What we’re reading (5/15)
“Coinbase Confirms User Metric Investigation, Says It’s Working With Trump’s SEC To Resolve” (CNBC). “Coinbase on Thursday confirmed the U.S. Securities and Exchange Commission has been investigating whether the crypto exchange has misstated its user numbers. The stock was last lower by 6%.”
“Walmart’s Price Hikes Open Door To Increases From ‘Everybody Else’” (Wall Street Journal). “On Thursday, the retail giant Walmart said that the cost of tariffs was forcing the company’s hand, and that it would hike prices on all sorts of goods later this month and into the summer. So far, Trump’s tariffs have had a muted effect on inflation. Walmart’s announcement suggests that a dam is breaking and that a flood of higher prices could soon follow.”
“The Job Market Is Starting To Crack” (Business Insider). “What's important is whether labor market conditions are getting better or worse. Momentum matters, and the data tells a pretty obvious tale: Conditions are deteriorating. The cracks keep widening in the jobs market, pushing up unemployment, albeit slowly, and weighing on the growth of employee compensation. This was true before President Donald Trump came back onto the scene, though the negative pressures are being exacerbated by the jump in policy uncertainty as he reorients US trading relationships.”
“One Of America’s biggest Companies Is Imploding” (CNN Business). “UnitedHealth Group, one of America’s biggest corporations and a member of the exclusive Dow Jones Industrial Average, is suddenly unraveling. The crisis engulfing UnitedHealth hit a crescendo this week when CEO Andrew Witty stepped down abruptly for ‘personal reasons.’ UnitedHealth also swiftly abandoned its financial guidance, blaming skyrocketing medical costs. And then The Wall Street Journal dropped the hammer, revealing that UnitedHealth is under federal criminal investigation for possible Medicare fraud.”
“The US Dollar’s Fall from Grace” (Project Syndicate). “Despite his stated commitment to maintaining the dollar’s global dominance, US President Donald Trump is actively undermining the value of – and confidence in – the greenback. This does not bode well for the “exorbitant privilege” that the dollar’s status as the main international reserve currency has long bestowed on the US, though it does create space for possible replacements.”
