Wall Street falls as inflation fears widen losses
U.S. stocks slid with the S&P 500 down 2.4 percent and the Nasdaq 3.1 percent lower as the University of Michigan inflation outlook rose. The Dow shed 1.3 percent amid ongoing bets on persistent rate hikes by the Fed, linked to stubbornly high inflation.
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Fed signals worry over mega bank guardrails and rising mergers
The Fed signals concern that super regional banks pose systemic risks as merger waves continue. U S Bank's bid for Union Bank from MUFG gains scrutiny with DOJ approval tied to branch divestitures. Atlanta Fed President Raphael Bostic admits past ethics disclosure violations and revises filings since 2017.
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Regulators approve U S Banks 8B Union Bank deal
Regulators sanction U S Bank 8 billion acquisition of MUFG Union Bank as risk controls and new rules for super regional banks rise. OCC requires rapid divestitures if distress emerges while Fed signals potential tighter oversight and revised living wills for large banks.
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