News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Fed Raises Rates, Sets Out Plan to Shrink Asset Holdings Beginning This Year

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The Federal Reserve said it would raise short-term interest rates and spelled out in greater detail its plans to start slowly shrinking its $4.5 trillion portfolio of bonds and other assets this year.

Fed Backs Some Treasury Ideas for Cutting Bank Regulation

Federal Reserve Chairwoman Janet Yellen on Wednesday gave support to some recommendations made by the Treasury Department this week, saying the central bank has been looking into paring back certain Obama-era rules.

U.S. Treasury Secretary: Washington Plans to Preserve Power at the World Bank and IMF

U.S. Treasury Secretary Steven Mnuchin said Wednesday that despite plans to downsize contributions to the World Bank and other multilateral institutions, the Trump administration still plans to preserve Washington's power within them as a critical tool for U.S. foreign policy.

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Insurers Take Low-Key Approach in Health-Law Debate

Nearly every health group has taken a stand on the Republican legislation to overhaul the Affordable Care Act, but a split among insurance companies has prevented the industry and its powerful lobby from picking a side in the debate.

York Capital Names Two Eventual Successors for Founder Jamie Dinan

Jamie Dinan has named two successors to lead his hedge-fund firm York Capital Management in the future.

IBM Launches Watson for Financial Regulation

IBM on Wednesday formally launched a Watson product for financial regulation, rolling out artificial-intelligence tools to help financial institutions comply with rules and detect possible financial crimes.

Investors Find Renewed Faith in Euro

Once, investors who wanted to bet on Europe's stocks and bonds often did so while hedging against sharp changes in the euro-a sign they weren't confident about the currency. But that appears to have changed this year.

Bank of Japan Seeks to Learn From Fed's Taper Tantrum

The Bank of Japan is taking baby steps toward detailing its exit strategy despite the continuing gulf between consumer prices that are barely rising and an inflation target of 2%.

Determining When Rate Rises Are 'Well Under Way' Key to Balance-Sheet Moves

The Federal Reserve on Wednesday could flesh out when it will be appropriate to start reducing its balance sheet, a move officials have said they won't undertake until the process of raising interest rates is "well under way."

Once-Highflying Anbang Chief Isn't Able to Do His Job

Anbang Insurance said Chairman and Chief Executive Wu Xiaohui handed over his duties for personal reasons, hours after a media report said he could be in trouble with the Chinese government.

(END) Dow Jones Newswires

June 15, 2017 00:15 ET (04:15 GMT)