Federal Reserve Vice Chairman for Supervision Randal Quarles said that the U.S. central bank is conducting a wide-ranging review of risks and opportunities associated with the evolution of financial technology. During a HOPE Global Forum event, Quarles said that the Fed is looking at the possibility of modernizing the Community Reinvestment Act.
In other regulatory
Meanwhile, Cleveland Fed President Loretta Mester said that the Fed should avoid overreacting to stronger inflation data in the coming months. In a speech at Princeton University, Mester noted that mild and temporary overshoots of inflation "should not be a cause for concern," just as the current undershooting has not been a major issue.
The Wall Street Journal notes that banks may see "a surge in relief" from crisis-era banking regulations this year after Jelena McWilliams, President Donald Trump's pick to become the next FDIC chair, takes on the role as early as April. Several policy issues, such as the Volcker rule, capital and liquidity rules and leveraged lending, are likely to be tackled first, the publication said.
After years of retrenchment, global investment banks
Goldman Sachs is in discussions to acquire a stake in India-based Royal Sundaram General Insurance Co. Ltd., sources told Mint.
And in credit union
In other parts of the world
Asia Pacific: Goldman Sachs in Indian M&A talks; Australian wealth manager files for IPO
Europe: Commerzbank predicts fall in revenue; Deutsche Bank looks to replace CEO
Middle East & Africa: Abraaj mulls unit stake sale; Hapoalim Q4'17 profit up; Bank of Ghana cuts rate
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng rose 0.79% to 30,790.83, while the Nikkei 225 climbed 2.65% to 21,317.32.
In Europe, around midday, the FTSE 100 gained 1.93% to 7,021.46 and the Euronext 100 rose 1.33% to 1,004.44.
On the macro front
The Redbook, the S&P Corelogic Case-Shiller HPI, the consumer confidence report, the Richmond Fed Manufacturing Index and the State Street Investor Confidence Index are due out today.
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