Highlight of the Week
July quarter-point rate cut seems a foregone conclusion
- Federal reserve officials signaled no appetite for a bolder half-point cut originally expected
- Recent economic developments have not signaled imminent downturn
Rate Curves
Rapid Report:
Consumer markets drive 2Q bank earnings
JP Morgan Chase & Co. and other consumer focused banks reported higher quarterly profits while Morgan Stanley and Goldman Sachs came in lower than last year
FaceApp raises security and privacy concerns
- App received surge of 20 million downloads this week as trend of modifying human photos to look older or younger grew popular
- Contrary to initial reports – users must manually grant the Russian-owned app access to larger photo library
Streaming wars
- Netflix reports first decline in subscribers in nearly a decade – stock tumbles more than 10% last Thursday
- Expected to face increase in competition from NBC, Apple, Disney, and HBO
Luck of the Irish at the British Open
Shane Lowry crowned champion at first Open in Northern Ireland in 68 years
