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The Federal Reserve's annual stress test found that large US banks could absorb $708 billion in hypothetical losses while staying above minimum capital levels. Unlike previous years, this round's results will not directly set banks' capital requirements amid a broader regulatory overhaul.
SpaceX has launched its largest-ever notes offering, with the deal sized at $25 billion, a source said. Proceeds will fund expansion of the Starship production line and the refresh of the Starlink satellite fleet, with order books reportedly running well above target.
Federal Reserve Chair Kevin Warsh has launched task forces to rethink the bank's structure, communications and policy framework. CNBC describes the early steps as a quiet but sweeping internal reform of the US central bank.