The ISM services index decreased 1.2% from the prior month to land at 52.8% in January, the Institute for Supply Management said today. Readings over 50% indicate expansion. Fourteen industries tracked reported growth while three others reported decreases.
FinCEN labeled a convertible virtual currency exchange as a financial institution of primary money laundering concern, effectively severing its ties to the U.S. financial system.
As AI and other technologies evolve, banks need to adopt new technology in a responsible way that protects customers, and they need someone to lead that process, ABA Chair Cathy Owen said during a discussion with Federal Reserve...
Consumer credit increased at a seasonally adjusted annual rate of 4.2% during the third quarter and rose 6.2% in September, according to the Federal Reserve.
Consumer sentiment increased 6.3% month over month in November to 51, and was unchanged one year ago, according to preliminary results from the University of Michigan Surveys of Consumers.
Housing and food accounted for nearly 47% of total consumer expenditures in 2025, their highest combined share since 2010, in the aftermath of the Global Financial Crisis.
FinCEN and the Federal Reserve are withdrawing a proposed rule that would have significantly shrunk the dollar threshold for banks to report cross-border wire transfers.
