After the Fed released minutes of its last meeting, the bond market signaled it fears the Fed will not be aggressive enough with its rate cutting.Market Insiderread more
The Fed minutes also note that "a couple" members wanted a 50 basis point cut, based primarily on the weak inflation readings.The Fedread more
The inversion is seen by many veteran traders as an important recession omen, though the timing on the eventual downturn is less predictable.Bondsread more
Here's what Nordstrom reported for its fiscal second-quarter earnings.Retailread more
The sexy image that once boosted Victoria's Secret has been haunting L Brands more recently, as women are steering clear of the brand's hot pink, lacy and bejeweled lingerie.Retailread more
See which stocks are posting big moves after the bell.Market Insiderread more
"I'd love to say that the optimistic universe is most likely to prevail, but the talking heads talk endlessly about how a recession is inevitable," CNBC's Jim Cramer says.Mad Money with Jim Cramerread more
Read the fine print in your Apple Card contract — one clause means you give up your right to be heard in court.Technologyread more
Federal Reserve members worried over future growth are highly concerned about the U.S.-China tariff battleThe Fedread more
President Donald Trump signed a memorandum on Wednesday to automatically cancel the student loan debt of disabled veterans. More than 25,000 service members will have their...Personal Financeread more
Jim Nussle, a former director of the Office of Management and Budget, told CNBC on Wednesday that a strong U.S. consumer is the only thing keeping the country from recession.Marketsread more
Macy's said Wednesday it's dipping its toes into both the clothing subscription and apparel resale businesses.
The department store operator said it started a pilot this month with resale marketplace ThredUp at 40 Macy's stores across the country, taking up about 500 square feet of space at each location.
"We know many consumers are passionate about sustainable fashion and shopping resale," CEO Jeff Gennette said on a call with analysts. "This partnership gives us the opportunity to reach a new customer and keep them coming back to shop an ever-changing selection of styles, and brands, that we don't typically carry."
Earlier, Macy's reported fiscal second-quarter earnings that fell well short of estimates and cut its forecast for the year. Shares fell more than 13%. Macy's results were hurt as it was forced to mark down merchandise during the spring to clear inventories.
Gennette told analysts that millennial and Gen Z shoppers especially are looking for rental and resale options. He said this strategy is also a way for Macy's to acquire new customers.
As Macy's puts merchandise from ThredUp into its stores, it will be taking items from brands and categories that Macy's doesn't currently offer, Gennette explained, telling analysts this won't result in any cannibalization of Macy's existing offering.
Meanwhile, at its Bloomingdale's business, Macy's is working with CaaStle, a start-up that assists retailers in rolling out subscription clothing services.
Gennette said: "Learning from Bloomingdale's will inform the development of a similar rental service at Macy's in the near future. ... We need to play in this game. "
Macy's certainly won't be the first retail to try this, either.
Companies including Express, American Eagle, Ann Taylor and Urban Outfitters have launched subscription or rental services for their clothes. The companies are all trying to build on the success of platforms like Stitch Fix and Rent the Runway, which offer clothes either through personalized boxes, or on a rent-to-own basis. Luxury consignment platform The Real Real is also growing; when it reported earnings on Tuesday evening it said revenue jumped 51% from a year ago to $71 million.