Mutuals Ion Bank, NVE Bank plan merger

The Federal Reserve will sunset a program started in 2023 to supervise bank activities related to cryptocurrencies and financial technology and instead roll those activities into its regular supervision.

For Americans hitting the road this summer, 68% are either cutting back or watching their travel budgets. Only 11% are spending more than usual.

The University of Michigan Consumer Sentiment Index decreased 5% in August compared to the month prior, landing at 58.6, according to preliminary results for the month.

Industrial production decreased 0.1% in July from the previous month, the Federal Reserve reported. The July figure was up 1.4% from a year prior.

Business inventories in June came in at $2.66 trillion, up 0.2% from the month prior and up 1.6% from a year ago, the Commerce Department said.

Retail and food service sales for July were $726.3 billion, up 0.5% from the previous month, the Commerce Department said in its advance estimate. Sales were up 3.9% from a year ago.