Bloomberg Business

JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. are reeling in windfalls from higher interest rates that upended smaller lenders last month.

The US economy moderated gradually as the first quarter drew to a close, with elevated inflation and borrowing costs restricting household spending and manufacturing activity.

Prime Minister Rishi Sunak’s bid to end a series of damaging strikes was dealt a major blow on Friday when UK nurses rejected the government’s latest pay offer and announced more walkouts that will further undermine the country’s struggling National Health Service.

Charles Schwab Corp. stunned Wall Street in 2019 by slashing trading commissions to zero, forcing its competitors to adapt. The move amounted to a big bet that its bank — rather than its well-known discount brokerage — would keep driving profits.

Global finance chiefs, gathering in Washington little more than a year after the shock Russian invasion of Ukraine, are drawing sharply different conclusions about the biggest risks to the outlook, in a split showcasing the rising role of geopolitical struggles in the world economy.

Europe survived the most perilous stretch of its energy crisis without significant supply disruptions. Then workers in France went on strike, roiling activities from ports to power plants.

Federal Reserve Governor Christopher Waller said he favored more monetary policy tightening to reduce persistently high inflation, although he said he was prepared to adjust his stance if needed if credit tightens more than expected.

The US Securities and Exchange Commission on Friday altered a proposed rule to make more explicit that digital-asset exchanges and decentralized-finance platforms must register with the regulator.

Beleaguered US regional banks are assessing whether bond sales to replace lost deposits are worth the cost, as credit investors weigh whether they’re worth the risk.