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Banking & Finance

The latest coverage of the banking and financial sectors.

Federal Reserve Chair Jerome Powell speaks during a news conference Wednesday, Dec. 14, 2022, at the Federal Reserve Board Building, in Washington, as an aide's hand reflects under the podium. On Wednesday, the Federal Reserve closes its two-day meeting where economists expect the central bank to raise its benchmark rate by a quarter of a point as its battle against four-decade high inflation extends into 2023. (AP Photo/Jacquelyn Martin, File)

Powell likely to stress Fed’s inflation fight far from over

- Associated Press

Inflation is cooling, and parts of the economy appear to be weakening. But Chair Jerome Powell is likely Wednesday to underscore that the Federal Reserve’s primary focus remains the need to fight surging prices with still-higher interest rates.

Sen. Marsha Blackburn, R-Tenn., questions Supreme Court nominee Ketanji Brown Jackson during a Senate Judiciary Committee confirmation hearing on Capitol Hill in Washington, Wednesday, March 23, 2022. (AP Photo/Alex Brandon)

Senators move to create an inspector general to probe NIH funding

- The Washington Times

A group of Republican senators introduced legislation on Tuesday to create an inspector general at the National Institutes of Health to probe how the agency is doling out taxpayer money, which became an issue because of the money trail leading to China’s Wuhan lab.

Text, in yellow, announcing cryptocurrency lender BlockFi's bankruptcy filing, appears on the company's website on a smartphone, Nov. 28, 2022, in New York. Over the past few years, a number of companies have attempted to act as the cryptocurrency equivalent of a bank, promising lucrative returns to customers who deposited their bitcoin or other digital assets. In a span of less than 12 months, nearly all of the biggest of those companies have failed spectacularly. (AP Photo/Peter Morgan, File)

Crypto firms acted like banks, then collapsed like dominoes

- Associated Press

Over the past few years, a number of companies have attempted to act as the cryptocurrency equivalent of a bank, promising lucrative returns to customers who deposited their bitcoin or other digital assets. In a span of less than 12 months, nearly all of the biggest of those companies have failed spectacularly.

The Treasury Department is seen near sunset in Washington, Wednesday, Jan. 18, 2023. The Treasury Department projects that the federal government on Thursday will reach its legal borrowing capacity, an artificially imposed cap that lawmakers have increased roughly 80 times since the 1960s. Markets so far remain calm, as the government can temporarily rely on accounting tweaks to stay open.  (AP Photo/Jon Elswick)

As U.S. nears debt limit, political frictions raising alarms

- Associated Press

The countdown toward a possible U.S. government default is in the offing — with frictions between President Biden and House Republicans raising alarms about whether the U.S. can sidestep a potential economic crisis.

Treasury Secretary Janet Yellen speaks at the Treasury Department in Washington, Jan. 10, 2023. Yellen will meet with her Chinese counterpart Vice Premier Liu He in Switzerland on Jan. 18, 2023, to discuss economic developments between the two nations. (AP Photo/Carolyn Kaster, File)

U.S., Chinese officials discuss climate, economy, relationship

- Associated Press

U.S. Treasury Secretary Janet Yellen met on Wednesday with her Chinese counterpart and pledged an effort to manage differences and “prevent competition from becoming anything ever near conflict” as the two nations try to thaw relations.

A Rolling Stones T-shirt from 1970 is displayed in the Westfield Garden State Plaza shopping mall in Paramus, New Jersey, on Saturday, Dec. 17, 2022. On Thursday, the Labor Department reports on U.S. consumer prices for December. (AP Photo/Ted Shaffrey, File)

U.S. inflation eased again to 6.5% over the past 12 months

- Associated Press

Rising consumer prices in the United States moderated again last month, bolstering hopes that inflation’s grip on the economy will continue to ease this year and possibly require less drastic action by the Federal Reserve to control it.

In this photo taken with a drone, the FTX logo is seen on the roof of the FTX Arena on Wednesday, Dec. 7, 2022, in Miami. The House Financial Services Committee holds a hearing on Tuesday on the collapse of cryptocurrency exchange FTX. (AP Photo/Rebecca Blackwell)

Miami-Dade wins right to strip FTX name off Heat arena

- Associated Press

The naming rights deal between FTX and Miami-Dade County was terminated Wednesday by a federal bankruptcy court, a move that allows the collapsed cryptocurrency exchange’s brand to be stripped from the arena where the NBA’s Miami Heat play.