Consumers’ Spending Expectations Fall, Income Expectations Continue to Rise

ABA urged the FDIC to harmonize its proposed rulemaking to implement the Genius Act with rules put forward by other federal agencies to ensure a fair and competitive regulatory landscape for payment stablecoin issuers.

The FDIC is exploring whether to “significantly” slim down its resolution planning requirements for large banks and make several adjustments to the Deposit Insurance Fund's assessment framework, including reducing assessment rates, FDIC Chairman Travis Hill said.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced that the goods and services deficit was $55.9 billion in April, down $0.7 billion from $56.6 billion in March, revised.

Existing home sales increased 3.2% in May to a seasonally adjusted annual rate of 4.17 million. Month-over-month and year-over-year sales increased 3.2%.

The NFIB Small Business Optimism Index fell 0.6 points in May to 95.3, remaining below its 52-year average of 98. The Uncertainty Index rose three points from April to 91, remaining well above its historical average of 68.

Consumer household inflation expectations in May decreased at the short-term horizon and remained unchanged at the medium- and longer-term horizons, according to the Federal Reserve Bank of New York’s most recent Survey of Consumer Expectations.