German Chancellor Angela Merkel expressed confidence that despite difficulties with Brexit negotiations, the EU and UK can come up with a deal. "If we are all clear in our minds, I have absolutely no doubt that we can reach a good result," she said after the first day of a summit of EU leaders in Brussels.
Lloyd Blankfein, CEO of Goldman Sachs Group, indicated that Frankfurt, Germany, will become the Wall Street giant's European hub after the UK withdraws from the EU. Blankfein's comments come as UK Prime Minister Theresa May strives for a breakthrough on Brexit negotiations at an EU summit.
The Federal Reserve should revise mortgage-securitization and -servicing rules to make lending to first-time buyers, young self-employed people and those with prior defaults easier, said JPMorgan Chase CEO Jamie Dimon. He said less onerous rules would have let his bank extend many more loans.
The European Parliament will amend the revised Markets in Financial Instruments Directive to apply its tick-size rule to systematic internalisers, systems that let brokers circumvent public markets and trade directly with clients, said Markus Ferber, a member of parliament who is leading a review of the legislation. Currently, the directive's tick-size rule doesn't apply to the systems.
Bitcoin reached a record high of more than $5,846 Saturday and has since dropped, although it likely will resume its bull trend, writes Bruce Powers, CMT. "Nevertheless, there are several technical reasons to prepare for a deeper pullback than what's been seen so far," Powers writes.
Senate banking committee Chairman Mike Crapo, R-Idaho, said the Federal Reserve should return to "more normal, traditional monetary policy." Crapo also expressed concern over the size of the Federal Reserve balance sheet and the slow pace the Fed has raised rates.
Workers' compensation claims have been filed by four off-duty Orange County, Calif., sheriff's deputies who were injured during the Las Vegas mass shooting this month. The Association of Orange County Deputy Sheriffs says that public policy recommends that off-duty officers "utilize their specialized training in the protection of life and property," even when out of state.
US financial stability could be at risk if a liquidity shock hits London-based LCH Group, said J. Christopher Giancarlo, chairman of the US Commodity Futures Trading Commission. Overseas clearinghouses like LCH don't have direct access to the Federal Reserve, which means they could encounter delays getting short-term loans in a fast-moving crisis, he said.
Clients approaching retirement age require personalized advice, as target-date funds might not be the best choice for them, Clint Barker of PGIM Investments said in a panel discussion at a recent PlanAdviser conference. Jeffrey Bograd of John Hancock Retirement Plan Services noted that tailored advice is crucial for older investors, because people "get only one chance at retirement."
The Senate has voted 51-49 to approve a budget blueprint for fiscal 2018 that opens the door to adoption of tax cuts proposed by President Donald Trump without Democratic votes. The measure needs reconciliation with a version passed by the House before it can be submitted for Trump's signature.
- Page 1