Tariffs

CEO Stephen Squeri said current strategy will continue, adding it would look to adjust expenses in areas such as marketing if there's an economic downturn.

The super-regional bank cited "a material slowdown" in investment banking and trading income as one reason for the lower revenue forecast. Interest rates are also a factor, executives said.

The Sweden-based payment firm, which recently delayed its IPO due to the trade war, will use Fiserv's Clover point of sale system as it looks to build a market in the U.S. Plus: Payoneer makes a deal in China and other news in this week's global payments roundup.

Markets welcomed the 90-day pause on President Donald Trump's tariff plan, but banker forecasts for mergers and acquisitions and earnings remain uncertain.

President Trump's tariff regime and resulting price shocks may put additional pressure on small banks, requiring an already undermanned Federal Deposit Insurance Corp. to turn to assisted M&A deals to resolve failed banks, accelerating consolidation in the industry.

As tariff turbulence continues, BofA is predicting a slowdown, not a downturn. But America's second-largest bank is also signaling that it's prepared for a more severe scenario.

CEO Jane Fraser said Tuesday that the bank is positioned well to handle shakiness in the global market, and is still working on its years-long overhaul.

Experts say transaction growth is OK now, but the next year will be fraught with risk.

Federal Reserve Board member Christopher Waller said he would not be deterred from classifying inflation as "transitory" despite the board's recent experience underestimating inflationary pressures.

Just three months after hailing a positive "sentiment shift" following last November's election, Goldman Sachs CEO David Solomon lamented President Trump's trade war and said "the prospect of a recession has increased."