Financials Up as Treasury Yields Rise -- Financials Roundup
October 17 2018 - 4:50PM
Dow Jones News
Shares of banks, lenders and other financial concerns were
stronger as Treasury yields rose in the wake of the Federal
Reserve's minutes.
In notes from the September meeting, Fed officials signaled they
see a strong economy justifying continued interest-rate increases
even as the board plans to remain vigilant on the economic effects
of hikes.
President Donald Trump recently repeated criticism of the Fed's
rate policy. Separately, Mr. Trump asked members of his Cabinet for
proposals to cut their respective department budgets by 5% next
year, reflecting pressure on the U.S. government to address growing
deficits.
U.S. Bancorp (USB) said total net revenue, including interest
income and fees and services, rose 2.4% to $5.7 billion.
The Financial Stability Oversight Council voted to rescind
insurer Prudential Financial's (PRU)designation as a "systemically
important financial institution," it said Wednesday.
-Rob Curran, rob.curran@dowjones.com
(END) Dow Jones Newswires
October 17, 2018 16:35 ET (20:35 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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