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Former Tech VC Joins Race
Vance, Bank of America, Powell
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Good Morning!
Happy Tuesday! Let’s see what is moving markets:
👉JD Vance earns nomination
👉Bank Of America earnings are in
👉Powell talks rates
VANCE: Earns Nomination
Ohio Senator JD Vance has been announced as the Republican Vice Presidential nominee. A former tech venture capitalist, Vance has strong ties to the tech industry, with Peter Thiel having invested in his venture capital fund. He is also believed to have close relationships with Thiel associates like Elon Musk and David Sacks.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/ad74710b-8a21-45b0-b33c-388091774dd2/jd_.jpeg?t=1721134227)
Source: WXTL
Vance also owns up to $250,000 in Bitcoin, reflecting his interest in digital assets. His nomination has generated excitement in the tech world, given his connections and background.
🎯 GRIT TAKE: Putting politics aside, having someone on the … upgrade to VIP now to read the full GRIT Take!
EARNINGS: Bank Of America
Bank of America reported better-than-expected Q2 revenue and profit on Tuesday, thanks to rising investment banking and asset management fees. Profit fell 6.9% to $6.9 billion, or 83 cents a share, due to lower net interest income from higher interest rates. Revenue increased slightly to $25.54 billion.
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Source: CNBC
Investment banking fees surged 29% to $1.56 billion, surpassing the $1.51 billion estimate. Asset management fees rose 14% to $3.37 billion, boosting wealth management revenue by 6.3% to $5.57 billion, in line with expectations. Net interest income dropped 3% to $13.86 billion, meeting estimates. However, new guidance suggests this figure will rise to about $14.5 billion in Q4, giving investors confidence.
POWELL: Talks Rates
Federal Reserve Chair Jerome Powell stated Monday that the central bank will not wait for inflation to reach 2% before cutting interest rates. At the Economic Club of Washington, D.C., Powell noted that central bank policies have “long and variable lags,” and the Fed seeks “greater confidence” that inflation will return to the 2% target before adjusting rates.
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Source: NBC
He also mentioned that a “hard landing” for the U.S. economy is unlikely. This was Powell’s first public appearance since the June CPI report showed cooling inflation. He emphasized that he wasn’t signaling any specific timeline for rate cuts, with the Fed’s next policy meeting scheduled for late July.
Chart of the Day
📊 Stocks Near 52-Week Lows
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/5b8841fc-529a-4de8-948f-c89d30071206/IMG_6642.jpg?t=1721134634)
Source: @Carbon Finance
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GRIT Meme of the Day 😂
Tag GRIT Capital on social media for a chance to be featured in our meme or Tweet of the day in our GRIT daily newsletter! 👇
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Source: @wallstreetbets
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