The Fed wrapped up its Open Market Committee meeting yesterday without any change in interest rates but with an expression of confidence in the economy, despite Q1’s sub-1 percent growth figure (which it dubbed “transitory”) – NYTimes and WSJ and Bloomberg

Puerto Rico’s debt (and massive unfunded pension obligations) top out at more than $120 billion—a staggering sum that has prompted the troubled island to seek what amounts to bankruptcy protection—“the first time in history that an American state or territory ha[s] taken the extraordinary measure” – NYTimes and WSJ and Bloomberg

Breakingviews on the thus-far-largely ignored influencer in the upcoming French presidential election: French nest eggs (which could take a massive hit should Le Pen win and move forward with her promised anti-Euro plans) – NYTimes

The US Chamber of Commerce has taken its fight against the DOL’s fiduciary rule to the 5th Circuit – Law360

Troubled Canadian mortgage lender Home Capital looks to be ripe for an acquisition – WSJ

And good thing, too, because BlackRock has warned that ignoring Home Capital’s woes would be a huge mistake – Bloomberg

Credit Suisse will pay $400 million to resolve NCUA claims over sales of toxic RMBS that led to the failure of three credit unions.  The settlement comes just days after UBS reached a similarly sized deal with the NCUA – Law360

Dropping a loaded term like “colonialism” into an article about China’s outsized role in Africa isn’t exactly something to take lightly. But spend a little time with this Times long-read, and you might have trouble disagreeing – NYTimes