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According to Federal Reserve projections released on Wednesday, the central bank will raise interest rates as high as 5.6% by 2023 after pausing its hike campaign in June. On Wednesday, the Federal Reserve maintained its target range for the key lending rate at 5% to 5.25%. But its projections, the so-called dot-plot, moved markets, Read More

Earlier this month, JPMorgan Chase raised its performance target following the government-brokered takeover of First Republic. The bank will generate about $84 billion in net interest income this year, New York-based JPMorgan said Monday in slides for an all-day investor presentation. That’s $3 billion more than April’s guidance. JPMorgan raised its net interest income outlook by $7 billion, causing its stock to jump on earnings day for the first time in 20 years. In addition, the bank said that “sources of uncertainty” Read More

Following the March jobs report, which showed a resilient economy and moderate inflation, S&P 500 futures and Treasury yields increased on Friday. S&P 500 futures gained 0.2%. Dow Jones Industrial average futures added 64 points. Nasdaq-100 futures rose 0.1%. The 2-year Treasury yield jumped 17 basis points to 3.99%. The 10-year Treasury yield added 12 basis points to 3.41%. (One basis point equals 0.01%, and yields move inversely to prices.) The U.S. added 236,000 jobs in March, about in line with expectations, Read More

The Federal Reserve is expected to raise interest rates by a quarter percentage point next week, despite turmoil in the banking industry and uncertainty ahead. Many experts expect the rate on Wall Street to rise by a quarter percentage point. The expectations for interest rates have been on a rapid swing over the past two weeks, ranging from a half-point hike to holding the line and even at one point talk that the Fed might be willing to reduce rates. However, a consensus has emerged that Fed Chairman Jerome Powell and his fellow Read More

After his attempts in consumer finance failed, Goldman Sachs CEO David Solomon announced Tuesday that asset management and wealth management would be the bank’s growth engines. “The real story of opportunity for growth for us in the coming years is around asset management and wealth management,” Solomon told CNBC’s, Andrew Ross Sorkin. Solomon added that Goldman was already the fifth-biggest active asset manager in the world. “There’s real opportunity across the firm for us to continue to make the firm more durable,” Read More

According to a person with knowledge of the situation, Goldman Sachs, the storied investment bank, plans on cutting up to 8% of its employees as it girds for a tougher environment next year. The layoffs will impact every division of the bank and will likely happen in January, according to the person who declined to be identified as speaking about personnel decisions. That’s ahead of an upcoming conference for Goldman shareholders in which management is expected to present performance targets. The New York-based investment bank typically pays bonuses in January, and it’s possible the layoffs could be a way to preserve bonus dollars for remaining employees. Read More

Despite a muted level of inflation, consumers pulled back on their spending in November, according to data released Thursday by the Commerce Department. Retail sales declined by 0.6% for the month, exceeding the Dow Jones estimate of a 0.3% decline. The number is not adjusted for inflation as gauged by the Labor Department’s consumer price index, which increased by 0.1% in November and was below expectations. Measures that exclude autos and both autos and gas sales showed 0.2% declines. Stocks fell sharply following a mostly disappointing round of economic data released Thursday morning. The Dow Jones Industrial Average was off nearly 500 points in early trading. Read More

Following a big market rally on Monday, Credit Suisse shares recovered their losses and ended the day down around 1%. In the wake of a report in the Financial Times that the Swiss bank’s executives are in discussions with its major investors to assuage their concerns over the lender’s finances, the company’s shares dropped as much as 10%. One executive in the talks told the publication that teams at the bank were actively engaging with its top clients and counterparties over the weekend, adding that they were receiving “messages of support” from top investors. Shares ended the trading session down around 1%. Read More

According to sources with knowledge of the discussions, Sam Bankman-Fried’s crypto conglomerate FTX is currently in talks with investors to raise up to $1 billion in new capital, which would keep the company’s valuation at approximately $32 billion. Negotiations are ongoing, and the terms may change, according to the sources who requested anonymity, as the discussions are confidential. After FTX’s last capital raise in January, Coindesk previously reported on an upcoming investment at a flat valuation. Existing investors include Singapore’s Temasek, SoftBank’s Vision Fund 2, and Tiger Global. An FTX spokesperson declined to comment. Read More

President Joe Biden will nominate former Treasury Department official, Michael Barr, to be the Federal Reserve’s top regulator in charge of big banks. Barr is the White House’s frontrunner for the top regulatory job. If appointed, the financial law author perhaps becomes the most powerful U.S. bank regulator: the Fed Vice chair supervision. Read More