Month: November 2022

Citing the implosion of FTX, US lawmakers on Tuesday expressed concern about the risks posed to retail investors and the broader financial system, and stepped up their calls for more stringent oversight of cryptocurrencies at a hearing with the country’s top banking regulators.

“This should be a renewed call for Congress to take a serious look at crypto exchanges and lending platforms, many of which engage in risky behaviors, while marketing themselves as safe for consumers,” Bob Menendez, the Democrat senator from New Jersey told his colleagues and banking regulators, which included the Federal Reserve’s vice chair for supervision, Michael Barr, and the acting head of the Comptroller of the Currency, Michael Hsu.

Cynthia Lummis — the Republican senator from Wyoming, who has co-written a bipartisan bill that sketches out a complete regulatory framework for digital assets in the US — described the FTX turbulence as “awful and simultaneously not

An increasing number of $100K+ income households are shopping at Walmart (WMT), giving a clear indication of a sign of the times.

“In the face of a pretty challenging macro environment, consumers are looking for value,” Walmart CFO John David Rainey told Yahoo Finance Live on Tuesday.

The retail giant highlighted a gain in grocery market share from households during the third quarter, including higher-income shoppers.

“About 75% of that [share gain] is coming from the income demographic or the household that is making more than $100,000 a year,” said Rainey.

The CFO also pointed to customers increasingly “trading down” on item selections.

“If you look at things like private brand penetration, we saw an increase in our private brand penetration of 130 basis points in the quarter,” said Rainey.

“Similar to what we saw last quarter, we’re also seeing trade downs into less expensive proteins, things like beans and