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...Industry association Sifma argued in a public comment before the rule was adopted that the FTC did not have the power to regulate banks and credit unions....
...It also comes as global central banks, led by the US Federal Reserve, have signalled that interest rates are expected to remain higher for longer as they battle to bring down inflation, a shift that has...
...Now, almost half of all seniors are at risk of a financial shock with less than six weeks of liquid savings....
...But banks are finally having to pass on higher savings rates to depositors, according to JPMorgan and Wells Fargo, which also reported earnings....
...For more in-depth analysis of monetary policy sign up for Chris Giles’s central banks newsletter....
...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....
...Deposit costs at the largest US banks rose more than interest revenue last quarter for the first time since the Federal Reserve began raising rates two years ago, as savers demanded lenders share the benefits...
...The broad measure of money supply known as M2, which includes cash held in money market accounts and bank deposits, as well as other forms of savings, is still well above its pre-pandemic trend....
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...The savings rate of 3.6 per cent in the first quarter was again low, suggesting few worries among households regarding activity levels....
...Fedspeak: Federal Reserve governor Michelle Bowman will deliver a virtual speech at a workshop on the future of banking hosted by the central bank’s Kansas City branch....
...Banks are unlikely to offer the same high yield on their savings accounts due to costs of intermediation. Direct debt sales to retail investors will therefore suck out funds from bank accounts....
...From the bank: When can we expect sagging S&L tax revenues to moderate consumption and gross investment growth?...
...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...
...One respondent said these restrictions meant he was unable to obtain market-leading savings rates for his 91-year old mother. These trying experiences may well accord with your own....
...Growth and employment remain strong — so strong, in fact, that expectations for Federal Reserve interest rate cuts are being pushed further into the future....
...The NBA said the Porter investigation is ongoing and it will “continue to share information with federal prosecutors about this matter”....
...Mutuals have, however, made a “comeback” since the financial crisis, according to Building Society Association head Robin Fieth....
...To the surprise of many, Federal Reserve chair Jay Powell struck a decidedly dovish tone in his press conference on Wednesday....
...Will McBride, vice-president of federal tax policy at the Tax Foundation, a US think-tank, says that inheritance tax “deters savings, investment, work — all the things that we have long understood contribute...
...It is increasingly infiltrating the likes of the Federal Reserve Board, the European Central Bank and the Bank of England. And it is one of the few acronyms for which economists deserve forgiveness....
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