Today’s top financial services news

Fed's Harker says he'd like to get benchmark rate above 3.4% and then 'sit for a while' 

The Federal Reserve is expected to raise its benchmark rate above 3.4% and then “sit for a while,” Philadelphia Fed President Patrick Harker said Thursday.

Fed Officials Ready to Raise Rates Again, but Unclear on How Much 

Two Federal Reserve officials have said in television interviews that while high inflation calls for a tightening of monetary policy, they are not prepared to commit to the size of the rate hike they believe is necessary when of the policy meeting next month.

Citigroup Plans to Wind Down Russian Consumer Operations 

The bank’s plan comes after attempts to sell the unit were thwarted by Russia’s invasion of Ukraine and subsequent sanctions on the country’s financial system.

You Don't Need to Pay Up Anymore for PayPal 

The company’s stock looks cheap after a sharp drop, but its growth story is intact.

Fed's Bostic Says More Strong Data Could Tip Fed Toward 75 Basis Point Rate Increase 

Atlanta Federal Reserve Chairman Raphael Bostic said the U.S. central bank still has some way to go to raise interest rates this year and warned it was too early to say the surge in inflation had peaked, although he noted there were encouraging signs on that front. .

Biden's Student Loan Forgiveness Plan Refunds Borrowers Who Paid During Pause 

Borrowers can request a refund by calling their loan servicer directly.

CITIC's Net Profit Rose 12% in First Half 

The net profit of CITIC Ltd. increased by 12% in the first half of 2022 compared to the previous year, as a solid increase in non-interest income compensated for a slight decline in net interest income.

Bond Yields Rise on Bet Recovery to Last Longer 

US government bond yields rebounded significantly this month, reflecting heightened investor optimism about near-term economic prospects.

Pension Funds Are Selling Their Office Buildings 

Big investors are unwinding their bets on office space as a changing work environment raises the prospect that many downtown buildings will see less use.

Financial Services Roundup: Market Talk 

Get insights into home-for-sale listings, Royal Bank of Canada Q3, and more in the latest financial services market talks.

(END) Dow Jones Newswire

08-26-22 0015ET

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