Why Amazon Might be Looking to Team up With Big Banks
Amazon is looking to team up with banks to build a checking account-type product. The e-commerce giant is in talks with JPMorgan Chase according to the Wall Street Journal. Emily Glazer, banking reporter at the WSJ, explains her outlook for Amazon's ability to enter this sector.
"The Amazon effect is everywhere," says Glazer. "Banks would have a huge advantage of tapping into Amazon's data, their technology and then Amazon would have a huge advantage of not becoming a bank, not having to deal with stringent financial regulations, and capital restrictions, and all that comes with becoming a big bank."
But at what point does Amazon go too far with controlling consumers lives? Glazer says millennials don't care as much about privacy and security as older generations.
The Federal Reserve kept its key interest rate unchanged Wednesday for a third straight time, and its officials signaled that they expect to make three quarter-point cuts to their benchmark rate next year.
Eliott Wellenbach, vice president and institutional ETF strategist with Direxion, joined Cheddar News to discuss what traders are expecting from consumer spending ahead of the holidays and how they're positioning themselves following the latest inflation data and mortgage rates.
