Welcome to Markets Desk, your midday read on what's moving markets and policy.
SoFi and Visa earnings are drawing attention this week as both companies signal resilience in consumer spending. Analysts at Motley Fool are pointing to the results as evidence that household balance sheets remain intact despite elevated rates, a meaningful data point for anyone watching the broader retail credit environment.
Shifting to biotech, Replimune scored a significant regulatory win after the FDA granted accelerated approval for TUDRIQEV in combination with Bristol Myers Squibb's Nivolumab for adults with unresectable advanced cutaneous melanoma. The accelerated pathway designation suggests the agency sees meaningful clinical benefit where treatment options have historically been limited, and it puts Replimune squarely on the oncology map.
On the policy front, the Financial Times is pushing back on critics of Fed Chair Kevin Warsh, arguing the pushback against his leadership is unwarranted and that he is driving reform the institution genuinely needs. The piece matters because any uncertainty around Fed credibility tends to ripple through rate expectations and bond markets faster than most macro developments.
That's the tape. Markets Desk, signing off the floor.
