U.S. manufacturing activity contracted in August for the sixth consecutive month, the Institute for Supply Management said. ISM’s manufacturing index was 48.7%, up 0.7 percentage points from the previous month. (Readings over 50% indicate expansion.) Seven industries reported growth in August while 10 contracted.
The rate for a 30-year fixed-rate mortgage was 6.36% this week. The rate for a 15-year fixed-rate mortgage was 5.71%.
House leadership has released the text of its amendment for a bipartisan housing bill ahead of a possible vote on the legislation next week.
The FDIC released a detailed analysis of the 2023 spring bank failures, finding that depositors with “substantial” uninsured funds were far more likely to run during the stress than insured retail depositors.
The Senate Banking Committee voted 15-9 to advance a market structure bill for digital assets. ABA and other groups continued to urge for further tightening of the prohibition on interest-like rewards for holding stablecoin.
Federal Reserve Governor Stephen Miran submitted his resignation as a member of the Fed board, effective when his successor is sworn in. He will be succeeded by incoming Chairman Kevin Warsh.
CISA and the G7 have released joint guidance to help public and private sector stakeholders improve transparency in their artificial intelligence systems and supply chains.
