The Federal Open Market Committee said it will begin reducing the Fed’s balance sheet in October, according to a statement from the committee released yesterday. The balance sheet is swollen with $4.5 trillion in securities purchased as part of quantitative easing programs between 2008 and 2014. The committee also decided to hold rates at 1 to 1.25 percent, citing “realized ...

ABA today submitted comments on a recent joint proposal by regulators to pause the transition to the Basel III capital framework for banks not using the Basel advanced approaches.

Existing-home sales decreased 1.7% to a seasonally adjusted annual rate of 5.35 million in August, according to the National Association of Realtors (NAR). Sales were 0.2% above last August and the lowest since then. “Steady employment gains, slowly rising incomes and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales,” said Lawrence Yun, ...

As Congress prepares to move ahead with tax reform, CEOs continue to have high levels of confidence in the U.S. economy, according to the latest Business Roundtable CEO Economic Outlook Index released today.

Housing starts decreased to a seasonally adjusted annual rate of 1.180 million in August, according to the U.S. Department of Commerce. The decline was 0.8% below the upwardly revised July rate of 1.190 million but is 1.4% below the August 2016 rate. Single-family home starts, however, grew 1.6% from last month. Housing activity increased in two of the four regions as the ...

Industrial production tumbled 0.9% in August after a 0.4% increase in July, according to the Federal Reserve. August represented the first decline in seven months. The release estimated Hurricane Harvey to be roughly responsible for a 0.75% reduction in total output. Manufacturing output fell 0.3% in August after a remaining unchanged in July. Production of durable goods increased 0.3%, but ...

There were $474.8 billion in retail and food service sales in August, down 0.2% from the previous month but up 3.2% from August 2016, according to the U.S. Census Bureau. July’s number was downwardly revised to reflect 0.3% growth. Core retail sales – excluding automobiles and parts – grew 0.2%. Year-over-year core sales increased 3.6%. Retail trade sales decreased 0.3% ...

The Consumer Price Index grew 0.4% in August on a seasonally adjusted basis, according to U.S. Bureau of Labor Statistics. This followed a 0.1% July increase. Much of August’s acceleration can be attributed to higher gasoline prices due to Hurricane Harvey. Over the last 12 months, the all-items index rose 1.9%. Prices for all items less food and energy, the ...

Producer prices increased 0.2% in August, seasonally adjusted, after declining 0.1% in July, according to the U.S. Bureau of Labor Statistics. Producer prices rose 2.4% for the twelve months ended August 2017. The index for final demand goods advanced 0.5% in August, the largest increase since April. The index for final demand energy led the way, climbing 3.3%. Gasoline prices ...

An overwhelming majority -- 89 percent -- of American consumers rate their bank’s service and support as “good,” “very good,” or “excellent,” according to new data from ABA and Morning Consult. The same number also said they were satisfied with their primary bank.