Investors See Higher Defaults Ahead as Interest Rates, Inflation Take a Toll - WSJ: Debt investors are betting that the Federal Reserve’s latest rate hike is a prelude to a downturn for some U.S. companies as rising borrowing costs are likely to put a damper on consumer spending and raise expenses for business.
Retail sales in May slip 0.3% amid surging inflation | AP News: Americans trimmed their spending unexpectedly in May compared with a month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items.
SEC Seeks a Receiver for GPB Capital - WSJ: The SEC and a court-appointed monitor overseeing GPB Capital are recommending a receivership to protect nearly $1 billion of investor assets and prevent its founder and owner from reasserting control over the firm.
Coinbase's Chaotic Day of Job Cuts Follows Rapid Hiring Spree - Bloomberg: The crypto exchange slashed 18% of its workforce Tuesday, cutting off access to laptops and email before some employees got the news.
Revlon Files Bankruptcy Facing High Debt, Supply Chain Pain: Revlon Inc. filed for Chapter 11 bankruptcy, unable to manage its heavy debt load amid the supply chain crunch and steep inflation.