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  • Jan 03, 2025

US regulator warned banks on crypto but did not order halt to business, documents show

A U.S. bank regulator told banks to pause dabbling directly in crypto in 2022 and 2023, but did not order them to stop providing banking services to crypto companies contrary to industry complaints of widespread "debanking," according to documents released on Friday. A judge ordered the Federal Deposit Insurance Corporation to provide versions of supervisory "pause letters" it sent to unidentified banks after History Associates Incorporated, a research firm hired by crypto exchange Coinbase, sued the agency to release them. The FDIC first released the letters in December but was ordered by the judge to resubmit them with more "nuanced redactions."

  • Jan 03, 2025

Barkin Says He Prefers Fed Keep Rates Restrictive for Longer

(Bloomberg) -- Federal Reserve Bank of Richmond President Tom Barkin said there are still upside risks to inflation and growth, underscoring his preference to keep interest rates restrictive for longer.Most Read from BloombergIs This Weird Dome the Future of Watching Sports?NYC Congestion Pricing to Take Effect After Years of DelaysNYC Congestion Pricing Takes Effect After Years of DelaysNYPD Seeking Gunmen After 10 People Wounded Outside Queens VenueNYC Congestion Pricing Cleared by Judge for S

  • Jan 03, 2025

Wells Fargo says 'dominant pick' Citi's stock could double in three years

(Reuters) -Citigroup's stock could double in value over the next three years as profits surge, expenses moderate, and the "most significant" reorganization in five decades improves management accountability, Wells Fargo analysts wrote in a note on Friday. Citi's shares rose as much as 1.6% to $71.09. The vote of confidence marks a notable win for Citi CEO Jane Fraser, who has been looking to improve the bank's profitability since taking the helm in 2021.

  • Jan 03, 2025

US jobs report poses first big stocks test of 2025

The stock market faces its first major test of the year in the coming week, with investors counting on the U.S. jobs report to show a stable but not overheated economy that underpins expectations for equity gains in 2025. Prospects for a third straight standout year hinge in part on the strength of the economy, with labor market data among the most important reads into the economy's health. "Investors are going to want to see confirmation that labor trends remain solid, which means the economic outlook probably remains firm," said Anthony Saglimbene, chief market strategist at Ameriprise Financial.

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