U.S. Steel ceases trading on the NYSE as Japan’s Nippon finalizes takeover [CNBC]
A majority of U.S. Steel’s board members and its CEO will be U.S. citizens, according to the terms of the national security agreement. Nippon also agreed that U.S. Steel will remain incorporated in the U.S.
Senate passes stablecoin bill, a major victory for the crypto world [Yahoo!]
It bans members of Congress and their families from earning profits from stablecoins but not President Trump and his family…. If the legislation clears the House, it is expected to unleash a wave of new stablecoin entrants as traditional companies ranging from reportedly giant lenders to mega retailers are already considering whether to issue their own coins.
Trump rips Powell, suggests appointing himself to Fed [The Hill]
The Federal Open Market Committee, the panel of Fed officials responsible for setting interest rates, is expected to keep its baseline interest rate unchanged Wednesday.
US Jobless Claims Stabilize Near Highest Levels This Year [Bloomberg]
Jobless claims have risen in the past two months, reflecting a gradual slowdown in the labor market.
Hiring has moderated and recurring claims are hovering near the highest since the end of 2021, indicating that it is taking longer for unemployed people to find a new job.
US Plans to Ease Capital Rule Limiting Banks Treasury Trades [Bloomberg]
The proposal would lower a bank holding company’s capital requirement under the eSLR to a range of 3.5% to 4.5%, down from the current 5%…. The firms’ banking subsidiaries would also likely see their requirement reduced to the same range, down from the current 6%….
Fed Chair Jerome Powell and other officials supported possible revisions to the supplementary leverage ratio standards in a bid to bolster banks’ roles as intermediaries in the market.
Prudential Unit Lends $500 Million in Private Credit to Affirm [WSJ]
Most of the loans come due in six months and Affirm will be able to re-lend the investment throughout the life of the deal, allowing it to finance $3 billion of buy-now-pay-later loans…. Nonbank lenders like Affirm are cultivating stables of large financing partners to ensure they have sufficient capital to lend, even when public debt markets freeze up.
