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The yield on the 10-year Treasury rose by 2 basis points at 3.748%. The yield on the 2-year Treasury traded 1 basis point higher around 4.711%. U.S. Treasury yields were little changed Wednesday as investors looked ahead to Federal Reserve Chairman Jerome Powell's testimony before Congress and assessed the economic outlook. Two more increases of 25 basis points each are expected this year, according to the central bankers. Elsewhere, U.K. inflation figures came in higher than expected at 8.7% for May.

Persons: Jerome Powell's, Powell Organizations: Treasury, U.S, Federal, Financial, Investors, The, of England's

☆ House Democrats release wave of bank reform bills
▼ + stars: | 2023-06-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +7 min

WASHINGTON — House Democrats on Wednesday will release a slate of reform bills in response to the recent bank failures that triggered the worst crisis for the sector since 2008. "The failures of Silicon Valley Bank, Signature Bank, and First Republic Bank make clear that it is past time for legislation aimed at strengthening the safety and soundness of our banking system and enhancing bank executive accountability," she said. President Joe Biden called for these actions shortly after the FDIC took over SVB and Signature Bank in March. The bill would have prevented SVB bank executives from cashing out after repeated warnings by regulators, according to Democrats. Neither Signature Bank nor SVB had a bank holding company before they collapsed.

Persons: Maxine Waters, Dodd, Frank, Waters, Joe Biden, Nydia Velazquez, Brad Sherman, Juan Vargas, David Scott, Al Green, Sylvia Garcia of, Emanuel Cleaver, Joyce Beatty, Steven Horsford, Rashida, Velazquez, Sherman, Cleaver, Beatty, Frank Act's, SVB, Vargas, Garcia, Tlaib, Banks, Sean Casten, Josh Gottheimer, Ritchie Torres, Wiley Nickel, Stephen Lynch, Brittany Pettersen Organizations: Financial Services, Washington , D.C, WASHINGTON —, Democrats, Financial Services Committee, Treasury Department, Federal Deposit Insurance Corporation, Silicon Valley Bank, Signature Bank, Banking Committee, Valley Bank, First Republic Bank, FDIC, Democratic, Sylvia Garcia of Texas, Republicans, Sound Banking, Prudential, prudential, Bank, Green, Sherman, Rep, Federal, Office, Federal Reserve, FAIR, Tlaib, Safety, Sherman . Locations: California, Washington ,, New York, Georgia, Missouri, Ohio, Michigan, Green, Horsford, H.R, Silicon, Illinois, New Jersey, North Carolina, Colo

☆ Watch Fed Chair Powell speak live on rate hikes and more to a House panel
▼ + stars: | 2023-06-21 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Federal Reserve Chairman Jerome Powell speaks Wednesday to the House Financial Services Committee in the first of two days on Capitol Hill where he will be testifying on monetary policy. In prepared remarks, Powell reiterated that Fed officials expect multiple additional interest rate increases this year to tackle inflation that he said is still too high. The Fed has raised rates 10 times since March 2022, but inflation is still well above the central bank's 2% target. Powell will speak Thursday before the Senate Banking Committee. Read more:Fed holds off on rate hike, but says two more are coming later this yearInflation rose at a 4% annual rate in May, the lowest in 2 yearsFormer Fed Chair Ben Bernanke says there's more work ahead to control inflation

Persons: Jerome Powell, Powell, Read, Ben Bernanke, there's Organizations: Federal, Financial, Capitol, Fed

☆ Wall Street ends lower, pausing rally as Powell testimony looms
▼ + stars: | 2023-06-20 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

All three major U.S. equity indexes ended the session in the red but off session lows, with oil super-majors Exxon Mobil Corp weighing on the S&P 500 and the Dow. Including Tuesday's loss, the benchmark S&P 500 has advanced 14.3% so far this year. Of the 11 major sectors of the S&P 500 all but consumer discretionary stocks (.SPLRCD) ended in negative territory. The S&P 500 posted 14 new 52-week highs and no new lows; the Nasdaq Composite recorded 68 new highs and 87 new lows. Volume on U.S. exchanges was 11.15 billion shares, compared with the 11.36 billion average for the full session over the last 20 trading days.

Persons: Jerome, Robert Pavlik, Pavlik, We've, Rivian, Morgan Stanley, Daniel Zhang, Eli Lilly, Stephen Culp, Shristi Achar, Shubham Batra, Johann M, Aurora Ellis Organizations: Fedex, Dow, Nasdaq, Federal, Exxon Mobil Corp, Dakota Wealth, U.S . House Financial, Dow Jones, Energy, Rivian Automotive Inc, Tesla Inc, PayPal Holdings, KKR & Co, Nike, Alibaba Group, Adobe Inc, Dice Therapeutics, Fedex Corp, NYSE, Thomson Locations: Fairfield , Connecticut, China, Europe, Bengaluru

☆ S&P 500 ends lower, pausing rally with Powell testimony in view
▼ + stars: | 2023-06-20 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Federal Reserve Chairman Jerome Powell's congressional testimony Wednesday looms as a potential market mover. All three major U.S. equity indexes ended the session in the red but off session lows, with oil super-majors Exxon Mobil Corp weighing on the S&P 500 and the Dow. The broad sell-off comes on the heels of the Nasdaq's longest weekly winning streak since March 2019, and the S&P 500's longest since November 2021. As of Friday's close, the benchmark S&P 500 had advanced 20% in the last twelve months, and over 14% so far this year. According to preliminary data, the S&P 500 (.SPX) lost 20.79 points, or 0.47%, to end at 4,388.80 points, while the Nasdaq Composite (.IXIC) lost 22.28 points, or 0.16%, to 13,667.29.

Persons: Jerome, Robert Pavlik, Pavlik, We've, Morgan Stanley, Daniel Zhang, Eli Lilly, Stephen Culp, Shristi Achar, Shubham Batra, Johann M, Aurora Ellis Organizations: Federal, Exxon Mobil Corp, Dow, Dakota Wealth, U.S . House Financial, Nasdaq, Dow Jones, Rivian Automotive Inc, Tesla Inc, Rivian, PayPal Holdings, KKR & Co, Nike, Alibaba, Adobe Inc, Dice Therapeutics, Fedex Corp, Thomson Locations: Fairfield , Connecticut, China, Europe, Bengaluru

☆ Stock futures are little changed Tuesday night as market rally falters: Live updates
▼ + stars: | 2023-06-20 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

U.S. stock futures were near flat on Tuesday evening as investors took a breather from last week's market rally. S&P 500 futures inched down by 0.06% and Nasdaq 100 futures lost 0.03%. The S&P 500 slid 0.47%, and the Nasdaq Composite lost 0.16%. Stocks are overbought and in need of a catalyst, according to Quincy Krosby, chief global strategist for LPL Financial. Indeed, last week the S&P 500 hit its highest level since April 2022 and posted its fifth consecutive positive week.

Persons: Quincy Krosby, Jerome Powell, Powell, Krosby, Winnebago Organizations: New York Stock Exchange, Dow Jones, Nasdaq, FedEx, Dow, LPL, U.S, Home, Financial Locations: New York City . U.S, Quincy

☆ LIV-PGA Tour deal probe urged by Rep. Maxine Waters and Sen. Sherrod Brown
▼ + stars: | 2023-06-16 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —Lawmakers’ calls to investigate the proposed merger between the US-based PGA Tour and Saudi Public Investment Fund–backed LIV Golf are escalating. An investigation by CFIUS would not be the first probe into the surprise merger between the PGA Tour and LIV Golf, formerly bitter rivals. The Senate Finance Committee and the Senate Permanent Subcommittee on Investigations have also opened separate probes into the deal. Waters and Brown acknowledged the multiple investigations in their letter, writing, “We understand and appreciate that CFIUS is, by statute, an authority of last resort. Before the deal announcement, PGA Tour and LIV Golf were locked in a legal battle and traded barbed accusations of unfair competition, but the two organizations agreed to drop all pending litigation under the new agreement.

Persons: LIV, Maxine Waters, Sen, Sherrod Brown, Waters, Brown, “, Mohammed bin Salman, bin Salman, Jamal Khashoggi, Bin Salman, CFIUS, LIV Golf Organizations: CNN, Tour, Saudi Public Investment Fund, Financial Services Committee, Banking, Housing, Urban Affairs Committee, US Treasury Department, Foreign Investment, Treasury, PGA, Wall Street Journal, US Department of Justice, Finance, Investigations Locations: Ohio, United States, “ Saudi Arabia, Saudi, Saudi Arabia

☆ Wall Street prepares for more gains this month after past week's breakout
▼ + stars: | 2023-06-16 | by ( Scott Schnipper | ) www.cnbc.com time to read: +6 min

For now, it's not a brighter economic picture or an exuberant earnings outlook pushing stocks higher. Another reason that some investors have come back to stocks is simply because the S & P 500 ended the week more than 23% above last October's low. "The next level of resistance is above 4,500 on the S & P. Historically, the market gains 14.5% on average between the 20% threshold level and the next decline of 5% or more. "Inflation peaked in June of last year and has been rapidly declining over the past 12 months. Trading the week after is often treacherous, Hirsch said, with the Dow Jones Industrials falling in 27 of the past 33 years and the S & P 500 down in 23 of 33 years.

Persons: it's, Sam Stovall, Clinton, Wells Fargo, Chris Harvey, Harvey, Jay Hatfield, Price, CarMax, Stovall, Jeffrey Hirsch, Hirsch, Dow Jones Industrials, York Fed's John Williams, Jerome Powell, Philip Jefferson, Lisa Cook, Adriana Kugler, Avid Bioservices, Patterson Cos, Christopher Waller, Michael Bloom, Fred Imbert, Alex Harring Organizations: Fed, CFRA, Microsoft, Infrastructure Capital Management, Consumer, PPI, FedEx, Darden, Dow, Housing, Financial, Enerpac, Avid, Banking, Accenture, Commercial Metals, P, PMI Locations: New York, York, Dublin

☆ Crypto has attracted so many charlatans and needs to be regulated, says Rep. Brad Sherman
▼ + stars: | 2023-06-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto has attracted so many charlatans and needs to be regulated, says Rep. Brad ShermanU.S. Rep. Brad Sherman of the House Financial Services Committee joins 'The Exchange' to discuss the upcoming Fed announcement, the SEC regulatory action on crypto companies, and the need for bank regulators to look at interest rate risk.

Persons: Crypto, Brad Sherman Organizations: charlatans, . Rep, Financial Services, SEC

☆ Bad news for the Fed: American workers are becoming less productive
▼ + stars: | 2023-06-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But what does the Fed mean when it talks about labor markets and their impact on inflation? What’s happening: At its most basic level, labor productivity is a measure of the value of the goods and services produced by a company compared with the amount of labor used to produce that output. Labor productivity decreased 2.1% in the first quarter of 2023, the US Bureau of Labor Statistics reported earlier this month. The silver lining: The good news is technological innovations typically drive upturns in productivity and AI could be such an innovation. Absolutely not,” Yellen said, echoing the joint statement leaders from the Group of Seven made at last month’s summit in Japan.

Persons: Lisa Shalett, ”, Lisa Cook, Joseph Brusuelas, Sundar Pichai, aren’t, Jeffrey Sonnenfeld, Richard Blumenthal, “, Doug McMillon, Roger McNamee, Steven Spielberg, Vito Corleone, Janet Yellen, ” Yellen, Elisabeth Buchwald, Yellen, Biden Organizations: CNN Business, Bell, New York CNN — Federal Reserve, Morgan Stanley Wealth Management, Fed, Labor, US Bureau of Labor Statistics, BLS, McKinsey Global Institute, Federal, RSM US, of America, Google, Yale School, Management’s, Leadership Institute, Walmart, Technology, Financial, International Monetary Fund, Inter, American Development Bank group’s, African Development Fund, IMF Locations: New York, United States, Michigan, Connecticut, China, Japan

☆ Yellen Says Bid to Decouple From China Would Be ‘Disastrous’
▼ + stars: | 2023-06-13 | by ( Alan Rappeport | ) www.nytimes.com time to read: 1 min

Treasury Secretary Janet L. Yellen said on Tuesday that it would be a mistake for the United States to try to “decouple” from China and called for deepening economic ties between the world’s two largest economies. The comments came as the Biden administration has been seeking to improve relations with China, which faced a setback this year when a Chinese surveillance balloon was found flying across the United States. Secretary of State Antony J. Blinken is planning to travel to Beijing next week, and Ms. Yellen hopes to make a trip there soon. Speaking at a House Financial Services Committee hearing on Tuesday, Ms. Yellen made clear that she believes the economic relationship with China is critical. “I think we gain and China gains from trade and investment that is as open as possible, and it would be disastrous for us to attempt to decouple from China,” Ms. Yellen said.

Persons: Janet L, Yellen, Biden, Antony J, Blinken, Ms Organizations: Financial, China Locations: United States, China, Beijing

WASHINGTON, June 13 (Reuters) - A key House Republican lawmaker said Tuesday that he intends to hold a committee vote on a comprehensive bill to establish a regulatory framework for cryptocurrency products in the coming weeks. Representative Patrick McHenry, chairman of the House Financial Services Committee, said he expects to put a bill forward for the panel to consider after lawmakers return to work on July 11. McHenry has been leading an effort by some Republicans in Congress to pass a bill establishing clear rules for the crypto industry. Democrats on the panel say they are considering the measure but have concerns. And in the Senate, which must also pass any crypto legislation, key lawmakers like Senators Sherrod Brown and Elizabeth Warren have expressed even more skepticism about crypto products.

Persons: Patrick McHenry, McHenry, Maxine Waters, Sherrod Brown, Elizabeth Warren, Pete Schroeder Organizations: Republican, Financial Services, Securities and Exchange Commission, Thomson

☆ Yellen set to ask Congress to lend more money to developing countries to counter China
▼ + stars: | 2023-06-12 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —US Treasury Secretary Janet Yellen is set to ask Congress to lend more money to developing countries to counter China’s growing influence, according to a copy of her prepared remarks viewed by CNN. In addition to increasing lending to other International Monetary Fund programs, Yellen intends to tell lawmakers that the Biden Administration wants to boost involvement in the Inter-American Development Bank group’s private-sector investment fund and the African Development Fund. “These investments will bolster our engagement in these regions at a time of geopolitical competition,” Yellen intends to say in her testimony before the House Financial Services Committee on Tuesday. Such last-minute action “hurts our global leadership and credibility on the world stage,” Yellen is set to tell lawmakers on Tuesday. Fitch Ratings warned that it is still considering downgrading US debt despite the last-minute deal that Congress passed.

Persons: Janet Yellen, Yellen, Biden, ” Yellen, ”, Yellen’s, “, —, Jessie Yeung Organizations: New, New York CNN, CNN, International Monetary Fund, Biden Administration, Inter, American Development Bank group’s, African Development Fund, Financial, IMF, World Bank, Fitch Locations: New York, China, Argentina, Pakistan, Kenya, Turkey, United States, Washington

☆ Rep. French Hill: We have confusion in the marketplace on digital asset regulation
▼ + stars: | 2023-06-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. French Hill: We have confusion in the marketplace on digital asset regulationHouse Financial Services Committee vice chair Rep. French Hill (R-Ark.) joins 'Squawk Box' to discuss the SEC's lawsuit against Binance and Coinbase, and the initial draft of a new bill that seeks to provide a framework for digital asset regulation.

Persons: Binance Organizations: Rep, Financial

☆ Binance lawyers allege SEC Chair Gensler offered to serve as advisor to crypto company in 2019
▼ + stars: | 2023-06-07 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

SEC Chair Gary Gensler, who is in the midst of a hefty crackdown on crypto companies, offered to serve as an advisor to Binance's parent company in 2019, according to the lawyers for Binance and founder Changpeng Zhao. Before Gensler started going after Binance, he was trying to cozy up to the company, the lawyers say. The Wall Street Journal previously reported on Gensler and Binance's relationship, citing internal Binance messages and a person close to the SEC chair. Zhao's lawyers now say that the Zhao understood that Gensler was "comfortable serving as an informal advisor." Because of Gensler's ties to Zhao, Binance's lawyers said they'd asked for his recusal from any actions regarding the company.

Persons: Gary Gensler, Emanuel Cleaver, Changpeng Zhao, Gibson Dunn, Latham, Watkins, Gensler, Zhao, Biden, Binance, Gibson, Gensler's, they'd, Zhao's Organizations: Financial, Securities and Exchange Commission, SEC, Massachusetts Institute, Technology's Sloan School of Management, Binance, Street, MIT, Financial Services Committee, Facebook, CNBC Locations: Rayburn, Japan, Gensler, UAE

☆ Crypto bill from Republicans lays out clear roles for SEC and CFTC
▼ + stars: | 2023-06-02 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

The bill proposes a clearer pathway for the registered offer and sale of digital assets. Crypto exchanges have been calling for regulatory clarity in the wake of expansive enforcement actions that have left companies and developers scrambling to move operations beyond the U.S. Crypto exchanges Coinbase and Gemini have both announced off-shore exchange operations. Coinbase also is engaged in a bruising courtroom battle with the SEC over the very issues that apparently prompted the McHenry-Thompson bill. The crypto exchange received a Wells notice, a warning of impending enforcement action, from the SEC earlier this year. The draft bill will likely be reshaped and modified in coming weeks and months, but it represents a powerful vote of support from two influential Republican members.

Persons: Patrick McHenry, Glenn Thompson, Coinbase, McHenry, Thompson Organizations: Republican, Financial Services, Futures, Securities, Exchange, SEC, Gemini Locations: North Carolina, Washington ,, R

☆ Rep. Patrick McHenry on debt ceiling deal: We have the votes to pass this today
▼ + stars: | 2023-05-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Patrick McHenry on debt ceiling deal: We have the votes to pass this todayHouse Financial Services Committee Chairman Rep. Patrick McHenry (R-N.C.) joins 'Squawk Box' to discuss the latest on debt ceiling negotiations, and whether the tentative deal will be able to pass both the House and the Senate to avert a U.S. debt default.

Persons: Patrick McHenry Organizations: Financial Services, Senate

☆ Janet Yellen isn't 'credible' and the US won't default on its debt on June 1, Republican congressman says
▼ + stars: | 2023-05-25 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +5 min

Congress can't raise the debt ceiling and avoid economic crisis because Republicans want spending cuts. Janet Yellen said Treasury may not be able to delay a default past June 1. To avoid a default, Congress has to raise the debt ceiling, and Republicans won't do it unless Democrats agree to spending cuts. Janet Yellen was wrong on having interest rates too low for far too long. Asked about his alternative date, Donalds said, "Listen, I'm not the Treasury Secretary.

☆ Rep. French Hill on debt ceiling standoff: We need to stop posturing and get to dealmaking
▼ + stars: | 2023-05-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. French Hill on debt ceiling standoff: We need to stop posturing and get to dealmakingHouse Financial Services Committee vice chair Rep. French Hill (R-Ark.) joins 'Squawk Box' to discuss the latest in debt ceiling negotiations, whether a bipartisan deal can be reached, and more.

Under his leadership, Morgan Stanley became a wealth management powerhouse that aims to manage $10 trillion in assets. Morgan Stanley bought money manager Eaton Vance, online broker E*Trade, and stock-plan manager Solium Capital under Gorman's leadership. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser, in 2009. The acquisitions have made Morgan Stanley's U.S. wealth business an "asset gathering monster," and a "killer machine," he said on an earnings conference call last month. "This structure will ensure the continued stability of Morgan Stanley, while at the same time positioning it for a decade of exciting growth under new leadership."

☆ Crypto’s biggest headwinds this year are hurting stablecoins. Here’s what investors need to know
▼ + stars: | 2023-05-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Stablecoins are like cash in crypto markets: They are supposed to be pegged to the value of a stable asset, such as the U.S. dollar. Stablecoins play an important role bridging traditional and digital currencies and giving market participants access to crypto trading and protocols. For many, that makes them a proxy for the amount of fiat money entering and leaving crypto, Panigirtzoglou said. Republican negotiators walking out of the high-stakes debt ceiling talks Friday also has implications for stablecoins. Tether and Circle's USDC hold about 65% and 57%, respectively, of their stablecoin reserves in T-bills, according to the companies' attestation reports.

☆ Morning Bid: Europe has a data fest, and growth worries
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Vidya RanganathanTuesday's a busy day for European markets. We get preliminary growth numbers for the euro zone, inflation in Italy, jobless data for Britain and, crucially, the German economic sentiment ZEW survey. No surprises are seen in euro zone GDP data - rather, analysts assume the tepid pace seen in the fourth quarter hasn't picked up. That leaves the German ZEW survey for May in the spotlight. UK labour market data is a biggie too for sterling this week, offering insight into the headline pay growth that the hawkish Bank of England is eyeing.

WASHINGTON, May 15 (Reuters) - Top U.S. banking regulators plan to tell lawmakers the government will be open to future bank mergers, but are committed to establishing tougher rules after recent turmoil. Barr maintained his commitment to overhauling bank rules to ensure firms do not escape stricter oversight because they are smaller or viewed as less risky. "The prudential regulation and supervision of these institutions merits additional attention, particularly with respect to capital, liquidity, and interest rate risk," he said in prepared testimony. While vowing to draft tougher rules, the agencies have also been criticized for not identifying and preventing weaknesses before the lenders failed. In prepared testimony, he said rapid interest rate increases and social media-fueled rumors drove the "unprecedented" bank run that sank his firm.

WASHINGTON, May 15 (Reuters) - A U.S. banking regulator plans to tell lawmakers his agency is "open-minded" when it comes to potential bank mergers and would act on any proposed deal in a timely fashion. Recent turmoil has added "urgency" to the OCC's work on updating bank merger guidelines, Hsu said. Tuesday's hearing will be the first for regulators since the FDIC agreed to sell failed First Republic Bank to JPMorgan Chase & Co (JPM.N) this month. Watchdogs have been under intense scrutiny after the collapses of SVB and Signature set off fears of contagion. In prepared testimony, he said rapid interest rate increases and social media-fueled rumors drove the "unprecedented" bank run that sank his firm.

☆ Dozens of Democrats defend CFPB at Supreme Court as case threatens its existence
▼ + stars: | 2023-05-15 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — Over 140 current and former Democratic lawmakers filed an amicus brief in the Supreme Court on Monday to defend the country's leading consumer protection agency from challenges to its regulatory authority. Brown chairs the Senate Banking Committee while Waters is the ranking member of the House Financial Services Committee. The Supreme Court agreed to hear arguments in the case in February, four months after a federal appeals court panel unanimously ruled that the CFPB's funding method was unconstitutional. The Biden administration appealed the 5th Circuit's decision to the Supreme Court, but a final decision could be delayed until June 2024 to hear other arguments in the case. In the brief, lawmakers said succinctly that "the judgment should be reversed."

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