Macro 72% of Gen Z Still Financially Dependent on Parents: Northwestern Mutual Northwestern Mutual's 2026 Planning & Progress Study shows 72% of Gen Z and 53% of millennials still lean on parents for financial support, with the average American not independent until age 37.
Macro 1 in 3 Workers Have More Credit Card Debt Than Retirement Savings: Schroders Schroders' 2026 US Retirement Survey shows 33% of workplace plan participants carry more credit card debt than retirement savings, while the target for a comfortable retirement climbed to $1.2 million.
Politics Treasury repeals FinCEN beneficial ownership reporting rule Treasury and FinCEN finalized a rule permanently ending beneficial ownership reporting for U.S. companies under the Corporate Transparency Act, and will delete previously filed data. Foreign entities still face reporting obligations.
Markets Americans Say It Takes $2.1 Million to Retire Comfortably A BlackRock survey put the number to retire comfortably at $2.1 million, above the $1.46M Northwestern Mutual figure. Most workers are not close to either.
Markets 35% of Adults Pay for Groceries with Credit Cards and Settle Balances Monthly Approximately 35% of adults use credit cards for grocery purchases and pay off balances monthly, while others carry debt, indicating varied financial strategies amid rising food costs.
Macro Bank of America Sees Three Fed Rate Hikes in 2026 Bank of America now expects the Fed to hike three times in 2026 — September, October, and December — reversing its prior on-hold call. CME FedWatch puts those odds at just 6.2%.
Banks Bank of America Spends $250M a Year on GLP-1 Drugs for Employees Bank of America now spends more than $250 million a year on GLP-1 drugs like Ozempic, Wegovy, and Zepbound for its 211,000 employees, about 13% of its total healthcare budget, CEO Brian Moynihan said.
Markets 63% of Americans Have Less Than $500 Left After Monthly Bills A recent survey reveals that 63% of Americans have less than $500 remaining each month after paying bills, highlighting potential impacts on consumer spending and market sectors.
Banks Wells Fargo: Paychecks Rising Faster Than Inflation for Customers Wells Fargo CEO Charlie Scharf says paychecks are rising faster than inflation for its customer base, with card spend up double digits and delinquencies falling, even as broader CPI data tells a more complicated story.
Macro Boomers Sit on $93 Trillion in Assets, Visa Says — But Heirs Get $36T Visa says baby boomers hold at least $93 trillion in assets, but only $36 trillion will actually reach Gen X and millennial heirs after debt, retirement spending, taxes and charity.
Banks 85% of finance workers admit to faking productivity at work: survey A Software Finder survey found 85% of finance and banking workers admit to faking productivity, the highest of any industry and 19 points above the overall average.
Markets Burry Warns PE, Private Credit Use Life Insurers as Taxpayer Backstop Michael Burry warns private equity has turned life insurers into a state-backed dumping ground for risky private credit tied to tech and infrastructure, with taxpayers ultimately on the hook.
Macro 1 in 3 Workers Have More Credit Card Debt Than Retirement Savings Schroders’ 2026 US Retirement Survey found 33% of workplace retirement plan participants carry more credit card debt than retirement savings, with 51% expecting to retire with under $500,000 saved.
Macro 51% of Americans Expect Under $500K Saved for Retirement A new Schroders survey shows 51% of workplace retirement plan participants expect to retire with under $500,000 saved — well below the $1.2 million they say they need.
Macro South Koreans Are Getting Richer Faster Than Anyone Else: UBS UBS Global Wealth Report 2026 ranks South Korea first in the world for real wealth per adult growth since 2020, with gains over 55%. Here is what it means for markets and Korea-linked tickers.
Macro Over 25% of US Adults Struggle to Repay Credit Card Grocery Bills The Urban Institute says more than 1 in 4 working-age Americans who charged groceries to credit cards last year couldn't repay in full, and BNPL grocery use is rising fast. A read-through for card issuers, BNPL, and grocers.
Banks Wells Fargo CEO Scharf: “Big time bullish on the US” Wells Fargo CEO Charlie Scharf says he is big time bullish on the US, pointing to the consumer, earnings, and the broader economy as supportive of the outlook.
Politics Miller: White House to Push Banks to De-Bank Illegal Immigrants Stephen Miller says the Trump administration will push banks to de-bank illegal immigrants, calling it a major driver of self-deportation. Big-bank and remittance names are in focus.
Markets 9.16 Million US Borrowers in Default on Federal Student Loans Approximately 9.16 million U.S. borrowers, nearly 20% of those with federal student debt, are in default following the end of the payment pause, impacting financial markets and loan servicers.
Markets Buffett to Exit Entire Berkshire Stake by 2034 Through Charity Warren Buffett plans to dispose of his entire Berkshire Hathaway stake within about eight years, targeting a full exit by December 31, 2034, via donations to four family-linked foundations.
Politics New Mexico AG Accuses DOJ of Stonewalling Epstein Ranch Probe New Mexico AG Raul Torrez says the DOJ is withholding unredacted Epstein files, stalling the state's Zorro Ranch investigation. The DOJ says it responded in June and stands ready to assist.
Banks FBI, DOJ probe Argentine Football Association over $300M in US bank flows The FBI and DOJ are running a preliminary probe into the Argentine Football Association over roughly $300M routed through Bank of America, JPMorgan, Citi, PNC, and Synovus via a Florida LLC.
Banks Goldman Sachs Bans Employees From Most Prediction Market Bets Goldman Sachs has banned employees from trading on prediction markets tied to companies, elections, financial markets, macro data, and geopolitics. Only sports and entertainment bets remain allowed.
Markets Ken Griffin Bought All 138 Condos in a Miami Tower to Tear It Down Ken Griffin quietly spent about $125M buying every unit of Miami's 138-condo Solaris tower through anonymous LLCs, then plans to tear it down for a $2.5B Citadel headquarters campus in Brickell.
Macro Europe's Average Wealth Sits at $337,083, Half the U.S. $696,277: UBS UBS's latest Global Wealth Report pegs Europe's average adult wealth at $337,083, less than half the U.S. average of $696,277. Switzerland still tops the global ranking at $910,382.
