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...Corbett, president and chief executive of the Managed Funds Association, one of the plaintiffs....
...As high rates persist, more customers are moving their money out of low-interest rate checking and savings accounts and into higher-yielding products like certificates of deposit, Treasuries and money market...
...While JPMorgan lifted its full-year guidance for NII — broadly the difference between what it pays on deposits and what it earns from loans and other assets — outside of its trading business to about $89bn...
...They have been able to charge more for loans because of the interest rates being increased by the Federal Reserve, but they haven’t been passing on these higher savings rates to depositors at the same rate...
...In the US, according to numbers from the Federal Trade Commission, there were nearly 26,000 reported cases of abuse of advance-fee loans last year, costing victims nearly $75mn....
...Rocket Company, owner of Quicken Loans, the country’s largest non-bank mortgage lender, is up 66 per cent since November....
...And the February readout will be the first since China lowered its five-year loan prime rate, which is used as the benchmark for mortgages nationwide.Even so, Ting Lu, chief China economist at Nomura, said...
...To do this, I looked at two time-slices of Federal Deposit Insurance Corporation data, from early 2003 and late 2023, using a data collection tool from BankRegData....
...They say the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency have exceeded their remit and could diminish the competitiveness of US banks by unilaterally...
...With Britain in the grip of a mortgage price war, your most valuable money-saving weapon is the telephone number of a good broker....
...Banks in the 10-member Association of Southeast Asian Nations may be seeing the last of beefy earnings from loans in the current higher financing era as lower interest rates loom....
...First, the rise of fixed-rate loans — and pandemic savings — have stunted the impact of rate rises....
...Those associations need to “manage and report to the tax office”....
...Even so, those sensitivities would pale in comparison with the sometimes triple-digit betas in the US during the first quarter of 2023....
...It estimated the average federal student loan debt at $37,338, and said after interest and loss of income, “the ultimate cost of a bachelors degree can exceed $500,000”....
...And what does it mean for current rates? On the first point, the answer rests on your level of imagination....
...American Solar Grazing Association....
...Retail car sales jumped to 841,000 in the first 11 months of 2023, compared with 593,000 over the whole of 2022, according to Turkey’s Automotive Distributors’ and Mobility Association, a trade body....
...US mortgage rates hit their highest level in almost 23 years last week, while home loan applications tumbled to their lowest since the mid-1990s in a reflection of tough conditions in the housing market....
...In August, the Federal Reserve Bank of New York’s annual report on the finances of American households showed that US credit card balances breached $1tn for the first time in the second quarter of the year...
...The Federal Reserve, the European Central Bank and the Bank of England all held interest rates steady at their meetings this week....
...Intel will get $8.5bn in direct funding and $11bn in loans from the US government to help it expand in high-end chips and compete with the likes of Taiwan’s TSMC and South Korea’s Samsung....
...After losing in the courts, it chose to relinquish access to all federal loans and grants to students rather than comply....
...In addition, higher rates can hurt banks by eroding the value of bonds and loans that banks acquired or issued when rates were lower....
...The deregulation of savings and loan banks in 1980 contributed to the industry crisis later that decade. And on and on....
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