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US National Debt Surpasses Total Economic Output for the First Time

Key Points: US government debt held by the public reached $31.27 trillion, passing the $31.22 trillion national economic output. The federal government spent $1.17 trillion more than it collected this year, pushing the deficit near $2 trillion. Interest payments consume 14% of the federal budget, taking more than 1 in 7 dollars the government spends. Gross national debt stands much higher at $38.95 trillion, pushing...

JPMorgan Chase Hires Chris Mihok to Lead Banking Sector Advisory Team

Key Points: JPMorgan Chase recruited Chris Mihok from Keefe, Bruyette & Woods to serve as a managing director for its financial institutions group. Mihok will officially start his new role in early July and report directly to North America bank leaders Clay Robinson and Andrew Spicehandler. The Wall Street giant recently advised British firm Schroders on its massive $13.4 billion sale to United States asset...

Apple Prepares for Earnings Report After CEO Tim Cook Steps Down

Key Points: Apple faces Wall Street on Thursday for its first earnings report since announcing John Ternus will replace Tim Cook. Analysts expect the technology giant to report $109.7 billion in total revenue and massive growth in iPhone sales. The company recently launched a new $599 MacBook Neo laptop alongside the fresh iPhone 17e and iPad Air. Investors want to hear how the company handles...