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Biden’s student loan relief could cost $400 billion, Congressional Budget Office says [CNBC]
In addition to the costs to forgive that debt, the CBO estimated the cost of Biden’s pause on student loan payments from September through December 2022 will total $20 billion…. The application to apply for loan forgiveness is scheduled to be available in early October.

Fed’s Evans says he’s getting a little nervous about going too far, too fast with rate hikes [CNBC]
[Chicago Fed President Charles] Evans said he remains “cautiously optimistic” that the U.S. economy can avoid a recession — provided there are no further external shocks…. “There are lags in monetary policy and we have moved expeditiously. We have done three 75 basis point increases in a row and there is a talk of more to get to that 4.25% to 4.5% by the end of the year, you’re not leaving much time to sort of look at each monthly release,” Evans said.

Crédit Agricole Subsidiaries to Settle Alleged Violations of U.S. Sanctions [WSJ]
CA Indosuez Switzerland SA, a Switzerland-based indirect subsidiary of Crédit Agricole Corporate and Investment Bank, has agreed to pay $720,258 for allegedly violating sanctions against Cuba, Iran, Sudan and Syria as well sanctions related to the annexation of Ukraine’s Crimea region, according to the Treasury’s Office of Foreign Assets Control.
Separately, CFM Indosuez Wealth, a Monaco-based indirect subsidiary also of Crédit Agricole Corporate and Investment Bank, has agreed to pay $401,039 for allegedly violating sanctions against Cuba, Iran and Syria, OFAC said.

Cathie Wood’s new fund gives small investors access to the VC market for just $500 [CNBC]
The fund is available to individual investors initially through investing app Titan, a startup backed by Andreessen Horowitz…. “We are doubling down on innovation,” Wood said in an interview Tuesday on CNBC’s “Squawk Box.” “Ark is moving from social media and social marketing into social distribution, direct to consumer. Pretty exciting. We are offering investors something they’ve not been able to access before….”
Ark’s flagship Innovation Fund (ARKK) has been under water all year as Wood’s disruptive darlings have been some of the biggest victims of rising interest rates. ARKK is down 60% this year and off 70% from its 52-week high in November.

Home price growth slowed by record amount in July [Yahoo!]
“Although U.S. housing prices remain substantially above their year-ago levels, July’s report reflects a forceful deceleration,” Craig J. Lazzara, managing director at S&P DJI, wrote in a press release. “For example, while the National Composite Index rose by 15.8% in the 12 months ended July 2022, its year-over-year price rise in June was 18.1%. The -2.3% difference between those two monthly rates of gain is the largest deceleration in the history of the index."

Platinum Hedge Fund Manager Says Fraud Verdict Should Be Tossed [Bloomberg]
Small should get a new trial because the law he was accused of violating is “too vague” and prosecutors failed to present sufficient evidence of his criminal intent, his lawyer Seth Levine said in a memo to the court late Friday…. [U.S. District Judge Brian] Cogan in 2019 voided a jury’s conviction of Small’s former colleagues, Mark Nordlicht and David Levy, but a federal appeals court reinstated their convictions in November, concluding Cogan had abused his discretion in throwing out the jury’s verdict. Nordlicht and Levy await sentencing.

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