Bloomberg - Evening Briefing - $20,000 in debt forgiveness

Bloomberg Evening Briefing

President Joe Biden announced a sweeping package of student-debt relief that forgives as much as $20,000 in loans for some, a move he said would help a generation “saddled with unsustainable debt.” “The burden is so heavy that even if you graduate you may not have access to middle-class life that the college degree once provided,” Biden said. He also announced a four-month extension of the moratorium on student loan repayments, as well as plans to allow borrowers with undergraduate loans to cap repayments at 5% of their monthly income. The measures seek to make good on a Biden campaign promise and to curry favor with younger and progressive voters, whose support could help Democrats hoping to stave off a loss of their slim House and Senate majorities. For some of the 45 million Americans with student loans, the package comes as a welcome, if long overdue, relief. For others, it feels like a Band-Aid over a deepening wound. Here’s what some borrowers had to say about it. 

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Here are today’s top stories

Stock traders remained hesitant to make any huge bets ahead of Jerome Powell’s speech on Friday, which may provide clues on how hawkish the Federal Reserve will be in the face of mounting economic challenges. After wandering aimlessly earlier Wednesday, the S&P 500 posted a small gain. For a second day in a row, the benchmark’s swing was capped within 1%. Such a stretch of intraday calm occurred only three other times in 2022. Here’s your markets wrap.

Republican Florida Governor Ron DeSantis is heavily favored to cruise to a second term in the November general election, but anything less than a convincing win over Democrat Charlie Crist could spell doom for any 2024 presidential aspirations.

Ron DeSantis. Photographer: Eva Marie Uzcategui/Bloomberg

Six months into President Vladimir Putin’s invasion of Ukraine, the war has upended fundamental assumptions about Russia’s military and economy.

Rich Americans are hiding “vast amounts of income” from the Internal Revenue Service by exploiting a “deeply troubling” loophole in a 12-year-old US law designed to crack down on offshore tax evasion, according to a Senate Finance Committee report. 

The IRS announced Wednesday that it will wipe out late fees for taxpayers who struggled to file their tax returns on time during the pandemic. 

Internal Revenue Service forms. Photographer: Luke Sharrett/Bloomberg

Gen Z is sharing Wall Street life on TikTok and banks don’t know what to do about it. Interns and entry-level analysts are increasingly posting about their lives in an industry characterized by its confidentiality.

Japan will scrap a requirement to show a negative Covid-19 result to enter the country for travelers who have gotten booster shots, as it faces pressure from the tourism industry and businesses to roll back some of the most stringent pandemic border restrictions left globally.

What you’ll need to know tomorrow

  • Bloomberg Opinion: Biden's student loan plan neglects older borrowers.
  • New Covid billionaire emerges even as world moves on from virus.
  • Eight-time Grand Prix winner Daniel Ricciardo ousted by McLaren.
  • Tesla’s former energy head has a new electric-home startup.
  • A 129-foot superyacht worth millions sinks off the Italian coast.
  • How to catch up on retirement savings at any age.
  • Is “flippening” on the horizon

    Suburban Rents Are Soaring in the US

    For renters encountering soaring housing costs in US city centers, decamping to the suburbs no longer offers much of a reprieve. The price advantage of renting in the suburbs versus downtowns has shrunk by 53% from three years ago, according to a report Wednesday from Realtor.com. While suburban renters used to save 12% compared with city dwellers in July 2019, they now pay 5.8% less. The shift is a blow for apartment hunters already squeezed by escalating costs and few options for relief. The median US rent rose 12% in July from a year earlier to $1,879, Realtor.com data show, a 17th straight monthly record.

    Houses in Westchester County, New York. Photographer: Stephanie Keith/Bloomberg

Key phrases

Older messages

Ukraine crisis intensifies

Tuesday, August 23, 2022

Bloomberg Evening Briefing View in browser Bloomberg Officials at the United Nations planned to meet Tuesday about the situation unfolding at the Zaporizhzhia nuclear plant, where intense fighting

Hot pandemic housing cools

Monday, August 22, 2022

Bloomberg Evening Briefing View in browser Bloomberg Home sellers in pandemic boomtowns are slashing prices as they adapt their expectations to a rapidly cooling market. People who could suddenly work

Lenders are failing

Monday, August 22, 2022

Bloomberg Evening Briefing View in browser Bloomberg The US mortgage industry is seeing its first lenders go out of business after a sudden spike in lending rates, and the wave of failures that's

Fed stays in the fight

Monday, August 22, 2022

Bloomberg Weekend Reading View in browser Bloomberg Follow Us Get the newsletter US central bankers sent diverging signals over the size of the next interest-rate hike ahead of next week's economic

It’s $2 trillion Friday

Thursday, August 18, 2022

Bloomberg Evening Briefing View in browser Bloomberg With August shaping up to be the calmest month this year for US stocks, traders are closely watching Friday's $2 trillion options expiration for

[New post] Swing or amiss: are fund pricing rules good for financial stability?

Friday, September 30, 2022

BankUnderground posted: " Benjamin King and Jamie Semark Open-ended funds (OEFs) offer daily redemptions to investors, often while holding illiquid assets that take longer to sell. There is

Ukraine advances

Thursday, September 29, 2022

Bloomberg Evening Briefing View in browser Bloomberg Vladimir Putin may not have long to wait for the first major test of his attempt to claim a large section of eastern Ukraine as his own. While the

👗 Clothing giant’s H&M-fisted results

Thursday, September 29, 2022

Porsche IPO is Europe's biggest in a decade | H&M posts disappointing results | Finimize Hi Reader, here's what you need to know for September 30th in 3:11 minutes. 😎 In this market, you

What’s going on with the markets?

Thursday, September 29, 2022

And why it's actually a good time to start investing. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

FinTech Weekly Issue #383 - Can Sustainable Finance Be The All-In-One Solution?

Thursday, September 29, 2022

Issue #383 - Can Sustainable Finance Be The All-In-One Solution? 2022-09-29 Renewable energy is not only a solution to a major social and economic issue but also a more direct weapon against inflation.

Over 275 of the most promising startups of 2022 in edtech, fintech, crypto, proptech and more, according to VCs

Thursday, September 29, 2022

Despite the rough economic environment for tech startups, some are thriving. We asked VCs to name the most promising ones across industries. View in browser Business Insider Business Insider Business

Wall Street: Meet the rising stars of finance

Thursday, September 29, 2022

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Hi. I'm Aaron Weinman. Today I want to highlight Wall Street's brightest young talents who are

Catastrophic impact

Wednesday, September 28, 2022

Bloomberg Evening Briefing View in browser Bloomberg Hurricane Ian barreled ashore in southwest Florida with a massive and deadly surge of water and catastrophic winds that are poised to make it one of

🧱 Let’s go, Lego!

Wednesday, September 28, 2022

Lego announced double-digit sales growth | BOE stepped in to rescue British markets | TOGETHER WITH Hi Reader, here's what you need to know for September 29th in 3:07 minutes. 🙋‍♀️ Are you in your

Pound steadies after hitting record low as investors weigh the chances of the Bank of England stepping in

Wednesday, September 28, 2022

In a contradictory message, the UK central bank said it wouldn't hesitate to hike interest rates if needed, but didn't announce an emergency meeting. View in browser Business Insider Business