"the S&P has now traded in at least a 1% band for the 6thstraight day, just the 4th time in the last yr we’ve seen a streak this long (it was 1yr ago that started a run of 27 straight sessions of at least a 1% S&P intraday move, which also included the entire month of April)" - Goldman
total disaster:
Clover GPV was up 8% (8% in 2Q25), with 26% revenue growth (30% growth last quarter).
Small business revenue growth was 7% (6% organic) coming in at ~$1.741bn (-7% vs expectations).
Enterprise revenue growth was ~3.9% (9% organic) coming in at ~$580mn (-6% vs the Street).
Processing revenue came in at roughly $265mn (11% below of Street estimates).
More: "Logan thinks TGCR matters most. For TGCR to sit below IORB, it implies reserves at ~$3.15tn (currently at $2.93tn). Other views at Fed may differ, especially on FF vs TGCR focus. If Logan's view were to materialize, Fed bill buying backfill = ~$220bn. Fed could backfill w/ bill buying at $50-100b/m or new repo operations closer to IOR."