Several Republicans, including President Donald Trump and Vice President Mike Pence, announced on Tax Day that filing taxes next year will be a much simpler process with just a one-page form or postcard to fill out. While it's true that many taxpayers will likely claim the new, bigger standard deduction, many will still calculate if they'd be better off taking the deduction or itemizing, and the IRS hadn't indicated that it plans to change the filing forms.
Trade tensions could reduce investment as businesses experience an "erosion of confidence", says Christine Lagarde, managing director of the International Monetary Fund. More "clouds are accumulating on the horizon" of the global economy, though short-term prospects are promising, Lagarde says.
The UK should see multiple interest-rate increases in the next few years, including one this year, but probably not as soon as May, says Bank of England Governor Mark Carney. Economic data are mixed, Carney says, with unemployment at a 42-year low but inflation and retail sales disappointing.
Prospects have improved for Twitter after its stock surged and after Morgan Stanley raised its price target, technical analyst Matt Maley says. The surge brought Twitter above the 50-day moving average for the first time since early March, and while profit-taking might be in the immediate future, Maley says the stock is set for a longer-term rise.
The "Fearless Girl" statue, which stands opposite the "Charging Bull" statue in New York City, will move to a space outside the New York Stock Exchange because its location poses a safety risk, Mayor Bill de Blasio says. "Charging Bull" also might relocate, but no timeline or location has been set, the mayor's office says.
Speaking at the Global Finance Forum hosted by SIFMA and other associations, Federal Reserve Board Governor Lael Brainard told delegates it would be premature to embark on a recalibration of banks' core capital and liquidity requirements. Her remarks appear to put her at odds with Fed Chairman Jerome Powell and Vice Chair Randal Quarles, who voted last week in favor of the recalibration process.
The SIFMA Equity Market Structure Conference held in New York City on Wednesday featured a discussion on initial public offerings in the US, during which panelists agreed activity is holding up, with a total of 52 IPOs occurring in the first quarter. In his welcoming remarks at the conference, SIFMA Executive Vice President Randy Snook said, "SIFMA's overarching goal is to promote market resilience and ensure the equity markets continues to benefit investors and play an essential role in capital formation. Efficient and resilient market structure is key to sustaining the investor confidence and participation that underpin the stock market."
Senate Minority Leader Chuck Schumer, D-N.Y., intends to file a bill today that would decriminalize marijuana, removing it from the federally scheduled substances list that includes heroin. The legislation also would provide funding for research into the drug's health effects as well as for marijuana businesses owned by women and minorities.
Financial technology can enhance efficiency and can deter money laundering and terrorist activity, particularly in the vulnerable area of cross-border payments, according to a study by fintech specialists. Fintech's advantages include greater automation, simplified operations, and more detailed and less costly analytics, the study says.
Sahir Akbar, director of prudential regulation at AFME, has voiced concerns about the standardised approach for measuring counterparty credit risk in Basel III. The proposal would increase banks' capital requirements, Akbar says, and "if increased costs are passed on, they are likely to inhibit the ability of end users to use derivative instruments to hedge their risks, leading to an increasing risk left in the real economy".
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