Shares of banks and other lenders and money managers gave back some of their recent gains amid doubts about the prospects of a second round of economic stimulus.
Democrats released a draft $2.2 trillion stimulus bill, an attempt to address Republican objections to the price tag of a previous proposal. The stimulus bill is viewed by many as the missing ingredient in the Federal Reserve's efforts to keep financial markets moving.
The Fed's response earlier this year to deal with the coronavirus pandemic did it was supposed to do and has helped put the economy on a path toward recovery, Federal Reserve Bank of New York leader John Williams said. Investors are now fearful that the market recovery will falter if Congress cannot agree on a fiscal-support package, however.
Near zero rates are likely to be appropriate into some time in late 2022 or 2023 to address the challenges the economy is facing in the recovery from the pandemic, Dallas Federal Reserve President Robert Kaplan said in an essay published by his bank, while noting the risk of market imbalances during prolonged periods of low interest rates.
JPMorgan Chase agreed to pay $920 million and admit misconduct tied to manipulation of precious-metals and Treasury markets, regulators said Tuesday.
Stephanie Cohen, who has been Goldman's chief strategy officer since 2017, was promoted Tuesday to run Goldman Sachs Group's consumer banking and wealth management division as part of a broader reshuffling two years into Chief Executive David Solomon's tenure.
Boston investment firm Silversmith Capital Partners raised $880 million for its third fund. Investment firm Blackstone Group set a goal of reducing carbon emissions by 15% within the first three years of buying any asset or company across its portfolio.
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