The University of Michigan Consumer Sentiment Index decreased 12.7% in May compared to the month prior, landing at 67.4, according to preliminary results for the month. The May figure was up 14.2% from a year ago. The current conditions component of the index fell 12.9% from the month prior, landing at 68.8, while the consumer expectations index fell 12.5% to 66.5.
ABA and six banking and credit union associations said they support legislation to establish national data privacy standards as long as it recognizes the strong legal standards already in place for financial institutions.
HSA assets reached nearly $147 billion across more than 39 million accounts, reflecting a year-over-year increase of 19% for assets and 5% for accounts.
The recent tariffs announced by President Trump are likely to generate a temporary rise in inflation, and it is possible that effect could be persistent, Federal Reserve Chairman Jerome Powell said.
A Federal Reserve survey of risk officers at financial institutions found that debit card fraud drove fraud losses at those institutions in 2024, followed closely by check fraud.
U.S. Treasury yields fell sharply on Thursday following President Trump's announcement of "Liberation Day" tariffs, with the yield on the 10-year note ending the day near 4%, a 6-month low.
The U.S. economy added 228,000 nonfarm jobs in March, the Labor Department said. The unemployment rate was little changed at 4.2%.
