News Highlights: Top Financial Services News of the Day

03/01/18 04:15 PM EST
Fed's Dudley Says Four Rate Rises in 2018 Would Still Be Gradual 

New York Fed leader William Dudley said a slightly more aggressive course of interest-rate rises this year wouldn't upend the central bank's desire to boost the cost of borrowing slowly and steadily.

Treasury Issues Tax Guidance Limiting Carried-Interest Provision 

The Treasury Department moved Thursday to limit a gap that could have let some investment-fund managers avoid higher taxes on their carried-interest income.

Wells Fargo's Wealth Management Unit Under Investigation 

Wells Fargo's problems expanded to its wealth-management business after it was accused of making "inappropriate referrals or recommendations."

FBI, Indonesian Police Search Yacht Seized in 1MDB Scandal 

U.S. and Indonesian investigators searched a luxury yacht off Bali, seeking evidence the crew had tried to evade authorities in Southeast Asian waters to avoid seizure related to a $4.5 billion fraud case brought by the U.S. Department of Justice.

Fed's Dudley Says Trade Protectionism Is a 'Dead End' 

Federal Reserve Bank of New York President William Dudley warned Thursday that any move toward protectionist trade policies is a "dead end" for those countries that try them.

Equifax Identifies Additional 2.4 Million Hit by 2017 Breach 

Equifax said more U.S. consumers were affected by its massive data breach last year than originally disclosed.

Senate Readies Rollback of Bank Rules 

The Senate is expected to soon approve the most significant bipartisan rollback of postcrisis financial rules since Republicans took control of Washington last year.

Trump Ally Was in Talks to Earn Millions in Effort to End 1MDB Probe in U.S. 

A top Republican fundraiser close to President Trump was in negotiations to earn tens of millions of dollars if the Justice Department dropped its investigation into a multibillion-dollar graft scandal involving a Malaysian state fund, according to emails reviewed by The Wall Street Journal.

Powell Bullish on Economy, but Sees No Signs of Overheating 

Federal Reserve Chairman Jerome Powell offered an upbeat view of the economy in a Senate panel hearing and indicated the central bank expects to continue to gradually raise short-term interest rates this year and beyond.

Investors Bet Against Treasurys as Bond Market Anxiety Intensifies 

Bond investors remain on edge after last month's big price swings across financial markets, with bearish bets on U.S. Treasury futures prices reaching new highs.


(END) Dow Jones Newswires

March 01, 2018 16:15 ET (21:15 GMT)

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