Federal Reserve Governor Lael Brainard said in a speech that further gradual rate increases are "appropriate," especially in light of the economic stimulus expected to come from President Donald Trump's tax cuts.
Blackstone CEO Stephen Schwarzman got $125.5 million in annual compensation last year, multiples of the compensation for other longtime financial CEOs including JPMorgan's Jamie Dimon and BlackRock's Larry Fink. Yet the stock's performance has lagged.
Federal Reserve Chair Jerome Powell, sworn in earlier this month, testified Thursday before the U.S. Senate Banking Committee.
Although BlackRock started as an investment firm primarily focused on bonds, the fixed-income business has been overshadowed in recent years by the runaway growth in index-tracking and exchange-traded funds, mostly concentrated in stocks.
Personal income climbed 0.4% in January from the prior month, exceeding economists' expectations of a 0.3% increase.
The index climbed to 130.8 from 125.4 in January, the Conference Board, a Washington-based research association, said Tuesday in a statement. Economists had expected a reading of 127 on average, according to data provider FactSet. The index, based on a survey of consumers' assessment of business and employment conditions, was at its highest since 2000.
Federal Reserve Chair Jerome Powell, sworn in earlier this month, testified Tuesday before the U.S. House of Representatives' Financial Services Committee.
Deutsche Bank plans to fire 250 to 500 employees in its investment-banking and trading business, a person familiar with the matter said. It could be a way to free up money to hire and retain top producers.
The Federal Reserve's monetary-committee released minutes of its January meeting, in which members held benchmark U.S. interest rates steady in a range of 1.25% to 1.5%.
Three bankers in the Swiss bank's loan-bundling unit got administrative assistants to complete required compliance training courses on their behalf. As punishment, they had to give back a portion of their 2015 bonuses.
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