Washington Financial News

15.06 / 09:57

FIVE Fund-of-funds sector becomes more competitive after sluggish history

The inaugural HEC-Dow Jones Performance Ranking of Private Equity Fund-of-Funds 2021 has been dominated by US firms, which occupy all of the top five positions and eight of the top 10.

14.06 / 19:27

GOP Offers Tax, Trade Policies Aimed at Combating Inflation

WASHINGTON—Congressional Republicans are beginning to detail their plans to combat inflation and soften its impact on households, indicating some tax, trade and regulatory policies they might pursue if they take control of the House and Senate in this fall’s midterm elections.

14.06 / 17:39

Treasury to Extend Sanctions Carve-Out for Russian Energy Payments

WASHINGTON—The Treasury Department extended a sanctions carve-out allowing U.S. financial institutions to process transactions related to Russian energy sales for nearly six months as the U.S. seeks to minimize further disruption in global energy markets.

13.06 / 18:01

Charles Schwab pays $186m to settle robo-adviser issues

WASHINGTON — Charles Schwab will pay more than $186m to settle a regulatory investigation that found it didn’t adequately disclose how keeping a big share of clients’ assets in cash could hurt investment returns.

13.06 / 14:15

WTO Pandemic, War in Ukraine Create New Challenges for Struggling WTO

WASHINGTON—Fallout from the Covid-19 pandemic and the war in Ukraine are creating new challenges for the World Trade Organization, which has struggled in recent years to play its role as the regulator and arbiter of global trade.

13.06 / 11:57

regulation Legal Tax Coin Center Attempting to Sue US Treasury, IRS Over ‘Unconstitutional’ Infrastructure Act

The Washington-based crypto industry pressure group Coin Center says it has filed a lawsuit against the United States Treasury Department and the Internal Revenue Service – claiming that the crypto tax reporting requirements included in President Joe Biden’s Infrastructure Investment and Jobs Act last year are “unconstitutional.”

12.06 / 13:45

Waves Cardano Aave Federal Reserve Crypto Movement at a Glance: Crypto market continues to struggle amid mild positive buzz

The largest crypto by market cap has been struggling to break over the $31,000 level, indicating the low-risk appetite among the crypto traders since the market and investors have still not recovered from the crash of the previous month. Even though Bitcoin managed to hover around the $30,000 mark throughout the week, it was a bit of a volatile week, but on a larger time frame, the market remained largely consolidated. The coming week could be crucial for the cryptocurrency market in terms of the momentum.

10.06 / 21:33

U.S. Budget Deficit Narrowed in May as Pandemic Spending Eased

WASHINGTON—The federal budget ran a $66 billion deficit during May, a 50% decline from a year earlier as the government slashed spending on pandemic programs.

10.06 / 16:31

UPS MET Progressive Swiss U.S. Scrutinizing Swiss Currency Practices

WASHINGTON—The Treasury Department is scrutinizing Switzerland’s currency practices, stepping up talks over the valuation of the Swiss franc while at the same time reporting progress in engagement with Taiwan and Vietnam over their foreign-exchange policies.

10.06 / 11:27

regulation Investments Bitcoin Regulation place Yellen doubts crypto’s place in 401(k), says Congress could regulate

The Secretary of the United States Treasury, Janet Yellen, weighed in on including cryptocurrencies in retirement plans, calling them a very risky investment that should be regulated by Congress.

10.06 / 02:21

COST Yellen Sees High Gasoline Prices Persisting

WASHINGTON—Treasury Secretary Janet Yellen said elevated gasoline prices—near $5 a gallon—are likely to persist, but she doesn’t see a slowing U.S. economy slipping into recession.

09.06 / 23:13

UPS IRS Raises Mileage Rates as Gas Prices Increase

WASHINGTON—The Internal Revenue Service raised the mileage rate used for calculating business tax deductions for vehicle use, making a rare midyear change in response to increasing gasoline prices.

09.06 / 15:13

Oil prices U.S., European Allies Try to Restrain Global Oil Prices

WASHINGTON—The U.S. and its allies are searching for ways to limit further surges in global oil prices, attempting to balance efforts to cut off Russia’s revenue from its energy sales while shielding the global economy from a possible recession.

09.06 / 14:45

U.S. Considering Reducing Tariffs on China to Ease Inflation, Yellen Says

WASHINGTON—Treasury Secretary Janet Yellen said the Biden administration is considering ways to reconfigure tariffs on imports from China as a means of helping to ease decades-high inflation.

09.06 / 14:45

Citi Kansas City Fed Rescinds Master Account for Payments Firm, GOP Senator Says

WASHINGTON—The Federal Reserve Bank of Kansas City revoked the so-called master account of a payments firm that came to prominence earlier this year when Republican senators raised questions over how that account had been granted, according to a letter sent by Sen. Pat Toomey (R., Pa.).

09.06 / 09:57

cryptocurrency SEC cryptocurrency news Senators US Senators Bring Bill On Cryptocurrency Regulation

A couple of US senators unveiled a bill on Tuesday that would establish new rules for cryptocurrency

09.06 / 04:35

Blockchain Ethereum SEC Bitcoin Gillibrand and Lummis state that most altcoins are securities

Senators Kirsten Gillibrand and Cyntia Lummis believe that most altcoins would likely be considered securities under their proposed new legislation — but confirmed that Bitcoin (BTC) and Ether (ETH) will be classified as commodities.

07.06 / 20:31

Gap U.S. Imports Slowed in April, Shrinking Trade Deficit From Record

WASHINGTON—The U.S. reported a sharp drop in April imports due to moderating domestic demand for foreign goods and materials as the World Bank warned that high prices and slowing growth will hit trade this year.

07.06 / 19:47

World Bank Warns of Stagflation Risk, Cuts Global Growth Forecast to 2.9%

WASHINGTON—The World Bank sharply lowered its growth forecast for the global economy for this year, warning of several years of high inflation and tepid growth reminiscent of the stagflation of the 1970s.

07.06 / 13:01

New York State Terraform Labs Law Decoded, May 30–June 6: Terra’s aftermath in China, Japan and South Korea

The “long waves” of TerraUSD’s May 7 collapse, which we noted two newsletters ago, are extending even further. Last week brought some notable reactions to the stablecoin’s depegging in the East Asia region.

07.06 / 12:33

lawmakers Janet Yellen Faces Lawmakers as Biden Officials Grapple With Inflation

WASHINGTON—Treasury Secretary Janet Yellen will face lawmakers this week as she and the Biden administration face scrutiny over high inflation and how they have addressed it.

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