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Federal Reserve chair Janet Yellen has reiterated that interest rates will rise slowly.
Yellen spoke at the Economic Club of New York on Tuesday, and t
he tone was decidedly dovish, with the dollar falling, Treasurys rallying, and stocks moving higher following the speech’s release.
The upshot of this commentary is clear: The Fed will not be raising interest rates in June.
In other news, one of SunEdison’s subsidiaries, TerraForm Global, announced Tuesday that its parent was in danger of going bankrupt, sending the SunEdison stock down more than 50%.
Here’s where Pimco sees the world heading in 2016
In tech news, Yahoo wants bidders to submit offers to buy the company in the next two weeks, the founder of Dropcam has called his decision to sell to Google for $555 million a “mistake,” and Google’s CEO made over $100 million in 2015.
And Betterment, a startup that uses technology to automate financial planning, just raised $100 million in a Series E round of funding.
Here are the top Wall Street headlines at midday:
Credit Suisse and UBS want to help Russia privatize its assets – Swiss banks UBS and Credit Suisse are interested in advising the Russian government on several privatizations as long as the deals do not violate sanctions.
$10 billion of Chicago’s debt was just downgraded to one level above junk – Credit-rating agency Fitch downgraded $10 billion of Chicago’s municipal debt to one level above junk on Monday, and warned that America’s third-largest city is in a perilous financial situation.
Chipotle’s best-case scenario is looking pretty grim – Wedbush analyst Nick Setyan has downgraded Chipotle from neutral to underperform, saying that even in the best-case scenario the chain’s sales wouldn’t recover until 2018.
CREDIT SUISSE: Everyone else on Wall Street is dead wrong about these 21 stocks – It’s usually easier to move with the crowd, even on Wall Street.
11 of the most expensive new watches money can buy – When it comes to pricey timepieces, most people think of brands like Rolex, which sells watches that can cost tens of thousands of dollars. But in reality, that’s just the tip of the iceberg.
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