The Fed is expected to hold rates steady as its June Open Market Committee meeting wraps today. Analysts expect that the better-than-expected May jobs numbers won’t be nearly enough for the central bank to suggest it is close to “exiting from emergency policies to keep credit flowing as it monitors what officials have warned will be a slow road back to normal” – Bloomberg and NYTimes and WSJ and MarketWatch
After a huge Friday-Monday rally, stocks pulled back on Tuesday. Airlines were particularly hard hit and helped bring the Dow and S&P 500 down in the 1% range (while the Nasdaq was up a fraction) – WSJ and MarketWatch
CrossFit co-founder and CEO Greg Glassman is out just days after his tone-deaf tweets related to the murder of George Floyd and racism in America drew backlash from gym owners, CrossFit Games sponsors, and CrossFit athletes – Bloomberg and NYTimes and WSJ and MarketWatch
France is looking to stabilize its “flagship aviation industry” with a $17 billion aid package for “Air France, Airbus and major French parts suppliers through direct government investment, subsidies, loans and loan guarantees.” Companies must agree to invest in more low-emission aircraft as a condition to the infusion – NYTimes
A “stark” look from the Times at the “cradle-to-grave economic inequality” that serves as a backdrop to the backdrop to racial injustice in 2020 America – NYTimes
Adidas announced that it is “increasing the number of black employees” at Adidas and Reebok in the U.S. and “investing $20 million in black communities after some U.S. employees complained the company was profiting off black culture without doing enough to help them” – WSJ
Insolvency stocks have been the flavor-of-the-day for tens of thousands of “tiny buyers,” including nearly a hundred thousand users of the Robinhood investing app. Head scratcher, sure, but as Bloomberg puts it: “In a market as bizarre as this, it seems only fitting that the next step would be a growing affinity for companies that can’t pay their debts” – Bloomberg
MetLife will pay $84 million to “put to rest class action claims the company misled investors by underreporting life insurance death benefit liabilities” after eight years of litigation – Law360
Struggling theater chain AMC will reopen “almost all” of its movie screens in July. The chain has lost more than $2 billion in the last quarter – NYTimes and WSJ
How the coronavirus pandemic is threatening a “hallmark of the country’s urban renaissance over the past couple decades”: mixed-use projects that use “density and location” as major selling points – NYTimes
The Journal reports that 1MDB mastermind Jho Low, even while under investigation for the alleged “plunder” of the Malaysian state investment fund, managed to find ways to travel in and out of Kuwait in an effort to gain “new protectors, new business deals and new channels for moving money” – WSJ
Donna Tart celebrates the singular voice of Charles Portis, the “least known of great American novelists” whose “speech startles and delights, on nearly every page” [as fantastically evident in his True Grit] – NYTimes
Stay safe.
