Banks and the Economy

Boston Fed Chief Calls for Four Rate Hikes in 2017

The Federal Open Market Committee should raise interest rates at every other meeting by default in 2017 unless economic data come in that are inconsistent with forecasts, Federal Reserve Bank of Boston President and CEO Eric Rosengren said today.

Read More »

Consumer Confidence Jumped in March

The Conference Board Consumer Confidence Index increased to 125.6 in March, up 9.5 points from February. The Present Situation Index rose 8.7 points to 143.1, while the Expectations Index jumped 9.9 points to 113.8. “Consumer confidence increased sharply in March to its highest level since December 2000 (Index, 128.6),” said Lynn Franco, Director of Economic Indicators at The Conference Board. ...

Read More »

Durable Goods Orders Increased in February

New orders for manufactured durable goods increased 1.7% in February to $235.4 billion, following a 2.3% January increase, according to the U.S. Census Bureau. New orders excluding defense rose 2.1% on the month, as orders of nondefense capital goods increased 4.1% to $72.9 billion. Shipments of manufactured durable goods increased 0.3% to $239.2 billion. Inventories of manufactured durable goods rose ...

Read More »

New Home Sales Increased in February

New single-family home sales rose to a seasonally adjusted annual rate of 592,000 in February, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The February level was 6.1% above the revised January rate of 558,000 and 12.8% above the February 2016 level. Sales rose in most regions, increasing 3.6% in the South, 30.9% in ...

Read More »

Hensarling: Choice Act to ‘Remove Bureaucrats from the Boardroom’

If passed, the Financial Choice Act will serve as a “deregulatory life preserver” for community banking institutions, said the bill’s architect, House Financial Services Committee Chairman Jeb Hensarling (R-Texas), in remarks at the American Bankers Association’s Government Relations Summit this morning.

Read More »

Existing-Home Sales Slipped in February

Existing-home sales fell 3.7% to a seasonally adjusted annual rate of 5.48 million in February, according to the National Association of Realtors (NAR). Total existing-home sales cooled off after a strong start to 2017. “Realtors are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that’s pushing up ...

Read More »

Burgess: Regulatory Overload Hinders New Bank Startups

Excessive regulation discourages investors from launching de novo banks, thus reducing capacity for economic growth and financial choices for consumers and businesses across the country, ABA Chairman-Elect Ken Burgess said in congressional testimony today.

Read More »