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Financials Move Lower Ahead of Fed Meeting -- Financials Roundup

06/14/2021 | 05:37pm EDT

Shares of banks and lenders tumbled ahead of a two day Federal Reserve policy meeting.

Fed officials could signal this week that they anticipate raising interest rates sooner than previously expected following a spate of high inflation readings. In March, the last time they released quarterly economic forecasts, most officials expected to keep the Fed's benchmark interest rate near zero through 2023 to encourage the economy's recovery from the pandemic. Officials are set to release updated projections Wednesday.

Bitcoin reached its highest level in more than two weeks, buoyed by MicroStrategy completing its $500 million offering of junk bonds to buy bitcoin and by fresh comments from Tesla Chief Executive Elon Musk that reopened the possibility of the electric car maker accepting bitcoin for purchases.

Stripe has yet to go public, but investors are still craving a piece of it. The company, which processes payments for e-commerce businesses, recently offered investors the chance to acquire sizable stakes in the company from existing shareholders, including current and former Stripe employees, according to people familiar with the transaction.

Bids from those investors exceeded $4 billion, some of the people said.

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

(END) Dow Jones Newswires

06-14-21 1736ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.27% 0.73634 Delayed Quote.-4.24%
BITCOIN - EURO 1.50% 32010.3 Real-time Quote.33.94%
BITCOIN - UNITED STATES DOLLAR 1.55% 37874.69 Real-time Quote.29.20%
BRITISH POUND / US DOLLAR (GBP/USD) 0.46% 1.3891 Delayed Quote.0.60%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.35% 0.79434 Delayed Quote.1.32%
DJ INDUSTRIAL -0.48% 34976.07 Delayed Quote.14.56%
EURO / US DOLLAR (EUR/USD) 0.21% 1.1828 Delayed Quote.-3.62%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.23% 0.013423 Delayed Quote.-1.87%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.54% 0.6957 Delayed Quote.-2.74%
TESLA, INC. -2.01% 644.28 Delayed Quote.-6.81%
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