JPMorgan Chase & Co. recommends sticking with U.S. high-yield bonds next year as the best protection against rising interest rates. Morgan Stanley cautions that valuations are unattractive following a record five-year rally.
Federal Reserve policy makers have publicly debated whether to maintain their bond-buying pace since well before Janet Yellen was named last month to succeed Chairman Ben S. Bernanke. One voice has been missing: Yellen’s.
Former President Bill Clinton told some of Wall Street’s top executives that fines levied against banks in connection with the financial crisis should be used to fund infrastructure improvements in the U.S.
The U.S. has historically kept the financial sector in check through a combination of sound principles and serendipitous decisions. But as the financial system gained strength in recent years, it also gained political influence. In the last decade, it has become too concentrated and too powerful, which has damaged not only the economy but the financial sector itself.
Larry Summers’s campaign to replace Federal Reserve Chairman Ben Bernanke wasn’t doomed by any of the typical doubts about a potential Fed chief. Senate Democrats weren’t worried that Summers was too tolerant of inflation or insufficiently committed to quantitative easing. In fact, they weren’t worried about his opinions on monetary policy at all.
When U.S. Senator Elizabeth Warren, the former law-school professor and self-appointed scourge of Wall Street, gets her history terribly wrong -- and proposes a new law based on that lack of understanding -- there must be a reckoning.
When President Barack Obama dropped by Lawrence Summers’s going-away party in 2010, he presented his National Economic Council director with a pair of suspenders, a gag gift to help Summers hold up his perpetually sagging trousers.
U.S. Senator Elizabeth Warren and a bipartisan group of lawmakers have introduced a bill aimed at re-creating the Glass-Steagall Act, the Depression-era measure that separated commercial and investment banking.
Looking at the way that U.S. Senators Elizabeth Warren and John McCain are pitching their proposal for a 21st-century version of the Glass-Steagall Act, I can’t help but wonder if they’re making a mistake.