Headlines discussed at LNWM’s Monday morning briefing:
— The Federal Reserve set limits on how much large US banks could pay in dividends and share buybacks, based on results on stress tests.
— US consumer spending rebounded 8.2% in May but the savings rate remained high — over 20% — due to ongoing uncertainty about jobs amid the pandemic.
— Close to 9% of US mortgages are now in forbearance — payment delayed for at least three months.
— The European Union will reopen its borders to many more countries as of early July, but the US is not expected to be one of these due to lack of progress containining Covid-19.
— The price of oil fell along with bond yields last week on concern that a second wave of Covid-19 infections would constrain global economic growth.
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