📈 Stocks / Finance

Goldman faces CFPB fine over credit card business

Reuters

Goldman Sachs is expected to face over $50 million in penalties, including customer reimbursements, from the U.S. Consumer Financial Protection Bureau. This enforcement action follows an investigation into the bank's credit card operations, particularly its partnership with Apple.

McDonald’s Drags Markets Down as Fed Rate Speculation Persists

Yahoo Finance

U.S. stocks struggled in late trading as McDonald’s fell sharply due to an E. coli outbreak, while weaker outlooks from Starbucks and Texas Instruments added pressure. Meanwhile, traders debated the pace of future Federal Reserve rate cuts as 10-year Treasury yields hovered near 4.20%.

IRS raises tax brackets for 2025, increases standard deductions

CNBC

The IRS has announced higher federal income tax brackets for 2025 to adjust for inflation, with the top rate of 37% applying to incomes above $626,350 for individuals and $751,600 for married couples. The standard deduction will increase to $30,000 for joint filers and $15,000 for single filers.

🪙 Crypto

Bitcoin's October options expiry may spark volatility as contracts near max pain

CoinDesk

Bitcoin faces short-term volatility with $4.2B in options expiring on Friday. 16% of these contracts are 'in-the-money,' indicating potential market shifts. The put/call ratio suggests bullish sentiment, though max pain theory hints BTC could drop from its current $67K level.

🌎 Global Economy

Tariffs may reduce global output by 0.5% by 2026

Yahoo Finance

Tariff increases could cut global output by 0.5% by 2026, warns IMF economist Pierre-Olivier Gourinchas. He highlights that trade-distorting measures have surged to over 3,000 and may fuel inflationary pressures, leading central banks to adjust policies based on varying economic impacts.

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