New research finds that more Americans are shifting their money from checking and savings accounts into financial vehicles that pay an investment income.
The trend helps to explain the resilience of the U.S. economy after a bout of high inflation and recent uncertainty due to tariffs. The analysis by the JPMorganChase Institute examined the accounts of 4.7 million households.
It found that people’s total cash reserves are increasing after including brokerage accounts, money market funds and certificates of deposit to assess people’s well-being. This helps to explain the strong consumer spending even though checking and savings account balances were below historical trends.
FDA names former pharmaceutical company executive to oversee US drug program
The Food and Drug Administration named a longtime pharmaceutical executive to run the agency’s drug program. Dr. George Tidmarsh is the founder and former CEO of several drugmakers. He was named Monday to run the FDA’s center for drugs, which employees nearly 6,000 staffers. His appointment comes a month after the center’s acting director announced her retirement.
Subway hires former Burger King executive as its new CEO
Subway has hired a former Burger King executive as its new CEO. The Miami-based sandwich chain said Monday that Jonathan Fitzpatrick will join the company on July 28. Fitzpatrick is the first CEO hired since Subway was acquired by the private equity firm Roark Capital in 2024.
