Stock market has worst day in months as bond yields surge
The benchmark S&P 500 index had its worst drop since May, and the tech-heavy Nasdaq had its worst drop since March.
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Local brokerage fined, ordered to pay more than $530,000 in fines and restitution
The alleged violations occurred when the firm operated as David A. Noyes and Co. It was acquired by Sanctuary Wealth in 2018.
Once-hot SPAC investments return to earth
Not only are fewer SPACs going public through IPOs, the ones already in the market and still hunting for targets have seen their share prices drop.
Federal Reserve foresees potential rate hike as soon as next year
The Fed also said it will likely begin slowing the pace of its monthly bond purchases “soon” if the economy keeps improving. The bond purchases have been intended to lower longer-term loan rates to encourage borrowing and spending.
Bankable launches new loan fund for Black-owned businesses
Based in Anderson, Bankable offers microloans to small and startup businesses around the state. This is the organization’s first fund specifically targeting Black-owned businesses.
IBJ Podcast: Pete the Planner explains how to pay (and how not to pay) for college
Host Mason King talks with Peter “Pete the Planner” Dunn this week about when parents need to start saving, what savings vehicles to use and whether parents should go into debt to fund their kids’ education.
Fed reviews ethics policies after prolific trading uncovered
The Federal Reserve is reviewing the ethics policies that govern the financial holdings and activities of its senior officials in the wake of recent disclosures that two regional Fed presidents engaged in extensive trading last year.
Tech exec Bostic seeks $200M to buy lucrative health tech disruptors
Bradley Bostic is aiming to raise the funds through a new “blank check company,” called Future Health ESG, that will hold its initial public offering in coming weeks.
Technology, politics lead banks to rethink overdraft fees
The amount of money banks earn from overdraft fees has dropped significantly since 2019—and observers say that revenue might never rebound to pre-pandemic levels.
Fed chair race spotlights Powell-Brainard Wall Street rule split
Jerome Powell is viewed as the favorite to get the nod for another term leading the central bank, but progressive Democrats have praised Fed Governor Lael Brainard—widely seen as the leading rival to Powell for the top spot.
Bullard: Robust job growth supports Federal Reserve tapering ‘soon’
Federal Reserve official James Bullard’s comments echo other recent calls from inside and outside the Fed that the central bank should start dialing back its ultra-low interest rate policies.
Carmel-based firm uncovers three separate cases of employee fraud
Maria Caceres, a former employee of Seven Corners Inc., stands accused of defrauding the travel insurer by submitting false claims—the third employee to face such charges within two years in separate cases.
Defendants found guilty on all charges in Banc-Serv fraud trial
The five former directors and employees of the now-defunct Westfield firm were found guilty on fraud and conspiracy charges. Prosecutors say the five submitted false information in order to get more than $10 million in ineligible loans approved by the Small Business Administration.
Fraud trial begins for five former directors, employees at Westfield financial firm
The five defendants in the trial include the two co-founders of now-defunct financial services firm Banc-Serv, plus three former employees.
Critics take aim at charitable money sitting in donor funds
Criticism has helped drive a Senate bill that would tighten the rules for donor-advised funds and aim to speed donations to charities.
Pete the Planner: How to teach teens the value of investing
I’ve come to learn that three areas need to be addressed when teaching teens how to handle money. They all feel intertwined, but they aren’t.
Fishers firm pushes its way into credit-card processing
Enterprise Payment Systems is the brainchild of five central Indiana entrepreneurs from various industries, who came together to address something nearly as ubiquitous as the use of credit itself: merchants’ frustration about the rates they pay to let their customers swipe their cards.
Fed survey: U.S. economy strong but hindered by bottlenecks
The Federal Reserve said Wednesday that seven of its 12 regional bank districts reported strong price increases with some businesses expressing concerns that the supply chain disruptions would push prices even higher.
Fed chairman says inflation, though elevated, will likely moderate
Federal Reserve Chairman Powell reiterated his long-held view that high inflation readings over the past several months have been driven largely by temporary factors.
Mickey Kim: Stay cool even while inflation fears run hot
The nearly total shutdown of an economy and subsequent reopening is a truly unique event without precedent or a playbook.