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US bank, business groups sue Fed over stress test framework

BY Reuters | ECONOMIC | 08:44 AM EST

Dec 24 (Reuters) - Groups representing U.S. banks and businesses said on Tuesday they were suing the Federal Reserve to challenge what they described as the "opaque aspects of the stress testing framework."

In a statement, groups including the American Bankers Association and the U.S. Chamber of Commerce said the lawsuit "seeks to resolve longstanding legal violations by subjecting the stress test process to public input as required by federal law."

(Reporting by Pete Schroeder, Ismail Shakil and Rami Ayyub)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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