The Kuwait Investment Authority has disposed of a $3.1 billion holding in Bank of America Corp. through an overnight block trade, according to people familiar with the transaction.

The shares were priced at $47.95 apiece, the sources said. The sale trims the sovereign wealth fund’s exposure to the second-largest U.S. bank; the precise percentage of the lender’s equity involved was not disclosed.

In the second quarter of 2025, investors have been withdrawing from US long-term government and corporate bond funds at the fastest rate since the 2020 crisis, with net outflows reaching $11 billion, marking the highest level in five years amid growing concerns over US debt. Concurrently, Bank of America clients reduced their exposure to US equities, pulling $1.3 billion from stocks last week, the largest outflow in 10 weeks, despite the S&P 500 closing June at a record high and achieving its best quarter since 2023. This selling pressure involved institutions, hedge funds, and retail investors. Additionally, foreign investors have been diversifying away from US stocks, withdrawing approximately $5 billion from US equity ETFs over the past month, the largest outflow in at least three years, reversing a similar inflow of $5 billion in May. Institutional investors have sold $2.3 billion in US equities in the past week alone, marking sales in eight of the last nine weeks, even as retail investors continue to buy.

The Federal Reserve said all 22 U.S. banks subject to its 2025 stress test would remain above required capital thresholds even if the economy plunged into a deep recession. Under the hypothetical scenario—featuring an 8 % drop in GDP, unemployment at 10 %, a 50 % equity-market sell-off and a 33 % slide in home prices—the group’s common-equity Tier 1 ratio would fall to 11.6 %, still more than double the 4.5 % regulatory minimum. Aggregate projected losses exceed $550 billion, yet capital buffers decline by a modest 1.8 percentage points, less than in prior years.

Read more

Chelsea’s round-of-16 match against Benfica at the FIFA Club World Cup was halted for 113 minutes on Saturday after lightning was detected near Bank of America Stadium in Charlotte. Play eventually resumed and the Premier League side secured a 4–1 extra-time victory, in a game that stretched to four hours and 39 minutes.

Manager Enzo Maresca called the lengthy stoppage “a joke” and said repeated weather interruptions mean the United States may be “not the right place” to stage such events. Saturday’s suspension was the sixth weather-related delay of the expanded 32-team tournament, three of which have exceeded an hour.

Read more

Chelsea defeated Benfica 4–1 after extra time in a FIFA Club World Cup last-16 match that lasted nearly five hours at Bank of America Stadium in Charlotte, North Carolina. Reece James’s 64th-minute free-kick put the Premier League side ahead before play was halted in the 86th minute under U.S. lightning-safety protocols, forcing players and spectators to take cover for one hour and 53 minutes.

When the match resumed, Ángel Di María converted a stoppage-time penalty to force extra time, but Benfica’s hopes faded after substitute Gianluca Prestianni was dismissed early in the added period. Chelsea capitalised with goals from Christopher Nkunku in the 108th minute, Pedro Neto six minutes later and Kiernan Dewsbury-Hall in the 117th to seal passage to the quarter-finals, where they will meet Brazil’s Palmeiras on 4 July in Philadelphia.

The suspension was the sixth weather interruption of the U.S.-hosted tournament. Chelsea manager Enzo Maresca called the near-two-hour delay “a joke” and questioned whether some American cities are suitable venues for major summer football events, an issue that could resonate with organisers of the 2026 World Cup, which will also be staged largely in outdoor stadiums across the United States.

Chelsea beat Benfica 4–1 after extra time on Saturday to secure a place in the FIFA Club World Cup quarter-finals, where they will meet Brazilian side Palmeiras on Friday in Philadelphia. Reece James put the English club ahead with a 64th-minute free-kick at Bank of America Stadium in Charlotte.

Play was halted in the 86th minute when lightning was detected within the required safety radius, triggering a 113-minute suspension. The interruption—already the sixth weather-related stoppage of the tournament—stretched the match to four hours and 38 minutes from kick-off to final whistle.

Read more

Baird analyst David George downgraded JPMorgan Chase & Co. to Underperform from Neutral and cut Bank of America Corp. to Neutral from Outperform, arguing that the recent surge in the two U.S. mega-cap banks has left their risk-reward profiles unattractive.

George kept a 12-month price target of $235 on JPMorgan, implying more than 18% downside from Thursday’s close, and a $52 target on Bank of America, suggesting about 9% upside. He said JPMorgan’s valuation—trading at a record 2.9 times tangible book value and a forward price-to-earnings multiple of 15.5—offers “modest downside” after the stock climbed more than 40% from an April low and set record highs this week. Bank of America’s recent advance and improving earnings outlook, he added, are largely reflected in its share price.

JPMorgan has risen roughly 20% this year and Bank of America about 8%, outpacing the S&P 500’s 4% gain. While Baird acknowledges the banks’ strong capital positions and benefits from deregulation and a reopening capital-markets backdrop, it contends that expectations are now elevated and future returns will likely fall short of recent performance.

Federal Reserve Chair Jerome Powell told lawmakers on Wednesday that the central bank will release a proposal on the Supplementary Leverage Ratio for public comment later today, marking the next step in the Fed’s review of bank-capital rules.

Powell said the Fed remains committed to an "ample reserves" framework that emerged after the global financial crisis, arguing that plentiful reserves help banks continue lending during periods of stress. He added that reverting to a scarce-reserves system would not meaningfully cut costs and that shrinking reserves to pre-crisis levels would take years.

The chair agreed that adjusting the SLR could free up capital for banks to invest in Treasuries and other low-risk assets and said he is "pretty confident" the Fed will act on both the Basel III endgame and SLR "in the near future." He also cautioned against eliminating the Fed’s authority to pay interest on reserves, calling it essential to the central bank’s interest-rate control toolkit.

Bank of America Chief Executive Officer Brian Moynihan warned that allowing the 2017 Trump-era corporate tax cuts to expire would deal a “real shock to the system,” making U.S. companies more likely to move operations overseas. Speaking in a televised interview, Moynihan called the extension of the existing 21% federal corporate rate “the number one thing” needed to keep domestic employment and investment onshore.

Moynihan voiced support for President Joe Biden’s so-called “Big Beautiful Bill,” legislation the White House is crafting to prolong the lower rate beyond its scheduled sunset at the end of 2025. He argued that the 2017 overhaul removed the incentive for multinationals to shift profits and production abroad, and said reversing that progress could undercut recent manufacturing reshoring initiatives.

Congress faces a year-end deadline in 2025 to decide whether to renew, modify or let lapse a slew of provisions from the 2017 Tax Cuts and Jobs Act. Business groups have stepped up lobbying on the issue, contending that higher statutory rates would erode U.S. competitiveness even as rival economies court investment with targeted incentives.

Bank of America Chief Executive Officer Brian Moynihan said U.S. consumer spending in June is running about 4.5% higher than a year earlier, indicating continued resilience in household outlays despite elevated borrowing costs and lingering inflation pressures.

Moynihan added that letting existing tax rates lapse would constitute a "real shock to the system," implying potential downside risks to consumer momentum if fiscal policy becomes less supportive.

A recent Bank of America report highlights notable trends among Generation Z prospective homebuyers in the United States. Approximately 21% of Gen Z buyers plan to rely on family loans for down payments, marking an all-time high. Additionally, 22% of Gen Z homeowners purchased their homes jointly with siblings, a rise from 12% in 2024 and 4% in 2023. Despite these strategies, 60% of current homeowners and prospective buyers remain uncertain about whether it is a good time to buy a home.

Meanwhile, in Spain, young people's income has declined by 10% since 2008, while incomes for those over 65 have increased by 8%, reflecting economic challenges for younger generations. Studies also show that young Spaniards require more years of salary to afford a home compared to their parents, underscoring the growing difficulty of homeownership for younger demographics. The trend of Gen Z leveraging family support and co-purchasing is seen as a pragmatic financial approach amid these challenges.

Top U.S. bank regulators, including the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), plan to propose a reduction in the enhanced supplementary leverage ratio (eSLR) for the largest banks. The current 5% capital buffer is expected to be lowered to a range between 3.5% and 4.5%, a cut of up to 1.5 percentage points. This move aims to address concerns that the existing capital rule has limited banks' ability to trade in the $29 trillion U.S.

Treasury market. The easing of this capital requirement is intended to enable major lenders such as JPMorgan Chase, Bank of America, Goldman Sachs, Morgan Stanley, Citigroup, U.S. Bancorp, and Wells Fargo to hold more Treasuries and increase their trading capacity. The Federal Reserve is scheduled to meet on June 25 to consider these changes, marking the start of a broader review of bank regulations. Market participants anticipate that this adjustment could help banks play a greater role in absorbing the large future supply of Treasury securities, potentially impacting liquidity in Treasury auctions. However, some analysts note that banks might favor buying more Treasury bills over bonds, which could generate more income with less risk but may not fully support Treasury financing needs. This regulatory proposal comes as banks prepare for upcoming stress-test results and ongoing debates about financial sector reforms.

The Depository Trust & Clearing Corporation (DTCC), which processes virtually all U.S. equity trades, is exploring the issuance of a U.S.-dollar-pegged stablecoin, The Information reported, citing people familiar with the matter. The project is understood to depend on the passage of federal legislation that would set rules for privately issued payment tokens.

A token backed by DTCC could shorten settlement times and broaden the use of blockchain infrastructure across capital markets, according to the report. Interest in such instruments is growing among large financial institutions; the chief executive of Bank of America said the lender is working on its own stablecoin both independently and with industry partners.

U.S. lawmakers have yet to agree on a comprehensive regulatory framework for stablecoins, leaving major firms waiting for legal clarity before moving ahead. DTCC is expected to make a final decision once the legislative outlook becomes clearer, the report said.

Bank of America CEO Brian Moynihan projected a mid-to-high single-digit percentage growth in market revenue for the second quarter of 2025, driven by continued gains in trading revenue, which is expected to rise for the 13th consecutive quarter. However, investment-banking fees are forecasted to decline by approximately 25% in Q2, a downturn attributed to the chilling effect of President Donald Trump’s policy announcements on dealmaking activities. The bank also anticipates a soft retail sales report for May, with stable control group spending but notable softness in home improvement, groceries, and general merchandise categories. Credit card spending per household decreased by 0.7% month-over-month on a seasonally adjusted basis, with year-over-year credit card spending slightly down.

Specific spending trends show restaurant expenditures up 2.5% year-over-year, while travel spending fell 4.8%. Meanwhile, New Zealand’s manufacturing sector contracted in May, with the BusinessNZ Manufacturing PMI dropping to 47.5 from a previous 53.9, signaling economic uncertainties in the region. Retail card spending in New Zealand showed mixed results, with a slight month-over-month decline in card spending for retail and a marginal increase in total card spending.

Bank of America is developing its own proprietary stablecoin, marking a notable move by a major traditional financial institution into the blockchain-based payments space. The bank's CEO confirmed that the stablecoin infrastructure is being built both independently and in collaboration with industry partners. This development aligns Bank of America with other leading companies such as Apple, Amazon, Google, X, and Uber, all of which are reportedly working on digital dollar projects. The entry of Bank of America into the stablecoin market underscores growing interest among established financial and technology firms in creating digital currencies backed by U.S. dollars.

Recent studies and surveys highlight the growing economic pressures affecting Americans across different age groups. A new study indicates that these pressures are taking a toll on the mental and emotional well-being of the population. Among elderly individuals, 93% express anxiety about their economic situation, a sharp increase compared to five years ago, with 41% of single elderly people worried about household finances due to rising prices and limited savings. Younger generations, particularly Gen Z, report feeling judged for their financial decisions, attributing this perception largely to parents and social media.

Nearly half of Gen Z believe that schools have failed to adequately educate them on financial management. According to Bank of America, older generations are more concerned about inflation, while younger people focus on housing affordability and labor market conditions. A Realtor.com survey reveals that high mortgage rates have caused 55% of Gen Z and 47% of millennials to delay home purchases, compared to 35% of Gen X and 18% of baby boomers, indicating that first-time buyers are most affected by current economic challenges.

European small-cap stocks have outperformed their US counterparts in 2025, driven by investor optimism about an economic resurgence in Europe and a preference to avoid companies heavily exposed to the US-China trade war initiated under former President Donald Trump. The European stock index has surpassed the US stock index by record margins, with fund flows gradually increasing into smaller European companies. This trend has puzzled US investors, who are reassessing European equity valuations. Bank of America notes that small-cap stocks, which have underperformed large-caps for the past 12 years, are currently undervalued and well-positioned to benefit in a stagflationary environment, potentially gaining from advancements in artificial intelligence.

The Savannah Bananas set a new weekend attendance record of 148,000 fans during their Banana Ball World Tour at Bank of America Stadium in Charlotte, according to team owner Jesse Cole. The event featured a combination of baseball, entertainment, and celebrity appearances, including former and current Carolina Panthers players such as Greg Olsen, Luke Kuechly, Jonathan Stewart, and backup quarterback Andy Dalton, who participated in on-field activities like dodgeball. Musical performances by Brantley Gilbert and Fitz and the Tantrums contributed to the lively atmosphere. The Bananas also drew a large crowd of 45,000 fans at Angel Stadium in Southern California, where NFL wide receiver Adam Thielen was spotted enjoying the game. The Savannah Bananas have gained widespread attention as one of the most popular sports attractions, with coverage on ESPN2, ESPN+, and Disney+ highlighting the unique blend of sports and entertainment they offer.

A special education teacher in California mistakenly left a $5,000 tip instead of the intended $5 at a vape shop. The error occurred due to a miscalculation when entering the tip amount, as she pressed two extra zeros by accident. Despite the large sum being charged, her bank did not respond to her inquiries for eight months following the incident. The teacher expressed distress over the mistake, which garnered attention after reports highlighted the prolonged delay in the bank's response.

Major financial institutions have revised their forecasts regarding upcoming interest rate cuts by the European Central Bank (ECB) and the Federal Reserve. JP Morgan now anticipates the ECB will lower rates in September, a shift from its earlier prediction of July. Similarly, Bank of America Global Research no longer expects a rate cut in July but maintains its forecast of 25 basis point reductions in both September and December, projecting a terminal ECB deposit rate of 1.50%, up from the prior forecast of 1.25%. In parallel, Citigroup has adjusted its forecast for a Federal Reserve rate cut, moving the expected timing from July to September.

The Kuwait Investment Authority has disposed of a $3.1 billion holding in Bank of America Corp. through an overnight block trade, according to people familiar with the transaction.

The shares were priced at $47.95 apiece, the sources said. The sale trims the sovereign wealth fund’s exposure to the second-largest U.S. bank; the precise percentage of the lender’s equity involved was not disclosed.

In the second quarter of 2025, investors have been withdrawing from US long-term government and corporate bond funds at the fastest rate since the 2020 crisis, with net outflows reaching $11 billion, marking the highest level in five years amid growing concerns over US debt. Concurrently, Bank of America clients reduced their exposure to US equities, pulling $1.3 billion from stocks last week, the largest outflow in 10 weeks, despite the S&P 500 closing June at a record high and achieving its best quarter since 2023. This selling pressure involved institutions, hedge funds, and retail investors. Additionally, foreign investors have been diversifying away from US stocks, withdrawing approximately $5 billion from US equity ETFs over the past month, the largest outflow in at least three years, reversing a similar inflow of $5 billion in May. Institutional investors have sold $2.3 billion in US equities in the past week alone, marking sales in eight of the last nine weeks, even as retail investors continue to buy.

The Federal Reserve said all 22 U.S. banks subject to its 2025 stress test would remain above required capital thresholds even if the economy plunged into a deep recession. Under the hypothetical scenario—featuring an 8 % drop in GDP, unemployment at 10 %, a 50 % equity-market sell-off and a 33 % slide in home prices—the group’s common-equity Tier 1 ratio would fall to 11.6 %, still more than double the 4.5 % regulatory minimum. Aggregate projected losses exceed $550 billion, yet capital buffers decline by a modest 1.8 percentage points, less than in prior years.

Read more

Chelsea’s round-of-16 match against Benfica at the FIFA Club World Cup was halted for 113 minutes on Saturday after lightning was detected near Bank of America Stadium in Charlotte. Play eventually resumed and the Premier League side secured a 4–1 extra-time victory, in a game that stretched to four hours and 39 minutes.

Manager Enzo Maresca called the lengthy stoppage “a joke” and said repeated weather interruptions mean the United States may be “not the right place” to stage such events. Saturday’s suspension was the sixth weather-related delay of the expanded 32-team tournament, three of which have exceeded an hour.

Read more

Chelsea defeated Benfica 4–1 after extra time in a FIFA Club World Cup last-16 match that lasted nearly five hours at Bank of America Stadium in Charlotte, North Carolina. Reece James’s 64th-minute free-kick put the Premier League side ahead before play was halted in the 86th minute under U.S. lightning-safety protocols, forcing players and spectators to take cover for one hour and 53 minutes.

When the match resumed, Ángel Di María converted a stoppage-time penalty to force extra time, but Benfica’s hopes faded after substitute Gianluca Prestianni was dismissed early in the added period. Chelsea capitalised with goals from Christopher Nkunku in the 108th minute, Pedro Neto six minutes later and Kiernan Dewsbury-Hall in the 117th to seal passage to the quarter-finals, where they will meet Brazil’s Palmeiras on 4 July in Philadelphia.

The suspension was the sixth weather interruption of the U.S.-hosted tournament. Chelsea manager Enzo Maresca called the near-two-hour delay “a joke” and questioned whether some American cities are suitable venues for major summer football events, an issue that could resonate with organisers of the 2026 World Cup, which will also be staged largely in outdoor stadiums across the United States.

Chelsea beat Benfica 4–1 after extra time on Saturday to secure a place in the FIFA Club World Cup quarter-finals, where they will meet Brazilian side Palmeiras on Friday in Philadelphia. Reece James put the English club ahead with a 64th-minute free-kick at Bank of America Stadium in Charlotte.

Play was halted in the 86th minute when lightning was detected within the required safety radius, triggering a 113-minute suspension. The interruption—already the sixth weather-related stoppage of the tournament—stretched the match to four hours and 38 minutes from kick-off to final whistle.

Read more

Baird analyst David George downgraded JPMorgan Chase & Co. to Underperform from Neutral and cut Bank of America Corp. to Neutral from Outperform, arguing that the recent surge in the two U.S. mega-cap banks has left their risk-reward profiles unattractive.

George kept a 12-month price target of $235 on JPMorgan, implying more than 18% downside from Thursday’s close, and a $52 target on Bank of America, suggesting about 9% upside. He said JPMorgan’s valuation—trading at a record 2.9 times tangible book value and a forward price-to-earnings multiple of 15.5—offers “modest downside” after the stock climbed more than 40% from an April low and set record highs this week. Bank of America’s recent advance and improving earnings outlook, he added, are largely reflected in its share price.

JPMorgan has risen roughly 20% this year and Bank of America about 8%, outpacing the S&P 500’s 4% gain. While Baird acknowledges the banks’ strong capital positions and benefits from deregulation and a reopening capital-markets backdrop, it contends that expectations are now elevated and future returns will likely fall short of recent performance.

Federal Reserve Chair Jerome Powell told lawmakers on Wednesday that the central bank will release a proposal on the Supplementary Leverage Ratio for public comment later today, marking the next step in the Fed’s review of bank-capital rules.

Powell said the Fed remains committed to an "ample reserves" framework that emerged after the global financial crisis, arguing that plentiful reserves help banks continue lending during periods of stress. He added that reverting to a scarce-reserves system would not meaningfully cut costs and that shrinking reserves to pre-crisis levels would take years.

The chair agreed that adjusting the SLR could free up capital for banks to invest in Treasuries and other low-risk assets and said he is "pretty confident" the Fed will act on both the Basel III endgame and SLR "in the near future." He also cautioned against eliminating the Fed’s authority to pay interest on reserves, calling it essential to the central bank’s interest-rate control toolkit.

Bank of America Chief Executive Officer Brian Moynihan warned that allowing the 2017 Trump-era corporate tax cuts to expire would deal a “real shock to the system,” making U.S. companies more likely to move operations overseas. Speaking in a televised interview, Moynihan called the extension of the existing 21% federal corporate rate “the number one thing” needed to keep domestic employment and investment onshore.

Moynihan voiced support for President Joe Biden’s so-called “Big Beautiful Bill,” legislation the White House is crafting to prolong the lower rate beyond its scheduled sunset at the end of 2025. He argued that the 2017 overhaul removed the incentive for multinationals to shift profits and production abroad, and said reversing that progress could undercut recent manufacturing reshoring initiatives.

Congress faces a year-end deadline in 2025 to decide whether to renew, modify or let lapse a slew of provisions from the 2017 Tax Cuts and Jobs Act. Business groups have stepped up lobbying on the issue, contending that higher statutory rates would erode U.S. competitiveness even as rival economies court investment with targeted incentives.

Bank of America Chief Executive Officer Brian Moynihan said U.S. consumer spending in June is running about 4.5% higher than a year earlier, indicating continued resilience in household outlays despite elevated borrowing costs and lingering inflation pressures.

Moynihan added that letting existing tax rates lapse would constitute a "real shock to the system," implying potential downside risks to consumer momentum if fiscal policy becomes less supportive.

A recent Bank of America report highlights notable trends among Generation Z prospective homebuyers in the United States. Approximately 21% of Gen Z buyers plan to rely on family loans for down payments, marking an all-time high. Additionally, 22% of Gen Z homeowners purchased their homes jointly with siblings, a rise from 12% in 2024 and 4% in 2023. Despite these strategies, 60% of current homeowners and prospective buyers remain uncertain about whether it is a good time to buy a home.

Meanwhile, in Spain, young people's income has declined by 10% since 2008, while incomes for those over 65 have increased by 8%, reflecting economic challenges for younger generations. Studies also show that young Spaniards require more years of salary to afford a home compared to their parents, underscoring the growing difficulty of homeownership for younger demographics. The trend of Gen Z leveraging family support and co-purchasing is seen as a pragmatic financial approach amid these challenges.

Top U.S. bank regulators, including the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), plan to propose a reduction in the enhanced supplementary leverage ratio (eSLR) for the largest banks. The current 5% capital buffer is expected to be lowered to a range between 3.5% and 4.5%, a cut of up to 1.5 percentage points. This move aims to address concerns that the existing capital rule has limited banks' ability to trade in the $29 trillion U.S.

Treasury market. The easing of this capital requirement is intended to enable major lenders such as JPMorgan Chase, Bank of America, Goldman Sachs, Morgan Stanley, Citigroup, U.S. Bancorp, and Wells Fargo to hold more Treasuries and increase their trading capacity. The Federal Reserve is scheduled to meet on June 25 to consider these changes, marking the start of a broader review of bank regulations. Market participants anticipate that this adjustment could help banks play a greater role in absorbing the large future supply of Treasury securities, potentially impacting liquidity in Treasury auctions. However, some analysts note that banks might favor buying more Treasury bills over bonds, which could generate more income with less risk but may not fully support Treasury financing needs. This regulatory proposal comes as banks prepare for upcoming stress-test results and ongoing debates about financial sector reforms.

The Depository Trust & Clearing Corporation (DTCC), which processes virtually all U.S. equity trades, is exploring the issuance of a U.S.-dollar-pegged stablecoin, The Information reported, citing people familiar with the matter. The project is understood to depend on the passage of federal legislation that would set rules for privately issued payment tokens.

A token backed by DTCC could shorten settlement times and broaden the use of blockchain infrastructure across capital markets, according to the report. Interest in such instruments is growing among large financial institutions; the chief executive of Bank of America said the lender is working on its own stablecoin both independently and with industry partners.

U.S. lawmakers have yet to agree on a comprehensive regulatory framework for stablecoins, leaving major firms waiting for legal clarity before moving ahead. DTCC is expected to make a final decision once the legislative outlook becomes clearer, the report said.

Bank of America CEO Brian Moynihan projected a mid-to-high single-digit percentage growth in market revenue for the second quarter of 2025, driven by continued gains in trading revenue, which is expected to rise for the 13th consecutive quarter. However, investment-banking fees are forecasted to decline by approximately 25% in Q2, a downturn attributed to the chilling effect of President Donald Trump’s policy announcements on dealmaking activities. The bank also anticipates a soft retail sales report for May, with stable control group spending but notable softness in home improvement, groceries, and general merchandise categories. Credit card spending per household decreased by 0.7% month-over-month on a seasonally adjusted basis, with year-over-year credit card spending slightly down.

Specific spending trends show restaurant expenditures up 2.5% year-over-year, while travel spending fell 4.8%. Meanwhile, New Zealand’s manufacturing sector contracted in May, with the BusinessNZ Manufacturing PMI dropping to 47.5 from a previous 53.9, signaling economic uncertainties in the region. Retail card spending in New Zealand showed mixed results, with a slight month-over-month decline in card spending for retail and a marginal increase in total card spending.

Bank of America is developing its own proprietary stablecoin, marking a notable move by a major traditional financial institution into the blockchain-based payments space. The bank's CEO confirmed that the stablecoin infrastructure is being built both independently and in collaboration with industry partners. This development aligns Bank of America with other leading companies such as Apple, Amazon, Google, X, and Uber, all of which are reportedly working on digital dollar projects. The entry of Bank of America into the stablecoin market underscores growing interest among established financial and technology firms in creating digital currencies backed by U.S. dollars.

Recent studies and surveys highlight the growing economic pressures affecting Americans across different age groups. A new study indicates that these pressures are taking a toll on the mental and emotional well-being of the population. Among elderly individuals, 93% express anxiety about their economic situation, a sharp increase compared to five years ago, with 41% of single elderly people worried about household finances due to rising prices and limited savings. Younger generations, particularly Gen Z, report feeling judged for their financial decisions, attributing this perception largely to parents and social media.

Nearly half of Gen Z believe that schools have failed to adequately educate them on financial management. According to Bank of America, older generations are more concerned about inflation, while younger people focus on housing affordability and labor market conditions. A Realtor.com survey reveals that high mortgage rates have caused 55% of Gen Z and 47% of millennials to delay home purchases, compared to 35% of Gen X and 18% of baby boomers, indicating that first-time buyers are most affected by current economic challenges.

European small-cap stocks have outperformed their US counterparts in 2025, driven by investor optimism about an economic resurgence in Europe and a preference to avoid companies heavily exposed to the US-China trade war initiated under former President Donald Trump. The European stock index has surpassed the US stock index by record margins, with fund flows gradually increasing into smaller European companies. This trend has puzzled US investors, who are reassessing European equity valuations. Bank of America notes that small-cap stocks, which have underperformed large-caps for the past 12 years, are currently undervalued and well-positioned to benefit in a stagflationary environment, potentially gaining from advancements in artificial intelligence.

The Savannah Bananas set a new weekend attendance record of 148,000 fans during their Banana Ball World Tour at Bank of America Stadium in Charlotte, according to team owner Jesse Cole. The event featured a combination of baseball, entertainment, and celebrity appearances, including former and current Carolina Panthers players such as Greg Olsen, Luke Kuechly, Jonathan Stewart, and backup quarterback Andy Dalton, who participated in on-field activities like dodgeball. Musical performances by Brantley Gilbert and Fitz and the Tantrums contributed to the lively atmosphere. The Bananas also drew a large crowd of 45,000 fans at Angel Stadium in Southern California, where NFL wide receiver Adam Thielen was spotted enjoying the game. The Savannah Bananas have gained widespread attention as one of the most popular sports attractions, with coverage on ESPN2, ESPN+, and Disney+ highlighting the unique blend of sports and entertainment they offer.

A special education teacher in California mistakenly left a $5,000 tip instead of the intended $5 at a vape shop. The error occurred due to a miscalculation when entering the tip amount, as she pressed two extra zeros by accident. Despite the large sum being charged, her bank did not respond to her inquiries for eight months following the incident. The teacher expressed distress over the mistake, which garnered attention after reports highlighted the prolonged delay in the bank's response.

Major financial institutions have revised their forecasts regarding upcoming interest rate cuts by the European Central Bank (ECB) and the Federal Reserve. JP Morgan now anticipates the ECB will lower rates in September, a shift from its earlier prediction of July. Similarly, Bank of America Global Research no longer expects a rate cut in July but maintains its forecast of 25 basis point reductions in both September and December, projecting a terminal ECB deposit rate of 1.50%, up from the prior forecast of 1.25%. In parallel, Citigroup has adjusted its forecast for a Federal Reserve rate cut, moving the expected timing from July to September.