The Senate Committee on Banking, Housing and Urban Affairs will conduct a hearing today on Richard Clarida's nomination to be a member and vice chairman of the Federal Reserve Board. Former Federal Reserve Chairman Ben Bernanke and other former top economic officials expressed their support of Clarida, who is a managing director at Pacific Investment Management Co. LLC and an economics professor at Columbia University, citing his expertise in monetary issues, thoughtfulness and good judgment.
At CoinDesk's Consensus conference, Federal Reserve Bank of St. Louis President James Bullard said the U.S. dollar will remain as the dominant currency despite the rise of cryptocurrencies
The Boston Retirement System filed a lawsuit
Specialty lender
In people
Charleston, S.C.-based Beacon Community Bank, which began operating in January, raised $34.1 million in a private placement
In other parts of the world
Asia Pacific: JPMorgan Chase names new China CEO; AMP to face more lawsuits
Europe: Allianz, Crédit Agricole post Q1 profits; SIX Group, Worldline in €2B deal
Middle East & Africa: Qatar forex manipulation probe intensifies; ex-Moza Banco execs fined
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng fell 1.23% to 31,152.03, and the Nikkei 225 dropped 0.21% to 22,818.02.
In Europe, around midday, the FTSE 100 climbed 0.28% to 7,732.60, while the Euronext 100 shed 0.04% to 1,070.77.
On the macro front
The retail sales report, the Empire State manufacturing survey, the Redbook, the business inventories report, the National Association of Home Builders housing market index and the Treasury International Capital report are due out today.
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Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.
