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...UBS has said it aims to reduce costs by $13bn by the end of 2026, with a further $1.5bn of savings over the course of 2024....
...The number of banks who are using Raisin for their funding rose by 72 to 257....
...The big news will be the start of the US primaries, with Republican party members in Iowa casting the first ballots to choose their candidate for the 2024 presidential election....
...Inflation: Recent US data serves as an early warning of the long and winding road ahead in the last mile of the Federal Reserve’s battle against rising prices, writes Mohamed El-Erian....
...Chart of the day Results from four of the US’s largest banks on Friday — JPMorgan Chase, Bank of America, Citigroup and Wells Fargo — showed their lending businesses benefited significantly from higher...
...Ron DeSantis and Nikki Haley are battling to secure second place in the Iowa Republican caucuses next week behind the frontrunner Donald Trump, as voters in the Midwestern state prepare to cast the first...
...It showed his continued grip on the Republican party, with voters backing a man facing dozens of federal criminal charges....
...Instead, it will be smaller regional banks that will feel more of this pressure....
...Most of last week I was in Switzerland, at a Bank for International Settlements conference. (Unhedged is now just me, until I find a replacement for the irreplaceable Ethan.)...
...But a disappointing reading for the first quarter, when prices rose 3.6 per cent year on year, led some economists to predict that the RBA might reverse course and raise rates by the end of the year....
...Freddie will only buy the second mortgages of borrowers that it already has a first mortgage with, and the combined loan-to-value of both the first and the second mortgage cannot exceed 80 per cent of the...
...More fundamentally, the research challenges the whole concept of R-star because it is theoretically supposed to be an anchor set by fundamental forces balancing savings and investment....
...Monetary policy: Federal Reserve Bank of Minneapolis president Neel Kashkari participates in conversation with Missoula community members and University of Montana faculty and students, in Missoula, Montana...
...But banks are finally having to pass on higher savings rates to depositors, according to JPMorgan and Wells Fargo, which also reported earnings....
...“As we’ve been saying for a while, migration from checking and savings to CDs is sort of the dominant trend,” JPMorgan’s chief financial officer Jeremy Barnum told analysts on the bank’s first-quarter earnings...
...lose the first contest — Iowa — by 30 points to Trump....
...The savings rate of 3.6 per cent in the first quarter was again low, suggesting few worries among households regarding activity levels....
...The latest polling on the economy reflects Trump’s commanding lead among Republicans in early primary race states, where he enjoys the support of about half of Iowa’s caucus-goers and 44 per cent of GOP...
...the first quarter.”...
...Lending by US banks dropped by $36bn in the first three months of the year compared to the end of 2023, the biggest quarterly drop in more than three years....
...federal fiscal support before expiry.”...
...On the afternoon of January 6, the third anniversary of his supporters’ assault on the US Capitol, Donald Trump travelled to a school gymnasium on the banks of the Mississippi River to ask voters to send...
...Federal liquidity (changes in the Fed Balance sheet adjusted for changes in the Treasury general account, the Fed’s reverse repo facility, and the Bank Term Funding Program) has been going sideways for a...
...You see the same thing when you look at savings — the amount of money people have in checking and savings accounts across the income distribution. Look at people who make less than $25,000 a year....
...Chief financial officer William Chalmers said the bank continued to expect three base rate cuts by the Bank of England, with the first one expected around the middle of the year....
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