Newsbytes

Beige Book: Economy Expanding at Modest to Moderate Pace

Economic activity continued to expand at a modest to moderate pace across most of the twelve Federal Reserve Districts over the period from early April through late May, according to the just-released Federal Reserve Beige Book. Consumer spending softened this period as reports of stagnant nonauto retail sales were accompanied by lower readings in auto sales compared to last year’s ...

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Farm Credit Watch: FCS Pushed Tax Rate Even Lower in 2016

By Bert Ely The FCS did it again — it lowered its corporate income tax bill for 2016 as its pre-tax profits reached a record $5.02 billion. Its combined federal and state income tax liability dropped from $221 million in 2014 to $197 million in 2015 and to $175 million in 2016. Its effective tax rate dropped a full percentage ...

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Agencies Remind Banks of Appraisal Waiver Process

With financial institutions -- especially those in rural areas -- facing a critical shortage of qualified appraisers that is slowing down closing times, the federal banking agencies today issued a reminder of two existing approaches they said institutions can use to ease the crunch.

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ABA Posts FAQs on Successor-in-Interest Servicing Issues

To help bankers as they prepare to comply with the operationally complex “successor-in-interest” provisions of the Consumer Financial Protection Bureau’s servicing rule, ABA today released several frequently asked questions addressed by CFPB officials on a recent conference call.

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Consumer Confidence Declines for Second Consecutive Month

The Conference Board Consumer Confidence Index decreased to 117.9 in May, down 1.5 points from April. The Present Situation Index rose 0.4 point to 140.7, while the Expectations Index declined 2.8 points to 102.6. “Consumer confidence decreased slightly in May, following a moderate decline in April,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “However, consumers’ assessment ...

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Consumer Sentiment Held Strong in May

Consumer Sentiment increased 0.1 point in May to 97.1, according to the University of Michigan Consumer Sentiment Index. The Current Economic Conditions Index fell 1.0 point to 111.7, while the Consumer Expectations Index rose 0.7 point to 87.7. “Consumer sentiment has continued to move along the high plateau established following Trump’s election. The final May figure was virtually unchanged from ...

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Durable Goods Orders Decreased in April

New orders for manufactured durable goods decreased 0.7% in April to $231.2 billion, following a 2.3% March increase, according to the U.S. Census Bureau. New orders excluding defense fell 0.8% on the month, as orders of nondefense capital goods decreased 1.9% to $70.4 billion. Shipments of manufactured durable goods decreased 0.3% to $233.0 billion. Inventories of manufactured durable goods rose ...

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First Quarter GDP Revised up to 1.2%

Real GDP for the First quarter of 2017 grew at a seasonally adjusted annual rate of 1.2%, according to the Bureau of Economic Analysis’s revised estimate, up slightly from the advance estimate of 0.7%. The general picture of economic growth remained the same. The increase in the estimate was mostly due to nonresidential fixed investment and personal consumption expenditures being ...

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