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Presented by Accountable.US : Delivered daily by 8 a.m., Morning Money examines the latest news in finance politics and policy. | | | | | |  | | By Ben White and Aubree Eliza Weaver | Presented by Accountable.US | Editor’s Note: Morning Money is a free version of POLITICO Pro Financial Services' morning newsletter, which is delivered to our s each morning at 6 a.m. The POLITICO Pro platform combines the news you need with tools you can use to take action on the day’s biggest stories. Act on the news with POLITICO Pro. | | | Crunch time on evictions — The White House faces a deadline at the end of the month to extend a nationwide ban on evictions with some 6 million still behind on rent in the wake of the Covid-19 pandemic. Reuters reported overnight that the White House “is expected” to extend the moratorium for another month and that an announcement could come today. But White House officials were super tight-lipped on the issue on Tuesday, deferring to the Centers for Disease Control and Prevention, which is officially responsible for the ban, though the call really comes from the West Wing. House Democrats are putting heavy pressure on the White House to extend the moratorium, citing the disparate impact on communities of color. Realtors and landlords want the ban lifted, of course. And the time may be coming in this economy to return to a more normal footing on such policies. But it’s almost impossible to believe the administration will roll back the moratorium now especially, as our Kelly O’Donnell notes, because “Congress has allocated more than $46 billion in emergency rental assistance … but much of that money still hasn’t reached the hands of landlords, who are still on the hook for property taxes, mortgage payments and operating costs.” It would make more sense for the White House to extend the moratorium through the summer and settle on the end of September to let it lapse, the same time enhanced jobless benefits expire. Employers are also looking to post-Labor Day to put more pressure on employees to return to the office. The month of October is increasingly looking like the time when some of the more generous federal and private sector Covid-era policies will drop away, though of course there is still plenty more easy Fed policy and potentially much more fiscal stimulus ahead. GOOD WEDNEDSAY MORNING — Email me on bwhite@politico.com and follow me on Twitter @morningmoneyben. Email Aubree Eliza Weaver on aweaver@politico.com and follow her on Twitter @AubreeEWeaver. | | | | A message from Accountable.US: Dear Corporate America: (a) protect voting rights (b) remain a member of the U.S. Chamber of Commerce. Pick one. You can’t do both. The U.S. Chamber of Commerce has poured millions of dollars into organizations that have pushed voter suppression and is fighting against legislation that would protect our democracy. It’s time to live your values and #DropTheUSChamber. TAKE ACTION: dropthechamber.org | | | | | | Biden this afternoon along with the attorney general “delivers remarks on the administration's crime prevention strategy and meets with stakeholders to discuss ways the administration is acting to keep cities and neighborhoods safe” … Senate Banking subcommittee has a hearing at 2:30 p.m. on child care during the recovery … House Financial COMING TOMORROW — Heather Boushey, a member of the White House Council of Economic Advisers will join Women Rule on Thursday noon ET for a live conversation about the policies and systemic changes that can help women recover from the disproportionate impact of the pandemic. Register here to watch live. U.S. COMPANIES WOULD STILL PAY LESS TAX UNDER BIDEN PLAN — Reuters Tom Bergin: “U.S. companies pay less income tax than their overseas competitors and would likely continue to do so under a tax hike proposed by President Joe Biden, according to a Reuters analysis of filings by hundreds of U.S. and international firms.” WHO WILL BE NYC MAYOR? WHO KNOWS? — Our Sally Goldenberg and David Giambusso: “[W]hile the die is nearly cast, voters may not know the outcome for weeks.
The winner of Tuesday’s Democratic primary is almost certain to become mayor in the city’s November general election … “The Democratic nominee will not be officially determined until the city Board of Elections releases its tally of absentee ballots on July 6. Further extending the ballot count is the advent of ranked-choice voting, which allows New Yorkers to select up to five candidates for each position. The system kicks in when no candidate attains 50 percent of votes on the first pass. The board plans to issue preliminary results of ranked ballots on June 29.” BIDEN SPENDING STRATEGY STILL … CONFUSING — Our Laura Barrón-López and Sarah Ferris: “Biden is still trying to have it all: an infrastructure deal with the GOP and a sprawling spending package for his own party. It’s just not clear how much longer the strategy will hold. “With just days left before the Senate leaves town until mid-July, White House aides say Biden remains committed to talks with moderate Democrats and Republicans, even with little certainty that they will result in a deal. And while administration officials have been privately assuring Democrats they can tackle the rest of their wish-list while avoiding a GOP filibuster through the budget tactic known as reconciliation, the president’s allies on the Hill are growing increasingly restive.” MORGAN STANLEY TO BAR NON-VAXXED EMPLOYEES — CNBC’s Dan Mangan: “Morgan Stanley … told its staff that workers and clients who are not vaccinated against Covid-19 will be barred from returning to New York City and Westchester County offices with a large employee presence beginning July 12 … “All Morgan Stanley staff in the New York metropolitan area are also now required to attest to their coronavirus vaccination status by July 1. Employees who are not fully vaccinated will have to continue working remotely, the company told workers Tuesday. The move, which will allow Morgan Stanley to lift mask and physical distancing requirements in its offices, follows similar actions by other financial giants.” | | | | A message from Accountable.US:   | | | | | | WALL STREET RISES — AP’s Damian J. Troise and Stan Choe: “Stocks rose on Wall Street Tuesday, nudging the S&P 500 toward its record high, as the head of the Federal Reserve said again that inflation looks to be only a temporary problem for the economy and markets. “The S&P 500 climbed 21.65, or 0.5 percent, to 4,246.44 after Fed Chair Jerome Powell’s comments helped further calm markets, which were jolted by last week’s announcement that the Fed has begun planning to eventually offer less support to the economy. The S&P 500 got back within 0.2 percent of its all-time high set two Mondays ago, after dropping as much as 2.1 percent.” IPO ALTERNATIVE LOSES EARLY LUSTER — Bloomberg’s Drew Singer: “They were hailed as Silicon Valley’s answer to the traditional Wall Street IPO. A way for founders of hot tech startups to sidestep the hefty fees and the millions of dollars potentially left on the table when bankers took them public. "But now, some are wondering whether direct listings can live up to the hype. A string of high-profile direct listings, including Squarespace Inc. and ZipRecruiter Inc. flopped recently, but Coinbase Global Inc. was particularly notable.” CONFUSED BY THE FED? SO ARE MARKETS — WSJ’s James Mackintosh: “The bond market is supposed to be the smart older cousin that keeps its head while the flighty stock market zooms about all over the place. Not so much in the past week. Instead of a calm response to the Federal Reserve’s slightly more hawkish tone, the 10-year yield first leapt by the most in months, then plunged. “On Monday, it dropped during Asian trading hours to the lowest since February, before bouncing all the way back and then some. The moves reveal deep confusion among investors about the Fed’s intentions and the strength of the post-pandemic recovery, as well as the extraordinary desperation for safe yields.” BITCOIN DROPS BELOW $30K FOR FIRST TIME SINCE JANUARY — NYT’s Ephrat Livni and Raymond Zhong: “Bitcoin fell below $30,000 on Tuesday for the first time since January after a torrid week of trading in which the cryptocurrency has lost nearly 30 percent of its value. The latest drop leaves the cryptocurrency little changed from where it began the year, erasing a large run-up in recent months. The decline comes as China intensifies its crackdown on Bitcoin.” | | | | “THE WOMEN REOPENING AMERICA” – A THURSDAY CONVERSATION: With more than 100 million people vaccinated against Covid-19, a strengthening economy and relaxed Covid restrictions on businesses and public gatherings, America is on a path to fully reopening. What policies and systemic changes can help women recover from the disproportionate impact of the pandemic? Join Thursday for a “Women Rule” conversation with leading women who are playing a pivotal role in determining what normal will look like for business, politics, schools and the workplace. REGISTER HERE. | | | | | | | | POWELL: FED WILL NOT RAISE RATES ON INFLATION FEARS ALONE — Reuters’ Howard Schneider and Ann Saphir: “Federal Reserve Chair Jerome Powell on Tuesday reaffirmed the U.S. central bank's intent to encourage a ‘broad and inclusive’ recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation. “‘We will not raise interest rates pre-emptively because we fear the possible onset of inflation. We will wait for evidence of actual inflation or other imbalances,’ Powell said in a hearing before a U.S. House of Representatives panel.” BANK STRESS TESTS PAVE WAY FOR STOCK BUYBACK, DIVIDEND BONANZA — Reuters’ David Henry and Pete Schroeder: “The country's largest lenders are poised to start issuing as much as $130 billion in dividends and stock buybacks from next month after the U.S. Federal Reserve gives them what is expected to be a clean bill of health on Thursday, said analysts. HOME SALES FALL AGAIN AS PRICES CONTINUE TO SOAR — AP’s Christopher Rugaber: “Sales of previously-occupied homes fell for the fourth straight month in May as soaring prices and a limited number of available properties discouraged many would-be buyers. “Existing home sales dropped 0.9 percent last month from April to a seasonally-adjusted annual rate of 5.8 million units, the National Association of Realtors said Tuesday. The string of sales declines comes after sharp gains last fall and through the winter, as many Americans sought more living space during the pandemic. Sales are up nearly 45 percent from last May, when purchases fell to their lowest point of the Covid-19 outbreak.” | | | | TUNE IN TO DISPATCH+ ON APPLE PODCASTS : POLITICO Dispatch, our daily podcast that cuts through the news clutter and keeps you up to speed on the most important developments of the moment, is expanding. In collaboration with the new Apple Podcasts Subscription platform, Dispatch+ launches this week! This new podcast gives premium Dispatch+ s exclusive bonus weekly reporting and analysis from POLITICO's newsroom. Don't miss out, subscribe and listen to Dispatch+ on Apple Podcasts. | | | | | | | | NEW ON CREDIT CARD REWARDS — ABA has a new report on credit card rewards programs out this a.m. it says “shows in detail how popular these programs are with consumers across all income levels” PAYROLL ADVANCE APP BUILDS OUT D.C. PRESENCE — Earnin, one of a growing group of apps that provides users advances on their paychecks in exchange for “tips,” has hired tech startup vet Ben LaRocco to grow out its D.C. office. LaRocco previously worked in government relations for e-scooter companiesSuperpedestrian and Lime, as well as Amazon and Procter & Gamble. ENGAGED — Lucas Zavala, a postdoctoral fellow and lecturer in the international economics section at Princeton, recently proposed to Amanda Zheutlin, a senior scientist at Janssen. The couple met during their PhDs at Yale (in economics and psychology, respectively). | | | | A message from Accountable.US: Dear Corporate America:
(a) protect voting rights
(b) remain a member of the U.S. Chamber of Commerce
Pick one. You can’t do both.
Corporate America has pledged to speak up and protect Americans’ sacred right to vote … but many remain members of the U.S. Chamber of Commerce, a group that has poured millions of dollars into voter suppression efforts and backing anti-democratic actions. You can’t protect democracy and support the U.S. Chamber.
It’s time to live your values and #DropTheUSChamber. TAKE ACTION: dropthechamber.org | | | | | | | Follow us on Twitter | | | | Follow us | | | | |  |
