Shares of banks and other financial institutions were nearly flat as investors weighted discussions on the debt ceiling and interest rates.
The president of the Boston Federal Reserve said signs of waning inflation suggest the central bank may be "at, or near, the point" where it can stop raising interest rates.
"While inflation is still way too high, there are some promising signs of moderation," said Susan Collins, president of the Boston Fed, at an event at the Community College of Rhode Island.
Yet Collins also said she would base her judgment on upcoming reports on inflation, employment and economic growth before the Fed's next big meeting on June 13-14.
BlackRock, the world's largest asset manager, has expanded the leadership team of a unit that acquires secondhand stakes in private-market assets.
The firm, with $9.09 trillion in assets under management, has hired Lisa Sun as a managing director and co-head of its secondaries and liquidity solutions platform, according to an internal memo seen by The Wall Street Journal.
Celsius Network, the bankrupt cryptocurrency lender, has reached an agreement to be managed by Fahrenheit LLC, a group of investors led by TechCrunch founder Michael Arrington.
The sale will be part of Celsius's chapter 11 exit plan, which will include a distribution of the firm's liquid cryptocurrency to account holders, settlements with holders of custody accounts, and the creation of a reorganized public company that will manage Celsius's illiquid assets.
Under the plan, Celsius account holders will receive 100% of the equity in the reorganized company, subject to dilution that will be distributed to Fahrenheit as management fees.
Grant Thornton is laying off about 300 U.S. employees, or roughly 3% of its workforce in the country, people familiar with the matter said, as the professional-services firm navigates declining demand for its advisory and tax services.
Payments processor Plastiq has filed for bankruptcy less than a year after an aborted merger with a special-purpose acquisition company and weeks after Silicon Valley Bank's collapse temporarily halted its operations.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
05-25-23 1710ET
