net investments in the week through July 9 on caution over President Donald Trump’s threats of fresh tariffs on trading partners, even though stocks surged to new records on rising demand in the artificial intelligence sector.

    Investors acquired just $2.1 billion worth of U.S. equity funds during the week when compared with a robust $31.6 billion worth of net accumulations in the prior week, data from LSEG Lipper showed.

    President Trump this week extended the tariff deadline until August 1 to facilitate trade negotiations, but announced noticeably higher duties for some key trading partners including Japan, South Korea, Canada and Brazil alongside a 50% tariff on copper.

    U.S. multi-cap funds saw the first weekly net investment in four weeks to the tune of $1.8 billion. Large-cap, mid-cap and small-cap funds, meanwhile, suffered net outflows of $2.83 billion, $785 million and $472 million, respectively.

    Sectoral funds saw net purchases extended into a second successive week, with approximately $1.28 billion flowing into these funds. Tech drew in $1.7 billion but healthcare saw net outflows of $874 million.

    U.S. money market funds faced a net $9.78 billion weekly outflow, ending two weeks of buying.

    Inflows into U.S. bond funds, meanwhile, cooled to a three-week low of $4.34 billion.

    Short-to-intermediate investment-grade funds received $1.76 billion with weekly net investments dropping by 57% over the week. General domestic taxable fixed income funds received just $634 million compared with a net $3.03 billion purchase in the prior week.

    Short-to-intermediate government and treasury funds, meanwhile, attracted $982 million, the largest amount in four weeks.

    (Reporting by Gaurav Dogra in Bengaluru; Editing by Susan Fenton)

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  • Canada's unemployment rate drops to 6.9%, economy adds 83,100 jobs – Reuters

    1. Canada’s unemployment rate drops to 6.9%, economy adds 83,100 jobs  Reuters
    2. Canada jobs data eyed for rate cut clues – ING  FXStreet
    3. Canadian Dollar Under Pressure as Canada’s Job Market Expected to Flatline  Investing.com
    4. The Daily — Labour Force Survey, June 2025  Statistique Canada
    5. Canada Unexpectedly Adds 83,100 Jobs, Biggest Gain of 2025  Bloomberg

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  • Stocks from analyst calls Friday like Nvidia

    Stocks from analyst calls Friday like Nvidia

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  • evidence from administrative data in Chile

    evidence from administrative data in Chile

    This paper was produced as part of the BIS Consultative Council for the Americas (CCA) research network and conference on “Macro-financial implications of climate change and environmental degradation”, held in Bogotá on 2-3 December 2024.

    Summary

    Focus

    This research examines how relationships between firms in Chile influence the broader economic effects of policies aimed at reducing carbon emissions, such as carbon taxes. Using detailed administrative data – including customs records and real-time transactions between firms – it first measures the direct carbon dioxide (CO2) emissions from fossil fuel use at the firm level and then maps how those emissions spread through the economy via supply chains. It compares traditional methods to construct input-output tables with a new approach using firm-level transaction data.

    Contribution

    The study offers two key advancements. First, it creates a real-time, detailed view of CO2 emissions by tracking fuel imports and how they flow through industries, providing policymakers with up-to-date insights far faster than official reports. Second, it introduces a novel way to analyse the ripple effects of emissions using firm-to-firm transaction data, which capture intricate supply chain connections. This granular approach helps to identify which sectors might face hidden costs from climate policies due to their position in the production network. The findings validate the new method against established techniques, enhancing confidence in its accuracy for future policy analysis.

    Findings

    Electricity generation, manufacturing, transport and mining account for 95% of Chile’s direct CO2 emissions. However, indirect emissions – driven by supply chain links – reveal different patterns. For example, while electricity production directly emits the most CO2, its role as a supplier to other industries amplifies its impact, particularly on mining. Mining, though less directly emissions-intensive, is highly exposed to carbon taxes due to its reliance on electricity and other inputs. Exports and household consumption drive nearly 90% of total emissions, underscoring how global demand and local spending affect Chile’s carbon footprint. These insights highlight the importance of considering both direct emissions and those linked to supply chains when designing policies to ensure a fair and effective green transition.


    Abstract

    This project uses unique Chilean administrative data to shed light on how production networks might play a key role in shaping the macroeconomic impacts of green transition policies. First, using customs and firm-to-firm transaction data that covers the universe of firms in Chile, we build the fossil fuel consumption and the direct CO2 emissions at the firm, sectoral, and aggregate levels. In line with the official national sources, the electricity generation sector is the most important contributor to aggregate CO2 emissions, followed by the manufacturing, transport, and mining sectors. Then, we study the role of input-output linkages in propagating CO2 emissions to the rest of the economy. To do so, we construct the production network and the carbon footprint at the firm level using firm-to-firm transaction data from the Chilean IRS, and we validate our results with the input-output tables approach used in the literature. The results show that the electricity generation sector is central in the network, with potentially important downstream spillover effects, while the mining sector is located in the outer part of the network with rich upstream connections. Also, we show that the copper mining industry is the most exposed one to a carbon tax scheme implemented on all the firms in the economy and also to one that only targets the electricity generation sector.

    JEL classification: E01, D24, D57, E23, H23, Q54, Q56, Q58

    Keywords: carbon emissions, production network, carbon footprint, downstream and upstream propagation, administrative firm-level data

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  • US pollution measurement practices raise questions about reliability of data | Air pollution

    US pollution measurement practices raise questions about reliability of data | Air pollution

    A Guardian analysis has raised fresh questions over the way regulators and corporations measure the air quality impact of planned factories that risk emitting dangerous levels of pollution.

    Between 2014 and 2024, air pollution permit applications in Michigan – designed to gauge if proposed industrial projects would cause regions to violate federal pollution limits – did not meet data collection rules or best practices over 90% of the time. Some measurements were taken more than a hundred miles away from sites.

    The findings are likely to heighten concerns around whether the air around many large factories is, or will be, safe to breathe. Public health advocates and environmental attorneys have long claimed readings are manipulated in a bid to push through planned sites – and warned that practices uncovered in Michigan were not unique. The safety of air around many of the nation’s factories is similarly unclear.

    Among the facilities is a Stellantis auto plant in Sterling Heights, Michigan, a large Detroit suburb. In 2016, Michigan environmental regulators approved a permit application allowing then-FCA Chrysler to increase particulate matter emissions.

    The projected level of new particulate matter combined with current levels around the plant would not violate federal limits, FCA claimed: the air would remain safe.

    But the air monitor FCA used to arrive at that conclusion was 17 miles to the north in New Haven, a largely rural community with cleaner air than Sterling Heights. FCA and regulators ignored two closer monitors in urban areas with dirtier airsheds that more closely matched that of Sterling Heights. Per Clean Air Act best practices, FCA should have installed an air monitor at its plant to determine the levels.

    It did not. No one knows how much dangerous particulate matter hangs in the region around the Sterling Heights plant. Stellantis did not respond to a request for comment.

    “It’s an abuse to say ‘Oh yeah, that’s good enough,’ because you didn’t look,” said Seth Johnson, an attorney with the Earthjustice non-profit who has litigated on permitting issues. “If you don’t care about what people in an area are breathing then you don’t want to look.”

    In some cases, air quality data is used from monitors hundreds of miles away. In other instances, no data is collected when the law requires it to be. Sometimes companies ignore nearby monitors and use data from a monitor further away, where the air is cleaner, as FCA did.

    The types of facilities that apply for permits include major polluters like power plants, auto factories and other heavy industry sites. When the Swedish paper giant Billerud wanted to expand its Escanaba, Michigan, mill in 2023, it used readings for nitrogen dioxide from a monitor about 150 miles south-east, in Houghton Lake, Michigan. Its particulate matter readings came from monitors about 130 miles west in Potawatomi, Wisconsin.

    The Lansing Board of Water and Light, meanwhile, relied on carbon monoxide data from a monitor in Grand Rapids, about 68 miles away, when it wanted to expand a power plant.

    Neither monitored onsite for the pollutants. Billerud and Lansing Board of Water did not respond to requests for comment.

    The Michigan department of environment, Great Lakes and energy (EGLE) said the agency “does not deliberately choose a monitor” that makes it appear as if pollution levels are lower than they are. Using the Billerud example, a spokesperson said the airsheds in Houghton and Potawatomi were similar enough to Escanaba to draw conclusions about the safety of the air in Escanaba.

    “In this case and many others like it, using monitors farther away is a better and more conservative way to evaluate an applicant’s request,” an EGLE spokesperson, Josef Greenberg, said in a statement.

    However, Potawatomi is in a state forest, and Houghton is similarly more rural in character than Escanaba. That prompts questions about the accuracy of EGLE’s claim, said Nick Leonard, a lawyer with the Great Lakes Environmental Law Center, which has sued Michigan regulators over some permit approvals. Such scenarios should trigger onsite monitoring, he said.

    “You’d think it’s a technocratic process, but it’s not,” Leonard said. “Companies seeking a permit more or less tell EGLE what data they want to use, and EGLE rubber-stamps it every time. They never do a meaningful assessment of the data, and they never require permit applicants to do onsite monitoring even though that is an option under the Clean Air Act and encouraged by EPA [the Environmental Protection Agency].”

    ‘Real impacts on real people’

    The Guardian obtained major Michigan air pollution permit applications for 2014 to 2024 via Freedom of Information Act (Foia) requests. The permit applications were submitted during the administrations of the former Republican governor Rick Snyder and the current Democratic governor, Gretchen Whitmer.

    The Clean Air Act states companies must obtain a permit to emit air pollutants covered by National Ambient Air Quality Standards (NAAQS), such as particulate matter, carbon monoxide, and sulfur dioxide.

    The EPA sets limits for the pollutants, which are linked to lung disease, cancer and a range of other health problems. The Clean Air Act also states that permit applicants must demonstrate that “emissions from construction or operation of such a facility will not cause, or contribute to, air pollution in excess of any” NAAQS limit.

    Best practices state that applicants should demonstrate their projects will not violate limits by adding local air monitors’ ambient pollution levels to their projected emissions. State environmental regulators most often handle the permit requests.

    EPA rules and best practices around air monitors call for state agencies to require companies to use data from a monitor within about six miles. If a monitor is not available, a “regional” monitor further away can be used, but conditions in the two locations’ airsheds should be similar.

    That option should be used sparingly, the best practices state. If no comparable air monitors are available, then a company should install a monitor onsite and check the air for a year.

    That virtually never happens in Michigan or elsewhere, said Michael Koerber, a retired deputy director of the EPA’s Office of Air Quality Planning and Standards, which worked with EGLE and other states on air permitting. “Do projects generally do that? I can’t think of too many that really did,” he added.

    EGLE said in a statement it rarely required onsite monitoring, but noted that it regularly consulted with the EPA on the decisions, and the EPA also has not felt that onsite monitoring was required.

    If a company’s projected emissions violate the NAAQS limits, they could be required to take any number of steps, like putting in better pollution controls, or reducing pollution at a different facility. But that rarely happens, public health advocates say.

    “It’s easy to get lost in the arcane details of all of this, but at the end of the day we’re talking about pollution that is really bad for people. And it has real impacts on real people,” Johnson said.

    ‘Business as usual’

    The air in south-west Detroit near Zug Island is among the dirtiest in the nation, filled with pollutants from steelmakers, automakers and others who operate factories in the dense industrial zone.

    By 2023, the level of toxic particulate matter there was on the brink of violating federal air quality limits, and the concrete producer Edward C Levy Co applied to add more from a proposed slag grinding facility.

    The problem: the particulate matter that Levy’s facility would emit would cause the region to be in violation of federal limits for the pollutant, data from the application and a state air quality monitor positioned about 0.65 miles from the site showed.

    Still, the state approved the permit in late 2023. It and Levy ignored data from the nearby monitor, instead using readings from a monitor six miles away in Allen Park, where the air is cleaner. That made it appear as if Levy would not cause a violation.

    EGLE’s decision was “business as usual”, said Theresa Landrum, who lives in south-west Detroit. The firm’s founder, Edward Levy, is politically connected and a prolific campaign donor, and EGLE, “doesn’t seem that EGLE is working on behalf of the people”, Landrum said. Levy did not respond to a request for comment.

    EGLE at the time defended its decision, claiming it used modeling to show there would not be a violation. Leonard’s law firm has sued, and the case is currently in a state appeals court after a lower court judge ruled there was no violation.

    Leonard said he had never seen the EPA or EGLE show data to support its decisions, and their approach varies from permit to permit.

    “Sometimes they use the closest monitor, sometimes not,” he said. “Sometimes they use a monitor from an area that typically has high levels of air pollution, sometimes not. Sometimes they use a monitor upwind of the facility, sometimes they use one that is downwind.

    “The lack of criteria and variability from permit to permit makes this fertile ground for manipulation.”

    Leonard pointed to a 2018 application to increase sulfur dioxide emissions at the Arbor Hills landfill in Northville Township, a suburb at the western edge of Detroit’s metro area. It pulled air quality data from Allen Park, about 22 miles away. EGLE approved the permit.

    Leonard said EGLE in part justified the use of the Allen Park monitor because it classified the new project as a “single source” of pollution, or in effect the only major source of air emissions in the area. But EPA records show 164 other companies in a 10-mile radius have such high emission levels that they must report to the EPA.

    Currently, no one knows if the pollution from Arbor Hills’ expansion combined with the pollution from the other major sources has made Northville Township’s air unsafe.

    Leonard said he had pushed EGLE to do more onsite monitoring. “They look at me like I’m crazy if I even suggest it,” he claimed.

    Arbor Hills Energy LLC, the landfill’s former owner, and Opal Fuels its current owner, did not respond to requests for comment.

    The EPA

    The blame lies with the EPA and state regulators, advocates say. The EPA “doesn’t like” the pre-construction monitoring and data requirements, and “has fought against it for 40 years”, Johnson of Earthjustice, said.

    The EPA did not respond to a request for comment.

    The agency in the late 1970s issued a rule under the Clean Air Act that did not require companies to provide air quality monitoring data to show their project would not violate federal limits. Earthjustice and Sierra Club sued, arguing the law explicitly called for data, and in 2013 a federal court agreed.

    But the EPA did not begin requiring meaningful data, Johnson added. Instead, it started “doing this run around” in which it allowed existing data to be pulled from monitors up to hundreds of miles away that often does not provide a clear picture of air pollution around the proposed facilities.

    The law, however, is less clear about how companies must demonstrate compliance with the limits. State agencies, with EPA approval, are essentially exploiting those gray areas or non-enforceable best practices, Johnson said.

    Michigan could do more, too, Leonard said. Whitmer has promoted herself as an environmental justice (EJ) leader, taking steps such as creating state panels that advise on such issues. But when it comes to decisions that will truly protect communities, like permitting, she typically puts the industry’s needs first, according to Leonard.

    That hasn’t gone unnoticed in south-west Detroit, Landrum said: “Whitmer hasn’t stepped out on EJ issues. She puts corporate profits over people.”

    Whitmer’s office did not respond to a request for comment.

    A matter of priorities’

    In Monroe, Michigan, the Gerdau Steel plant is spitting high levels of nitrogen dioxide into the air. In an apparent direct violation of the Clean Air Act, no data was provided to determine if it violated the NAAQS.

    Gerdau Steel did not respond to a request for comment.

    Public health advocates say it doesn’t need to be this way. Part of the problem is the low number of air quality monitors. Michigan has in place just 30 PM2.5 monitors to cover its approximately 97,000 sq miles, making it rare for a monitor to be within six miles of a proposed project.

    Though the 2021 Inflation Reduction Act provided funding for air quality monitors, Michigan didn’t expand its network. Johnson said advances in satellite and mobile air monitoring could make it easier to gather data around a facility.

    EGLE in its statement said onsite monitoring was costly and time intensive. But former EPA official Koerber noted the projects often take years to plan, so monitoring onsite for a year is a relatively inexpensive and easy step for companies to take. He also said firms could do post-construction monitoring, so the public knows for sure whether there is a problem.

    The fixes aren’t that difficult, according to Johnson. It’s “just a matter of priorities”, he said. “People have the right to know what they’re breathing and what they’re going to breathe in the future. To deprive people of that right is anti-democratic.”

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  • Palm rises for two consecutive weeks on stronger rival oils – Markets

    Palm rises for two consecutive weeks on stronger rival oils – Markets

    JAKARTA: Malaysian palm oil futures rose on Friday and logged its second weekly gain despite higher June stocks, as stronger rival edible oils and a weaker ringgit underpinned the market.

    The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 29 ringgit, or 0.7%, to 4,175 ringgit ($982.35) a metric ton at closing. The contract rose 2.78% for the week.

    “Bursa Malaysia crude palm oil futures opened gap higher today following sharply higher Dalian’s refined bleached deodorized palm olein,” said Anilkumar Bagani, commodity research head at Mumbai-based brokerage Sunvin Group.

    Dalian’s most-active soyoil contract increased 0.73%, while its palm oil contract gained 0.63%. Soyoil prices on the Chicago Board of Trade (CBOT) fell 0.64%.

    Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market.

    Malaysian palm oil falls on rising June stockpile

    “Malaysia Palm Oil Board data on Thursday was slightly bearish, but the market has ignored it, in view of the delayed shipments from June into July would accelerate the total July palm oil export,” Bagani said.

    Malaysia’s palm oil stocks rose 2.41% to an 18-month high of 2.03 million tons at the end of June, industry regulator data showed.

    Meanwhile, exports of Malaysian palm oil products during July 1-10 were estimated to have risen between 5.3% and 12% from a month earlier, according to data from cargo surveyor Intertek Testing Services and inspection company AmSpec Agri Malaysia.

    Oil prices were stable on Friday on a weaker market outlook for this year by the International Energy Agency (IEA) despite tightness in the prompt market, U.S. tariff concerns and possible further sanctions on Russia.

    Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

    The ringgit, palm’s currency of trade, weakened 0.12% against the dollar, making the commodity cheaper for buyers holding foreign currencies.

    Palm oil is likely to break support at 4,134 ringgit per ton and fall towards the 4,072-4,096 ringgit range, Reuters technical analyst Wang Tao said.

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  • FDA rejects Capricor’s Duchenne cell therapy

    FDA rejects Capricor’s Duchenne cell therapy

    Adam Feuerstein is a senior writer and biotech columnist, reporting on the crossroads of drug development, business, Wall Street, and biotechnology. He is also a co-host of the weekly biotech podcast The Readout Loud and author of the newsletter Adam’s Biotech Scorecard. You can reach Adam on Signal at stataf.54.

    The Food and Drug Administration rejected a marketing application from Capricor Therapeutics for a cell therapy to treat Duchenne muscular dystrophy, the company said Friday. 

    In its letter to Capricor, the FDA said the company’s application “does not meet the statutory requirement for substantial evidence of effectiveness” and requested additional clinical data, the company said. 

    Capricor submitted a marketing application to the FDA at the end of December. Its off-the-shelf cell therapy, called deramiocel, would have been the first treatment cleared specifically for the cardiomyopathy, a serious heart condition, that is associated with Duchenne. It could have also been used alongside other Duchenne drugs or gene therapies. 

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  • Hailey Welch reportedly sells X account after viral fame as Hawk Tuah Girl

    Hailey Welch reportedly sells X account after viral fame as Hawk Tuah Girl

    Hailey Welch, widely known as the “Hawk Tuah Girl” after her viral rise to internet fame in 2024, is back in the spotlight—this time for reportedly selling her X (formerly Twitter) account. The page, once personal and linked to Welch, has now been rebranded as “Up Only Memes,” with a new profile image and direction, catching the attention of her nearly 400,000 followers.

    The sudden transformation raised questions, especially after two new tweets appeared on July 9. One was a playful reference to memes, while the other cryptically stated, “What the helly,” alongside a screenshot of someone offering $325,000 to purchase an X account. It remains unclear whether these posts came from Welch as parting shots or from a new owner signaling a shift in content.

    Meanwhile, the account—which now boasts nearly 400,000 followers—shows only four tweets. Of those, two date back to Welch’s time managing the page (July 27, 2024, and March 28, 2025), while the other two—posted on July 9—suggest a new and possibly chaotic direction. The disappearance of previous tweets has fueled theories and confusion among longtime fans.

    Social media users wasted no time reacting. Some joked that Welch might be “paying legal bills,” while others saw it as either a smart business move or a digital stunt. “She might be the best one-hit wonder of all time,” one user commented. Another called it, “the greatest scam.”

    Whether this is a strategic exit, a brand pivot, or something else entirely, Welch’s digital footprint continues to spark viral interest and online debate—proving once again that internet fame rarely fades quietly.


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  • Jamie Dimon has a blunt message for Europe: ‘You’re losing’

    Jamie Dimon has a blunt message for Europe: ‘You’re losing’

    Key Points

    • Jamie Dimon told an event in Ireland on Thursday that Europe was “losing” on competitiveness and lacked the kind of global, successful corporations common in the U.S.
    • The JPMorgan Chase boss also told an event in Ireland that there was “complacency in the markets” around U.S. tariffs and rates.
    • Dimon said he saw a 40-50% chance that the Federal Reserve would need to raise interest rates to tackle inflation, against market pricing of around a 20% chance.

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