Fed stress test finds banks well-capitalized | FCC fines robocaller a record $120M | Tax-reform uncertainty slows M&A
June 23, 2017
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Business Finance Today
Fed stress test finds banks well-capitalized
Fed stress test finds banks well-capitalized
Powell (Federal Reserve)
All 34 banks that underwent the Federal Reserve's annual stress test cleared the first round. "This year's results show that, even during a severe recession, our large banks would remain well-capitalized," Fed Governor Jerome Powell said.
Bloomberg (6/22),  Reuters (6/23),  The Wall Street Journal (tiered subscription model) (6/22),  Financial Times (tiered subscription model) (6/22) 
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On Wall Street
Wall Street quiet as stocks open mixed
On Wall St.
(Pixabay)
Stocks were mixed in early trading today, after health care and energy shares failed to boost markets Thursday. At 10:30 a.m. Eastern, the Dow Jones industrial average was down 6 points, the Nasdaq composite was up 7 points and the Standard & Poor's 500 index was up 2 points.
Investor's Business Daily (6/23),  MarketWatch (6/22) 
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Your Bottom Line
Treasury repo rate chosen as Libor alternative
Treasury repo rate chosen as Libor alternative
(Pixabay)
The Alternative Reference Rates Committee, which comprises major international banks, has chosen a Treasurys-backed repurchase agreement rate as an alternative to the London Interbank Offered Rate. "I am confident the new reference rate chosen today by the Alternative Reference Rates Committee is based on a deep and actively traded market and will be highly robust," said Federal Reserve Governor Jerome Powell.
Reuters (6/22),  The Wall Street Journal (tiered subscription model) (6/22),  Market News International (6/22),  Financial Times (tiered subscription model) (6/22) 
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In the C-Suite
Be mentally tougher by ignoring these 7 thoughts
Be mentally tougher by ignoring these 7 thoughts
(Pixabay)
Mental toughness means thinking of challenges as opportunities to overcome, writes LaRae Quy, who lists seven ways of thinking to get away from. Don't pretend that pain or negativity can be avoided or that emotions can't surface, and don't pretend you're nothing but a victim, she writes.
SmartBrief/Leadership (6/21) 
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Off the Charts
Cyberattack more sophisticated than WannaCry possible
A more sophisticated cyberattack than WannaCry awaits
(Pixabay)
A sophisticated cyberattack on IDT in April foreshadowed the WannaCry attack, which occurred two weeks later worldwide. The IDT attack was more vicious: It used two National Security Agency cyberweapons, opposed to one in WannaCry, and it stole employee credentials without detection.
The New York Times (free-article access for SmartBrief readers) (6/22) 
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Arguably some of the dry powder sitting out there is waiting for tax reform.
Ed Pratesi, managing director of UHY Advisors, as quoted by CNBC
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