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...Can central banks claim much credit for bringing inflation down? Isabel Schnabel: It’s a myth that the inflation trajectory would have been the same in the absence of monetary policy action....
...“Capital One is a healthy, well-managed, well-capitalised bank. Discover less so,” said one bank M&A lawyer. “Part of this is regulators having Capital One solve a problem for them.”...
...JPMorgan Chase spent about a year discussing a possible deal with Discover Financial before Capital One agreed a $35bn bid for the credit card company....
...Industry association Sifma argued in a public comment before the rule was adopted that the FTC did not have the power to regulate banks and credit unions....
...While combating global warming is a priority at Banga’s World Bank, there have been other motivations at work in stimulating private capital....
...Ellison’s Skydance, which is backed by private equity investor KKR, RedBird Capital and Tencent, has been in talks with Redstone for several months to acquire a majority stake in National Amusements, the...
...The ECB’s new system is a hybrid between the one used by the US Federal Reserve, which plans to keep a large enough bond portfolio to maintain sufficient bank liquidity, and the Bank of England, which is...
...(Only this month New York Community Bank needed an emergency capital infusion.)...
...“There is always a tendency to look to help national champions,” said Kammer. “But it leads to a misallocation of capital if you favour one company over others.”...
...But Jamie Dimon, the bank’s chief executive, doesn’t like the proposed capital requirements one bit....
...(There is a parallel with the US economy where state bank licensing regimes coexist with a set of federal licensing rules.)...
...to setting a bank’s capital....
...“You’ve got monetary policy on one side trying to slow the economy and you’ve got fiscal policy batting against it on the other, with the potential for tax cuts and employee retention credits totalling over...
...One thing to start: Joe Lewis, the British billionaire whose family owns Tottenham Hotspur football club, will avoid being sent to prison for insider trading, after a federal judge in Manhattan agreed on...
...Monetary policy: Federal Reserve Bank of Atlanta president Raphael Bostic, Federal Reserve Bank of Kansas City president Jeffrey Schmid and Federal Reserve Bank of San Francisco president Mary Daly speak...
...Peter Schaffrik, an economist at RBC Capital Markets, said this was “one of the last months where base effects will exert a significant drag” referring to downward pressure on inflation caused by the drop...
...The potential threat to central bank independence from losses was “weak”, he said. “If a central bank asks for capital, it’s its own decision to do so....
...be commensurate with the longer-term profitability of a credit institution and its capital generation capacity”....
...They say the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency have exceeded their remit and could diminish the competitiveness of US banks by unilaterally...
...And here’s what else I’m keeping tabs on today: Federal Reserve: The Fed will release its Beige Book on the economic conditions of its 12 central bank districts....
...One good read Are retail-focused “alts” funds any good?...
...borrowing was a one-off....
...The benchmark 10-year yield slid as much as 12bp after the Treasury’s refunding announcement, v FactSet....
...The European Union’s Mortgage Credit Directive formalised the EU’s position that borrowers should have the right to convert loans to the currency in which the borrower receives their income, or that there...
...Nominal credit card debt hit a record $1.13tn in the last three months of 2023, growing at one of the fastest rates in more than 20 years, according to the New York branch of the Federal Reserve....
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