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Financials Down Slightly After Beige Book -- Financials Roundup

09/08/2021 | 03:14pm EDT

Shares of banks and other financial institutions fell slightly after the Federal Reserve's "Beige Book" regional survey of economic activity hinted that U.S. economic growth may be slowing.

One brokerage said Treasury yields and bank stocks, which often track the yields, may have reached an "inflection point."

"The market is beginning to recognize that both tapering and the rate cycle are appearing on the horizon," said analysts at brokerage Jefferies, in a note to clients.

A centrist Democrat on the Senate Banking Committee said President Biden should nominate Federal Reserve Chairman Jerome Powell to a second term, the latest volley in an intraparty rift over the future leadership of the Fed, The Wall Street Journal reported.

Montana Sen. Jon Tester said in an interview Wednesday that he was concerned by recent calls from progressive House Democrats to replace Mr. Powell with someone who would focus the Fed on advancing liberal political priorities, including climate change.

Insurance giant American International Group Chief Executive Peter Zaffino will add the role of company chairman, a move signaling the board's support for him over the long haul.

The Securities and Exchange Commission is investigating Coinbase Global over a lending program the company plans to market and has indicated it would sue the company over the offering.

PayPal Holdings agreed to buy Japanese "buy now, pay later" startup Paidy for about $2.7 billion, in a move that will boost its business in the world's third-largest e-commerce market.

BlackRock has raised roughly $1 billion for the first-ever mutual fund solely run by a foreign firm that is allowed to sell to Chinese individuals.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

09-08-21 1714ET

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