The Federal Reserve is meeting and all eyes are on its bond purchase plans. [NYT]
The Fed — which will release its policy statement at 2 p.m. — will also provide fresh economic projections. Those will include policymakers’ predictions of when they might lift their main interest rate from near-zero, a move that officials have signaled is still months or even years away.
“The Fed has been very clear on their intentions,” said Michelle Meyer, chief U.S. economist at Bank of America, noting that officials want to get moving on the bond program so that they can separate it from the path ahead for the federal funds rate. “That’s one of the reasons they want to get the taper underway — they just want it on the back burner.”
Toast sells shares in IPO at $40, topping range and valuing restaurant-tech company at $20 billion [CNBC]
Toast had expected to sell shares at $34 to $36 a piece, after raising the range from $30 to $33….
Toast’s IPO comes after a roller-coaster stretch in the pandemic during which revenue initially sank by 80% as restaurants closed and cities across the country shut down…. Toast now says it’s serving more than 48,000 restaurant locations as of the end of June, up from 27,000 in 2019. Annual recurring revenue surged 118% in the second quarter from a year earlier to $494 million.
JPMorgan Chase is buying college financial aid platform Frank to deepen ties with students [CNBC]
Frank is an online portal with tools that help students apply for and negotiate financial aid, enroll in online courses and find scholarships. It has served more than 5 million students at 6,000 institutions since it was launched by Charlie Javice in 2017.
JPMorgan, the biggest U.S. bank by assets, has been acquiring start-ups at a steady clip since CEO Jamie Dimon declared last year that he would be “much more aggressive” in searching for takeovers. The firm has bought a string of fintech players to bolt on capabilities in sustainable investing, robo-advising and constructing tax-efficient portfolios.
Top hedge fund manager banned over ‘market manipulation’ [Sydney Morning Herald]
Regal Funds Management’s former dealer and portfolio manager Dylan Rands will be stopped from providing financial services for five years after the Australian Securities and Investments Commission (ASIC) found more than 100 suspicious trades…. The allegedly dodgy trades took place between December 2018 and June 2019. Mr Rands also allegedly created a false or misleading appearance of active trading in Clearview Wealth on two separate dates in 2018 and 2019.
Billionaire John Paulson and wife in epic divorce [Page Six]
The 65-year-old business guru — who made $20 billion shorting the housing market before the 2008 crash — cited “irreconcilable differences” as the reason for the breakup, according to paperwork filed Monday in Suffolk County…. “There’s no prenup, and John gathered most of his fortune during their marriage, so this is going to be an epic, wildly expensive divorce,” one source said….
Paulson, who married Jenny in 2000 after she worked as his assistant, was most recently reported to be worth $4.7 billion, but insiders say his true wealth could actually be many times that number.
Hedge funder shells out $31M for waterfront Palm Beach spec mansion [TheRealDeal]
Jason Capello, who led New York-based Merchants’ Gate Capital, paid $30.7 million for the six-bedroom, 8,981-square-foot mansion at 1404 North Lake Way, property records show. … The Palm Beach property includes a guest home above the three-car garage, a gourmet chef’s kitchen, wine cellar, pool and dock that fits up to a 120-foot yacht, the listing shows.