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A Fed Official’s 2020 Trade Drew Outcry. It Went Further Than First Disclosed.

That’s because Fed officials were actively rescuing a broad swath of markets in 2020: In March and April, they slashed rates to zero, bought mortgage-tied and government bonds in mass quantities, and rolled out rescue programs for corporate and municipal debt. Continuing to trade in affected securities for their own portfolios throughout the year could have given them room to profit from their privileged knowledge. At a minimum, it created an appearance problem, one that Mr. Powell himself has acknowledged.

Mr. Kaplan resigned in September, citing the scandal; Mr. Rosengren resigned simultaneously, citing health issues. Mr. Clarida’s term ends at the close of this month, which it was scheduled to do before news of the scandal broke.

Mr. Clarida’s trades, which Bloomberg reported earlier, also raised eyebrows among lawmakers, including Senator Elizabeth Warren of Massachusetts, who has demanded a Securities and Exchange Commission investigation into Fed officials’ 2020 trading. But many ethics experts had seen the transaction as more benign, if poorly timed, because it happened in a broad-based index and the Fed had said it was part of a planned and longer-term investment strategy.

The new disclosure casts doubt on that explanation, given that Mr. Clarida sold out of stocks just days before moving back into them.

“It’s peculiar,” said Norman Eisen, an ethics official in the Obama White House who said he probably would not have approved such a trade. “It’s fair to ask — in what respect does this constitute a rebalancing?”

It is unclear whether Mr. Clarida benefited financially from the trade, but it was most likely a lucrative move. By selling the stock fund as its value began to plummet and buying it back days later when the price per share was lower, Mr. Clarida would have ended up holding more shares, assuming he reinvested all of the money that he had withdrawn. The financial disclosures put both transactions in a range of $1 million to $5 million.

The sale-and-purchase move would have made money within a few days, as stock markets and the fund in question increased in value after Mr. Powell’s announcement. The investment would have then lost money as stocks sank again amid the deepening pandemic crisis.

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Omicron Variant Prompts Travel Bans and Batters World Markets

The world reacted with alarm on Friday to the highly mutated new coronavirus variant discovered in southern Africa, as the United States, the European Union and nations across the globe imposed new travel restrictions, financial markets swooned and visions of finally emerging from the pandemic started to dim.

Just two days after the world learned of the variant, the World Health Organization officially labeled it a “variant of concern,” its most serious category — the first since the Delta variant, which emerged a year ago. The designation means that the variant has mutations that might make it more contagious or more virulent, or make vaccines and other preventive measures less effective — though none of those effects has yet been established.

suffered terribly when Covid first hit Europe early last year.

On Friday, Israel, Singapore, several European nations individually, and then the European Union as a whole, the United States and Canada followed the lead set by Britain on Thursday night, temporarily barring foreign travelers who have recently been in South Africa or any of several neighboring countries. As with past travel bans, countries are allowing their own citizens and permanent residents to return home if they test negative for the virus, with some requiring additional testing and quarantine after arrival.

fights over vaccines and social restrictions have grown increasingly harsh.

world’s highest case rates for their populations are all European — several of them about six times as high as the U.S. rate.

South Africa, whose last coronavirus wave peaked in July, has recently reported case rates far below the worldwide average. But last week the rate more than doubled from the week before.

Reporting was contributed by Sheryl Gay Stolberg, Zolan Kanno-Youngs, Carl Zimmer, Lynsey Chutel and Nick Cumming-Bruce.

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Rolls-Royce sells Spanish unit for €1.7bn as it repairs finances

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Shares soar as, along with ITP Aero sale, firm wins multibillion-dollar contract from US air force

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Rolls-Royce’s finances were hit hard because the company is paid on the basis of the number of hours flown by the aircraft that use its engines.

“Today’s announcement is a significant milestone for our disposal programme as we work to strengthen our balance sheet, in support of our medium-term ambition to return to an investment-grade credit profile,” said Warren East, the chief executive of Rolls-Royce. “The creation of an independent ITP Aero is a great opportunity for the company, its people and other stakeholders. It will remain a key strategic supplier and partner for decades to come.”

The sale and contract cap a strong month for Rolls-Royce, whose share price has risen along with other aviation stocks after the UK government simplified international travel rules and scrapped Covid PCR tests for fully vaccinated travellers.

The company’s shares rose 10.5%, making Rolls-Royce the top riser on the FTSE 100 on Monday afternoon.

“The lift-off of Rolls-Royce shares following the relaxation of transatlantic travel rules was given added thrust today with news of a big contract with the US air force,” said Susannah Streeter, a senior investment and market analyst at Hargreaves Lansdown. “Rolls-Royce engines will power the USAF B-52s for the next 30 years, and the clinching of this deal, which could be worth up to $2.6bn, is yet another ray of sunlight for the engineering firm, which finally seems to be leaving the pandemic storm clouds behind.”

ITP Aero, a maker of turbine blades based in the Basque region of Spain, reported revenues of €735m and profits of €40m last year. The business was the biggest asset that Rolls-Royce identified for sale in a recovery plan announced last August. Smaller assets that have been offloaded include a stake in Air Tanker Holdings, its Bergen Engines unit in Norway, and a civil nuclear instrumentation and control business.

“Today’s announcement effectively marks the end of the disposal programme,” a spokesman for Rolls-Royce said. “We continually evaluate non-core assets in the portfolio and will always focus on maximising shareholder value.”

The Bain-led consortium also includes Sapa and JB Capital.

“All of us at ITP Aero are eager to start the next chapter of our story as an independent company with a strong strategic plan and financial support behind us,” said Carlos Alzola, the chief executive of ITP Aero.

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Wall Street tumbles, with tech leading the way. Bitcoin’s drop takes crypto stocks with it.

Tesla was one of the worst-performing stocks in the market on Wednesday, tumbling more than 4 percent. The company had once positioned itself as a prominent supporter of cryptocurrencies, and in March, it announced that it would accept Bitcoin in exchange for cars, helping to set off a surge in the asset.

Last week, Elon Musk, the company’s chief executive, reversed that decision, citing concerns about the energy consumption needed to produce cryptocurrencies. That process, known as mining, involves a using computers to create new Bitcoin by having them solve complex computational problems.

The hard drive maker Seagate Technology — which has a stake in cryptocurrency company Ripple, the creator of the XRP currency — tumbled more than 2 percent. Shares of Seagate and Western Digital, another maker of hard drives, had been on a tear in recent days, as analysts spotlighted surging demand for its computer products, in part, from cryptocurrency miners. Western Digital was down nearly 3 percent.

Bitcoin wasn’t the only element moving the markets. Crude oil tumbled roughly 4 percent, on lingering concerns that the still-spreading coronavirus in India, as well as Thailand, Vietnam and Taiwan, could prompt new restrictions that could curtail economic activity.

The Stoxx Europe 600 index was 1.5 percent lower, while the FTSE 100 in Britain was down 1.3 percent. Stock markets in Asia ended the day mainly lower, with the Nikkei in Japan down by 1.3 percent.

Volatility in the stock markets lately has been driven by sentiment about inflation. Investors are nervous that a jump in prices —  coming as global economies reopen and as the government continues to pump stimulus funds to spur growth — could push the Federal Reserve and other central banks to raise interest rates or take other measures to cool growth. That would be bad news for riskier investments like stocks.

The Fed and other central banks have said they see the recent increases as transitory caused partly by supply chain issues as economies revive from lockdowns, and that they have no plans to remove emergency support for the economy.

Federal Reserve policymakers will release the minutes from their April meeting on Wednesday.

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With Earnings Soaring, Wall Street Banks See Economic Boom Ahead

Strength in the banks’ investing, lending and trading businesses added to the euphoria. All three reported robust revenues across multiple lines of business, driven by a combination of active and rising markets, a flurry of new mortgage activity and the boom in special-purpose acquisition companies, or SPACs. Corporate merger and acquisition activity also marked an all-time high by dollar value.

Goldman — a dominant player in corporate advisory services and in markets — reported a doubling of revenue to $17.7 billion, from $8.7 billion, thanks to double-digit percentage gains in investment banking, money management and markets. JPMorgan reported a 14 percent rise in revenue to $33.1 billion from $29 billion, driven by both markets and investment banking.

Wells Fargo’s revenue rose 2 percent, buoyed partly by a 19 percent jump in home lending, as Americans migrated away from cities and into more suburban or rural areas. The results “reflected an improving U.S. economy,” but low interest rates and sluggish demand for loans were a “headwind,” said Charles W. Scharf, the bank’s chief executive.

The banks have been major — if somewhat unintended — beneficiaries of the government’s spending push over the last year that sought to keep the shock of virus-related economic shutdowns from sending the economy into a long-term tailspin.

A little over year ago, the Federal Reserve cut interest rates to near zero and restarted its bond-buying programs, effectively injecting trillions of freshly created dollars into financial markets, which helped bolster activity in mortgages, corporate bond issuance and deals.

Since then, stock markets have soared more than 80 percent, amid a boom in trading that crested this year. Both factors helped banks, which have businesses that buy and sell shares for clients. Goldman’s equities business made $3.7 billion in revenue in the first quarter, up 68 percent from last year. JPMorgan’s stock markets business notched $3.3 billion, up 47 percent.

Looking forward, several banks spotlighted the impact of recent infusions of stimulus checks on consumer accounts — a component of roughly $5 trillion the federal government has allocated to fighting the crisis over the last year. The influx of federal dollars has helped put the finances of American households on some of their firmest footing in years, bankers said, adding that there are growing indications consumers are eager to put the cash to work.

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