Billionaire investor Warren Buffett’s conglomerate Berkshire Hathaway has sold nearly $1 billion worth of shares in Bank of America in the past week.
Billionaire Warren Buffett’s Berkshire Hathaway has sold some more shares of Bank of America over the past few days, raking in $981.9 million.
The U.S. Federal Reserve will cut interest rates by 25 basis points at each of the remaining three meetings of 2024.
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Global stocks held steady and government bond yields retreated a touch on Wednesday after data showed U.S. consumer prices rose moderately in July.
Wall Street’s main indexes capped off a tumultuous week where global markets were rattled and fears of a recession in the world’s biggest economy.
A sharp slowdown in the U.S. job market that touched off days of global stock-market turmoil also fueled speculation the Federal Reserve may not wait until its next scheduled meeting.
While maintaining interest rates at their highest point in over 20 years on Wednesday, the Federal Reserve made a suggestion that lower borrowing costs may soon be implemented by policymakers due to slight recent improvements in inflation.
At issue is how the central bank calculates an extra layer of capital it imposes on U.S. global systemically important banks, known as the “GSIB surcharge.”
The spread of AI-based systems offers big opportunities for financial services firms, but asset managers face higher stakes because they manage sensitive information.