Shares of banks and other financial institutions rose after minutes from the Federal Reserve's latest meeting suggested the central bank was determined to shake expectations of rate cuts this year.
In something of a Catch 22 situation, the central bank indicated that investor wagers on slowing rate increases were complicating its efforts to bring inflation to heel, which would enable it to slow rate increases.
Shares of subprime auto lender Credit Acceptance Corp fell sharply after New York Attorney General Letitia James and a key U.S. consumer watchdog sued the lender, saying it has been tricking low-income borrowers into high-cost car loans.
Shares of cryptocurrency exchange Coinbase Global rose after it agreed to a $100 million settlement with the New York Department of Financial Services over failures in the firm's compliance program.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-04-23 1715ET
