Shares of banks and other financial institutions fell slightly as Treasury yields treaded water ahead of a key Fed speech.
Three Federal Reserve officials said in separate television interviews Thursday that the time to cut back on central-bank bond-buying stimulus is looming: Federal Reserve Bank of St. Louis President James Bullard, Dallas Fed President Robert Kaplan and Kansas City Fed leader Esther George.
"I don't think you're going to hear any official statements in Jackson Hole that you haven't heard half a dozen times before," said Oliver Pursche, vice president at financial advisory firm Wealthspire. "I don't think the Fed is interested in rattling markets knowing that volume is very light therefore volatility is heightened."
Bank of America said two senior executives, Chief Operating Officer Tom Montag and Anne Finucane, a vice chairman and confidant of Chief Executive Brian Moynihan, will leave in the near future. Both will stay on in advisory roles.
Securities and Exchange Commission Chairman Gary Gensler named Barbara Roper, an outspoken investor-protection advocate, to his inner circle of advisers Wednesday, the latest sign he is gearing up to take a more adversarial approach toward Wall Street.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-26-21 1720ET
