U.S. Inflation Hits New Four-Decade High of 9.1% - WSJ: Inflation reached its highest rate in nearly 41 years in June. Prices were up broadly across the economy, with gasoline far outpacing other categories.
Peloton competitor Tonal cuts 35% of jobs ahead of possible recession, IPO: It is joining a list of companies, including competitor Peloton, which are reducing head count in order to slash expenses and readjust to new levels of consumer demand.
Celsius Paying Some DeFi Debt While Freezing Withdrawal Raises Questions - Bloomberg: As Celsius Network Ltd.’s customer withdrawal freeze enters a full month, the beleaguered crypto lender has paid back a string of debts totaling more than $900 million during the same period to decentralized-finance platforms.
Elvis Presley’s Graceland Defaults and Why Tourism Sites Should Worry: Joe Mysak - Bloomberg: A debt default by Graceland, the Elvis Presley mansion turned tourist attraction, shows why investors in other municipally financed venues may one day be singing the blues.
SEC filings show electric vehicle startup Canoo signed 'deal out of necessity' with Walmart, giving away a chunk of the company and the right to work with Amazon | Business Insider: SEC filings issued Tuesday indicate electric vehicle startup Canoo might have gotten the shorter end of the stick in its vehicle deal with Walmart.
Fed Swaps Price In One-in-Three Chance of Full Point July Interest-Rate Hike - Bloomberg: Swap markets show traders are now pricing in a significant possibility that the Federal Reserve will implement a 100-basis-point hike in July in the wake of hotter-than-anticipated inflation data.
Revlon Shareholders Say Bankrupt Company Has Equity Value - WSJ: The beauty supply company’s minority shareholders say that controlling owner Ron Perelman can’t be an effective advocate for their interests.
Calculated Risk: Fed's Beige Book: "Housing demand weakened noticeably": "Housing demand weakened noticeably as growing concerns about affordability contributed to non-seasonal declines in sales, resulting in a slight increase in inventory and more moderate price appreciation. Commercial real estate conditions slowed."
The Business Lunch May Be Going Out of Business - The New York Times: Lunch reservations in the first four months of this year at restaurants with an average check of more than $50 were sharply lower than during the same period in 2019, according to data from the online reservation service OpenTable. They fell in Washington (by 38 percent), New York City (38 percent), San Diego (42 percent), Philadelphia (54 percent) and Chicago (58 percent).
LoanDepot to cut 2,000 more jobs this year as decline in mortgage originations seen accelerating - MarketWatch: The online mortgage company said it was moving to "aggressively rightsize" its cost structure as mortgage originations have contracted "sharply and abruptly" in 2022
Are Sprout, FGMC failures a harbinger of hard times for non-QM? | National Mortgage News: The former lender’s abrupt closure Wednesday and First Guaranty’s recent bankruptcy filing highlight difficulties in the current mortgage environment despite nonbanks being on stronger financial footing than their counterparts of 14 and 24 years ago.
Celsius Network Initiates Financial Restructuring to Stabilize Business and Maximize Value for All Stakeholders | Business Wire: Celsius Network announced that it initiated voluntary Chapter 11 proceedings to provide the Company with the opportunity to stabilize its business and consummate a comprehensive restructuring transaction that maximizes value for all stakeholders
