Bloomberg Business

Federal Reserve officials may need to raise interest rates as high as 6.5% to defeat inflation, according to new research that was sharply critical of the central bank’s initially slow response to rising prices.

Latin America e-commerce giant MercadoLibre Inc. reported a surge in profits in the fourth quarter, even before the meltdown of Brazil’s Americanas SA brought “tactical” opportunities in its largest market.

South Africa and Nigeria have been placed on a global financial watchdog’s so-called gray list denoting nations with shortcomings in tackling illicit financial flows, a move that scars their international reputations and may raise costs for banks and asset managers.

Cleveland Fed President Loretta Mester said a bigger-than-expected rise in the central bank’s preferred inflation gauge shows the need to keep raising interest rates, but stopped short of suggesting this warranted a step-up to a half-point hike next month.

Indian telecommunications tycoon Sunil Mittal is seeking a stake in Paytm by merging his financial services unit into the fintech giant’s payments bank, according to people with knowledge of the matter.

Mohamed El-Erian says the financial markets are starting to doubt whether the Federal Reserve can bring inflation down to its 2% target.

JPMorgan Chase & Co.’s market capitalization has a chance to more than double and hit $1 trillion by 2030, according to Morgan Stanley analysts, reinforcing its position as the most valuable US bank.