Shares of banks and other financial institutions rose as investors continue to keep a close eye on economic data for clues about the Federal Reserve’s path for raising interest rates.
With Fed officials draining a great deal of the drama out of the next two policy meetings, their September meeting is shaping up to be the key pivot point for the next stage of interest-rate policy changes. Assuming the Fed does deliver the percentage point’s worth of rate increases officials have penciled in for June and July, a number of central bankers have flagged the early fall meeting as a time to reassess what happens next.
Meanwhile, pension plans and other institutional investors are embracing a federal proposal that would force hedge funds and private-equity funds to provide more disclosures to investors. University endowments, insurance funds and retirement funds serving teachers and firefighters are urging the Securities and Exchange Commission to move forward with a proposed rule that would ensure private-fund investors receive annual audits and quarterly statements.
Chief financial officers at companies including Coca-Cola, General Electric, Walt Disney and Verizon Communications sent a letter to Treasury Secretary Janet Yellen expressing concern that new rules on foreign tax credits that went into effect earlier this year have created a competitive disadvantage and will result in double taxation.
Chinese financial-technology giant Ant Group launched a digital bank in Singapore that will serve small businesses in the city-state, expanding the company’s footprint outside of China.
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(END) Dow Jones Newswires
June 06, 2022 17:42 ET (21:42 GMT)
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