Financial crises

Investors remain bullish in the face of IMF fears

Illustration: Lazaro Gamio/Axios

In a seemingly coordinated effort, IMF managing director Christine Lagarde, deputy managing director David Lipton and chief economist Gita Gopinath all worried aloud about the "delicate" state of the world's economies at last week's spring meeting in Washington.

What's happening: The IMF cut its global growth forecast for the 3rd time in 6 months to its lowest estimate since the financial crisis, but fund managers and analysts who were in Washington for the event seemed to largely disregard the foreboding. They're bullish.

Big bank CEOs will tout change during congressional hearing

House Financial Services Committee members Rep. Alexandria Ocasio-Cortez (D-NY) (C) talks with Rep. Jennifer Wexton (D-VA) while hearing testimony from former Wells Fargo and Company CEO Timothy Sloan
House Financial Services Committee members Reps. Alexandria Ocasio-Cortez and Rep. Jennifer Wexton during testimony from ex-Wells Fargo CEO Timothy Sloan last month. Photo: Chip Somodevilla/Getty Images

The CEOs of big U.S. banks will tout how their companies have transformed since the financial crisis at Wednesday's House Financial Services Committee hearing — and released testimonies show they'll say the system has become less risky thanks to regulations.

The backdrop: It's the first time the heads of America's biggest financial institutions will testify together since the aftermath of the 2007–2008 crisis. It's "part of an opening salvo in House Democrats' plans to examine the industry’s activities," as the Wall Street Journal points out, and comes amid heightened scrutiny of capitalism's effectiveness.