Yellen says no

Bank of America shares tumbled the most in eight months as Wall Street learned of its struggle to build back lending income in the second quarter. While government aid programs helped big lenders dodge widespread defaults during the pandemic recession, they also enabled consumers and businesses to avoid new loans or lines of credit. For Bank of America, that translated into a 12% drop in loans and leases in its consumer unit from a year earlier. And it’s not alone: The trend, along with rock-bottom interest rates, have weighed on the profitability of core lending businesses at many banks. David E. Rovella

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic worldwide

Here are today’s top stories  

U.S. Treasury Secretary Janet Yellen has no plans to resurrect the once regular economic dialogue that governed relations between the U.S. and China during the Bush and Obama administrations.

Federal Reserve Chair Jerome Powell said the U.S. economic recovery still hasn’t progressed enough to begin scaling back the central bank’s massive monthly asset purchases. He added that inflation is likely to stay high in coming months before moderating. With news that the cash will continue to flow, Wall Street cheered. Here’s your markets wrap

Larry Fink isn’t quite so sanguine, though. The BlackRock chief executive said he doesn’t see rising prices as a temporary state of affairs. So with that in mind, he gave a blanket raise to his employees.

Key Democratic Senators Joe Manchin of West Virginia and Jon Tester of Montana said Wednesday they aren’t on board with a $3.5 trillion budget deal just yet. Both from heavily Republican states, the two men said they will wait for the details.

U.S. President Joe Biden, right, speaks to Senator Jon Tester of Montana outside the White House on June 24. Photographer: Stefani Reynolds/Bloomberg

Indonesia surpassed India’s daily Covid-19 case numbers, marking a new Asian virus epicenter as the spread of the highly-contagious delta variant drives up infections in Southeast Asia’s largest economy. In nearby Australia, that country’s virtually Covid-free status once made it the envy of the world. Then the delta variant arrived, and suddenly it found itself dangerously exposed. Here’s the latest on the pandemic.

Sydney's five million residents will be in Covid-19 lockdown for “at least” another two weeks, state premier Gladys Berejiklian said July 14, leaving the normally bustling city looking like a ghost town. Photographer: Brendon Thorne/AFP

South Africans are expected to face major food shortages in the wake of violent unrest across two key provinces, as rioters upend supply chains by looting supermarkets and torching delivery trucks.

Sharon Yeshaya has been known to Morgan Stanley’s top brass ever since Chief Executive Officer James Gorman plucked her from the fixed-income division to make her his chief of staff. Soon, all of Wall Street will know her, now that she’s risen to chief financial officer.

Sharon Yeshaya Source: Morgan Stanley

What you’ll need to know tomorrow 

Marriages Boom. Guests Don’t Want to Come

As the pandemic slows in some parts of the U.S., couples who got engaged during lockdowns are planning to tie the knot, and weddings that were postponed in 2020 are moving forward. Indeed, marriages are set to rebound by more than 50% this year. But if all those happy couples think they will be walking down the aisle surrounded by cheering friends, think again.

While the prospect of finally being able to get hitched is exciting for brides and grooms to be, potential costs are piling up for their guests. Photographer: Thomas Barwick/Getty Images

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Invest Talks: A Conversation with Marc Rowan. On July 15, Bloomberg speaks with Apollo Global Management Chief Executive Officer Marc Rowan. He’ll share his vision for the Wall Street giant while expanding on its aspirations to push into new markets. Rowan will also discuss Apollo’s influential role in shaping the alternative and mainstream investment landscape. Register here.

Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. Learn more.

 

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Wall Street cash bonanza

Friday, July 16, 2021

Bloomberg Morgan Stanley cashed in on last quarter's hectic dealmaking, helping the firm post its second-most profitable quarter on record and weather a steep decline in trading. Investment banking

U.S. inflation just spiked

Tuesday, July 13, 2021

Bloomberg Prices paid by US consumers surged in June by the most since 2008, topping all forecasts and testing the Federal Reserve's commitment to monetary support for the economy. Excluding the

A bad sign

Monday, July 12, 2021

Bloomberg Social-distancing rules were tightened in Bangkok, Seoul and parts of Vietnam as the more easily transmitted delta variant of the coronavirus continues to spread. Tokyo entered its fourth

Where China and America agree

Saturday, July 10, 2021

Bloomberg Follow Us Get the newsletter Beijing and Washington have finally found something they agree on—neither likes Chinese companies going public in the US After cracking down on ride-hailing

Google gets targeted

Saturday, July 10, 2021

Bloomberg Dozens of US states are poised to sue Google for allegedly abusing its power over developers that distribute apps through the Google Play store on mobile devices, people familiar with the

Is India getting its own digital currency?

Wednesday, July 28, 2021

Finshots Is India getting its own digital currency? A few days back we began hearing whispers about a central bank digital currency (CBDC) and how the RBI is working on it as we speak. So in

Back-to-School Shopping Will Be More Expensive This Year

Wednesday, July 28, 2021

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Going backwards

Tuesday, July 27, 2021

Bloomberg It was a wrenching first hearing before the special Congressional panel investigating the deadly Jan. 6 insurrection. On that day almost seven months ago, when Congress was formalizing the

🎉 Apple, Alphabet, Microsoft: boom

Tuesday, July 27, 2021

Microsoft has requested permission to smash it | Please eject Apple before fist-pumping vigorously | Finimize Hi Reader, here's what you need to know for July 28th in 3:10 minutes. 🧐 The 1% have

Opinionated: Better Money Storylines Anyone?

Tuesday, July 27, 2021

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Will Robinhood Start Offering Retirement Accounts?

Tuesday, July 27, 2021

7 Things That Are Getting More Expensive July 27, 2021 Every young generation rejects the practices of those that came before. It's a tale as old as time — or at least as old as baby boomers not

[New post] Slow recoveries, endogenous growth and macroprudential policy

Tuesday, July 27, 2021

BankUnderground posted: " Dario Bonciani, David Gauthier and Derrick Kanngiesser Following the global financial crisis in 2008, central banks around the world introduced tighter banking

Why cigarette companies want you to quit smoking

Tuesday, July 27, 2021

Finshots Why cigarette companies want you to quit smoking In today's Finshots we talk about why Philip Morris wants to stop selling cigarettes Business The Story Jacek Olczak, the CEO of Philip

Bitcoin Prices Soar on Speculation Amazon Will Soon Accept Cryptocurrencies as Payment

Tuesday, July 27, 2021

A job posting offers a tantalizing clue. July 26, 2021 EVERYDAY MONEY Bitcoin Prices Soar on Speculation Amazon Will Soon Accept Cryptocurrencies as Payment A job posting offers a tantalizing clue.

China wipeout

Monday, July 26, 2021

Bloomberg Beijing's intensifying crackdown on its own technology sector is being felt across global markets, erasing $769 billion in value from US-listed Chinese stocks in just five months. On