Welcome to Markets Desk, here's what's moving this Wednesday morning.
Federal student loans are entering a new phase of transition, as the Education and Treasury Departments launch the first stage of a plan to move defaulted accounts under Treasury management. A new online portal is now live, allowing borrowers in default to make payments directly, a significant structural shift in how Washington handles its massive student debt portfolio.
Shifting to the ag complex, wheat futures are opening the midweek session on firmer footing, with contracts trading five to seven cents higher after a choppy Tuesday that saw Chicago soft red winter post modest front-month gains while deferred contracts slipped as much as six and a half cents. Open interest edged up, suggesting some fresh positioning is entering the market.
On the leadership front, Condé Nast CEO Roger Lynch is departing after more than seven years at the helm of the publishing house behind Vogue, Vanity Fair, and The New Yorker. Lynch is heading to toy giant Mattel to take over as chief executive, with lead independent director Mike Perlis stepping in as interim CEO while the company searches for a permanent successor.
That's the tape. Markets Desk, signing off the floor.
