* Federal Reserve Chair Janet Yellen said the current lower-than-expected inflation rate is temporary and that policy tightening is necessary for federal funds to reach the "neutral" level.
* European divisions of U.S. banks and insurers, including that of Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley, are to review their auditory arrangements to comply with new European rules requiring listed companies in Europe, as well as public interest entities, to appoint a new auditor at least every 20 years, the Financial Times reports.
* Citigroup and Wells Fargo are among the U.S. banks that are stepping up their anti-fraud measures following the Equifax cybersecurity breach, the Financial Times reports.
* Norcon Financial unit Conway Bank agreed to buy essentially all of the assets and assume all of the liabilities of failed Farmers and Merchants State Bank of Argonia.
* Blackstone is planning to target investors with assets of $1 million to $5 million by offering direct access to its newest products, The Wall Street Journal reports.
* J.C. Flowers & Co. is planning to make a bid to acquire German shipping lender HSH Nordbank, sources for the Financial Times say.
* Due to political controversy and regulatory scrutiny, Chinese investors Chongqing Jintian Industrial and Chongqing Longshang Decoration have backed out of an acquisition bid for the Chicago Stock Exchange, The Wall Street Journal reports.
* The U.S. Department of Justice dropped its lawsuit against UnitedHealth Group over allegations that the company received more than $1 billion in Medicare payments it was not eligible for, Reuters reports.
* Analysts are expecting lower third-quarter earnings and higher catastrophe losses for most of the largest property-and-casualty insurers due to hurricanes Harvey, Irma and Maria.
* Attorneys general of California, New York and 16 other states filed a lawsuit challenging the Trump administration's move to halt cost-sharing reduction payments made under the Affordable Care Act that cover out-of-pocket costs for eligible Americans' prescription drugs and doctor visits.
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