By Lananh Nguyen and Nupur Anand NEW YORK (Reuters) – Bank of America Corp’s Chief Executive Officer Brian Moynihan had a clear message for shareholders on Tuesday: “We are capitalists.” The proclamation from the head of the second-largest U.S. lender might seem obvious, but comes at a time when Wall Street titans face more criticism…
WASHINGTON (Reuters) -The Federal Reserve should “take a breath” as it looks poised to push interest rates even higher than previously expected after recent data showed less progress than central bank officials had hoped for in lowering inflation, a White House official said on Tuesday. Asked about Fed Chair Jerome Powell’s comments earlier in the…
MEXICO CITY (Reuters) – Mexico’s inflation likely slowed in February but still remained well above the official target, fueling expectations the central bank will raise its key rate again in its next monetary policy announcement at the end of March. The median forecast of 17 analysts shows annual inflation at 7.69% in February, down from…
By Kanishka Singh WASHINGTON (Reuters) -Starbucks Corp interim Chief Executive Officer Howard Schultz has agreed to testify this month before a U.S. Senate committee, the company and panel chairman Senator Bernie Sanders said on Tuesday. Schultz will testify on March 29 before the Senate Health, Education, Labor and Pensions Committee after he had earlier declined…
By Diane Bartz and David Shepardson WASHINGTON (Reuters) – The U.S. Justice Department filed a lawsuit on Tuesday to stop JetBlue Airways Corp from buying Spirit Airlines Inc, saying the planned $3.8 billion merger “would put travel out of reach for many cost-conscious travelers.” The complaint, which was filed in Boston federal court, said that…
NEW YORK (Reuters) – The Federal Reserve will likely need to raise interest rates more than expected in response to recent strong data and is prepared to move in larger steps if the “totality” of incoming information suggests tougher measures are needed to control inflation, Fed Chair Jerome Powell told U.S. lawmakers on Tuesday. “The…
By Davide Barbuscia NEW YORK (Reuters) – Spooked by a flurry of hotter-than-expected U.S. economic and inflation data last month, investors are reviving trading strategies that bet on a higher peak in interest rates. The recalibration in inflation expectations has led some investors to bet on a policy rate of 6% or even higher. Risk…
By Sruthi Shankar and Bansari Mayur Kamdar (Reuters) -U.S. stock indexes fell on Tuesday as Federal Reserve Chair Jerome Powell’s testimony before Congress hinted at a more hawkish monetary policy path in the world’s largest economy. The Federal Reserve will likely need to raise interest rates more than expected in response to recent strong data…
By Victoria Waldersee and Kate Abnett BERLIN/BRUSSELS (Reuters) – Germany has declared last-minute opposition to a landmark European Union law to end sales of CO2-emitting cars in 2035, demanding that sales be allowed of new cars with internal combustion engines after that date if they run on e-fuels. The EU law would require all new…
BEIJING (Reuters) -China will form a new national financial regulatory body, consolidating oversight and replacing its banking and insurance watchdog as part of a wider government overhaul announced on Tuesday that includes plans for a national data bureau. The financial regulation proposal, presented to China’s parliament during its annual meeting, would bring supervision of the…
