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Financial Shares Climb as Fed Signals Possible Rate Increases -- Financials Roundup

09/22/2021 | 03:34pm EDT

Shares of banks and lenders rallied as the Federal Reserve signaled it could start reversing its pandemic stimulus programs in November and could raise interest rates next year.

The Fed's rate-setting committee revised its postmeeting statement to say that it could start to reduce, or taper, its $120 billion in monthly asset purchases as soon as its next scheduled meeting, Nov. 2-3. Fed Chairman Jerome Powell said during a news conference that officials generally agreed at their meeting that "a gradual tapering process that concludes around the middle of next year is likely to be appropriate."

Embattled China Evergrande Group's flagship property business said it would make an interest payment on an onshore bond, giving the highly indebted conglomerate more time to work out what investors expect will be a lengthy and complicated restructuring. However, another test will come Thursday when an interest payment on a bond denominated in dollars is due.

The Financial Accounting Standards Board proposed a rule that would require companies to disclose key terms and the size of their supply-chain financing, a move aimed at helping investors better understand the short-term borrowing mechanism.

Invesco, one of the biggest operators of exchange-traded funds in the U.S., is making plans to roll out a lineup of funds backed by bitcoin and other cryptocurrencies. The Atlanta-based asset manager will join with Galaxy Digital Holdings, an upstart digital asset firm, to develop U.S.-listed ETFs that hold and track the performance of bitcoin and other cryptocurrencies, yet trade like a stock.

 Write to Amy Pessetto at amy.pessetto@dowjones.com 

(END) Dow Jones Newswires

09-22-21 1734ET

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