- Jason Reed/Reuters
Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Federal Reserve Chair Janet Yellen is back in Congress on Tuesday for the first day of her semiannual testimony on monetary policy.
YELLEN: Waiting too long to raise interest rates is unwise and could cause a recession Yellen says an Obamacare repeal could have “a significant impact on spending” and the US economy Yellen says reducing the regulatory burden is a “legitimate and important goal” and bank stocks are rising Check back here for the latest news from the hearing as it unfolds
In related news, President Trump’s vast power to reshape the Fed will be the next major source of uncertainty for markets, according to Business Insider’s Pedro da Costa.
Steven Mnuchin, Trump’s pick for Treasury secretary, was confirmed by the Senate after fierce opposition by Democrats. Investors around the world are freaking out about Trump’s policies, according to Bank of America Merrill Lynch. And in an internal meeting, Wall Street Journal editor-in-chief Gerry Baker vehemently defended the paper’s Trump coverage.
In bank news, Credit Suisse posted a loss of 2.35 billion Swiss francs ($2.34 billion) for the last three months of 2016. And Goldman Sachs is using technology to improve M&A deals – but it’s making some bankers “uneasy.”
In hedge fund news, a high-profile fund sent a letter explaining all the reasons it lost money last year, and why it is going to do better this time. Another portfolio manager has left struggling hedge fund Folger Hill.
And employees at the world’s largest hedge fund use an app to rate each other on over 100 traits – here’s how it works.
It’s Valentine’s day.
The world’s most romantic hotels 14 ways an economist might say “I love you” Here’s when you’re probably getting married Here’s when you’re probably getting divorced
In the healthcare sector, Congress went after a drugmaker for pricing a decades-old drug at $89,000 – and now the company is putting its launch on hold. And a competitor to the EpiPen is officially back on the market.
Swiss watchmaker Vacheron Constantin is trying to win millennials by selling $45,000 watches online.
Lastly, these are the watches worn by some of the most powerful men in finance.
Here are the top Wall Street headlines from the past 24 hour
Greece is getting Rothschild to fight its corner – Greece is poised to call in Rothschild, one of the oldest financial firms in the world, to help it navigate its current debt crisis.
2017 is going to witness a rebound in the IPO market – The initial public offering market stumbled last year amid stock market volatility, presidential election jitters, and a public-private valuation disconnect for tech companies. But market participants expect a rebound in 2017.
An “investment mania” is propelling Canada’s home prices to their biggest gain since 2007 – Canadian home prices just saw the largest 12-month increase in a decade amid the ongoing housing boom in Toronto.
Here’s why homeownership is plunging in the US – For Valentine’s Day, we pondered the question, could more love lead to an increase in homeownership? This is a serious question because marriage and homeownership, perhaps the two most enduring institutions of our society, have shaped the economic fortunes of many Americans.
Homes in these 10 markets are selling like hotcakes – Housing markets in the western part of the United States remain hot. Data released on Tuesday by brokerage firm Zillow showed eight of the 10 hottest US markets are located west of the Mississippi River.
PRESENTING: The 11 states that benefit most from immigration – President Donald Trump has not relented on the hardline immigration positions that served as the cornerstone of his presidential campaign.