Greetings,

Lawmakers across the US are introducing bills to ban personalized pricing -- where retailers use consumer data to set prices individually. This effort follows an investigation by Consumer Reports and Groundwork Collaborative that found significant price variations on Instacart. More on that below.

Also in this edition:

• Trade judge warns DOJ appeal could disrupt tariff refunds
• OECD: Middle East conflict to slow US GDP growth
• SEC proposal could boost alt data providers' market value
• Retailers face growing pressure amid war, rising gas prices

Members of the $20 Billion Club have increased focus on liability hedging, diversification, and overlay strategies to manage funded status volatility.

Personalized pricing, where retailers use personal data to set individual prices, is raising concerns among regulators and consumers. The Federal Trade Commission's investigation and a Consumer Reports study have highlighted the potential for this practice, prompting legislative action. Maryland has banned personalized pricing for food retailers, New York requires disclosure and California is considering a statewide ban.

US Court of International Trade Judge Richard Eaton has responded to the Justice Department's appeal of his order to refund $166 billion in tariffs deemed unlawful by the Supreme Court, warning that the appeal could disrupt the refund process managed through an online claims system. Eaton's letter highlights that the claims system was created in response to his ruling, not voluntarily by the government, and the judge has scheduled a public conference to discuss the next steps in the case.

The Organization for Economic Cooperation and Development forecasts US GDP growth will slow from 2% this year to 1.8% in 2027 because of an inflationary energy shock from the Iran war. The OECD notes the possibility of a temporary rise in inflation and suggests the Federal Reserve might need to increase its main interest rate. The OECD also highlights risks such as sustained higher oil prices, elevated equity valuations and vulnerabilities in private credit markets.

The SEC's proposal to allow US public companies to report earnings semiannually instead of quarterly could significantly benefit alternative data providers by increasing the value of their datasets. However, the proposal faces challenges, including voluntary participation by companies and existing transparency obligations.

US retailers are starting to feel the strain as the war with Iran enters its fourth month, with rising gas prices and economic challenges gradually eroding consumer spending power. Companies such as Walmart, Dollar Tree and Gap have reported that consumers are becoming more selective, prioritizing essentials and value-driven purchases while cutting back on discretionary items. Analysts warn that even if the war ends soon, the damage to energy infrastructure and supply chains will keep prices high into the second half of the year.

Bitcoin fell for a fourth straight day on Wednesday, extending its 2026 decline to 25% as spot bitcoin ETFs recorded 12 consecutive days of outflows, and Strategy sold bitcoin for the first time since 2022. The sell-off contrasts with surging AI-related equities, highlighting a shift in investor capital toward the technology sector.