Shares of banks and other financial institutions fell.
Federal Reserve officials expressed concern at their meeting last month over persistently high inflation and expected lower prices and wages would likely necessitate a weaker labor market. Many officials revised up their expectations for planned rate hikes, although some were more cautious about excessive increases due to high risks of economic and financial volatility, according to the minutes of the meeting. the meeting of September 20 and 21.
Meanwhile, the Bank of England said its program of bond purchases to support pension funds and avert a possible crisis in financial markets would end on Friday as planned, causing bond yields to spike briefly and setting the stage for the ground for a tense few days in the UK financial markets. .
Blackstone is joining Resolution Life in a move that should ultimately give the investment firm more than $60 billion in new assets to manage, executives from both companies said. Blackstone will invest $500 million in privately held Resolution Life and help it raise about another $2.5 billion, giving the insurance company more firepower to acquire new blocks of policies in the areas of reinsurance and life insurance and annuities.
Betterment, the largest independent online financial advisor, is launching four themed crypto investment portfolios for its retail and advisor clients.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswire
10-12-22 1716ET
