Senator Warren Asks Ratings Firms How They Assess Private Credit Risk
In the letter to ratings firms including S&P Global Inc., Moody's Ratings and Fitch Ratings, the Massachusetts Democrat expressed concern that some companies may be 'inflating' ratings of private debt instruments, which could pose risks to the larger financial system.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
Carvana stock soars on record quarterly sales as tariffs help lift demand for used cars
Carvana (CVNA) stock soared 16% on Thursday, putting shares on pace to close at their first record since 2021 after the online used car seller posted a blowout quarter with record sales and profit per unit sold. The company said it sold more than 143,280 vehicles in its second quarter, up 41% from the same period a year climbed by more than 40% to $4.84 billion, the highest level in the company's history. Industrywide, there have been some indications that consumers are trying to jump ahead of price increases as tariffs would make new, imported vehicles more expensive. Carvana said its gross profit per unit rose to $7,426 last quarter, with a spike in April following President Trump's auto tariff announcements. 'That higher April retail GPU [can] be really linked to the announcements of auto tariffs in late March that drove stronger demand and higher margins,' said Carvana CFO Mark Jenkins said during the company's earnings call on Wednesday. Carvana said its on track to reach its long-term goal of selling 3 million cars annually within five to 10 years. During the company's earnings call, management noted Carvana has room to grow as it currently holds just 1.5% of the US used car market. Its retail sales have grown roughly 80% over the past two years. 'Our machine is getting simpler. We're adding additional locations to hold inventory and to recondition inventory. We're making it so there's less work per transaction. And I think all of that aids growth,' CEO Ernie Garcia said. On Thursday, BofA analysts reiterated their Buy rating on the stock with a price target of $425, noting the convenience of purchasing online will only grow as consumers shift more toward used cars . "We think CVNA is also benefitting from a mix-shift towards Used, as cost conscious customers seek value," wrote BofA research analysts Michael McGovern. The Tempe, Ariz.-based company has become a poster child for one of the most dramatic turnaround stories in recent years, burning short sellers who bet against its stock along the way. Shares of Carvana are up roughly 8,000% from their all-time lows below $4 in December 2022, when the retailer was facing bankruptcy speculation. Last year the company posted its first-ever annual profit with CEO and chairman Ernie Garcia telling analysts, 'It's very hard for a group to go through a period like the last two years and not disintegrate under the pressure. We didn't disintegrate." Wall Street analysts have turned increasingly bullish on Carvana over the past year. The stock has 13 Buy ratings, 8 Hold and 2 Sell. Ines is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
Yahoo
23 minutes ago
- Yahoo
Bitcoin, Ethereum, XRP tumble on shocking inflation report
Bitcoin, Ethereum, XRP tumble on shocking inflation report originally appeared on TheStreet. The personal consumption expenditures (PCE) price index rose 0.3% on a monthly basis and 2.6% on a year-to-year (YoY) basis in June. Core PCE, which excludes volatile food and energy prices, in June was up 0.3% on a monthly basis and 2.8% on an annual basis. The crypto market immediately dipped in reaction to the news. Bitcoin fell 0.11% in an hour to $118,327.92, Ethereum fell 0.75% to $3,815.08, and XRP fell 0.81% to $3.11. BNB fell 0.56% to $795.14 and SOL also fell 1.25% to $ Bureau of Economic Analysis defines the PCE price index as a key inflation indicator that measures the prices that people living in the U.S., or those buying on their behalf, pay for goods and services. The index is known for capturing inflation across a wide range of consumer expenses and reflecting changes in consumer behavior. The Federal Reserve decided to keep the interest rates unchanged at 5.25%-5.5% at its July 30 meeting, and Chair Powell didn't indicate any potential cut in interest rates in September, saying the central bank will factor in more data and information until it makes the rate decision in the next Sep. 16-17 meeting. Since PCE is one of the most closely watched inflation indicators by the Fed, the June hike seems to have dented any hope for a potential cut in interest rates in September. The total crypto market cap stood at $3.88 trillion at the time of writing. Bitcoin, Ethereum, XRP tumble on shocking inflation report first appeared on TheStreet on Jul 31, 2025 This story was originally reported by TheStreet on Jul 31, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23 minutes ago
- Yahoo
About 154,000 federal workers took Trump administration's buyout offers, source says
By Alexandra Alper and Courtney Rozen WASHINGTON (Reuters) -Roughly 154,000 federal employees have taken buyouts offered by the Trump administration this year, part of a broader push to slim the federal workforce, a person familiar with the matter said on Thursday. The resignations, which amount to 6.7% of the civilian federal workforce, are the result of a program launched in January by billionaire Elon Musk, a former adviser to President Donald Trump, with an email titled "Fork in the Road." The buyouts included staff at the Departments of Agriculture and Energy, and the Internal Revenue Service, among others. Similar buyout offers were made in the following months at different agencies. The number of employees taking buyouts was first reported by the Washington Post. In exchange for leaving, the administration agreed to pay the employees for several months after ceasing work, but all will be off federal payrolls by the end of the year, the person emphasized. "In normal times, a 6.7% turnover rate would not be unusual for the federal government," said Don Moynihan, a professor at the University of Michigan's Ford School of Public Policy. "But these are not normal times. Along with the firing of probationary employees and other large-scale reductions in force, the deferred resignation program deeply cuts government capacity." The White House and the Office of Personnel Management did not immediately respond to requests for comment. Attrition in the U.S. government's civilian workforce was 5.9%, or 116,000 workers, in 2023, according to the Partnership for Public Service, a non-profit that compiles statistics on federal staff. Employees opted into the buyout program amid plans from Trump and Musk to eliminate their jobs. Days after the administration closed its initial buyout offer, the administration fired tens of thousands of employees who were new to their jobs. Cabinet secretaries have promised more cuts in the coming months. The 154,000 workers who took buyouts do not include staff who were fired or opted into other programs to slash the federal payrolls, such as an incentive program to retire early.
