Newsbytes

Fed Gov. Quarles: Efforts to Implement SOFR Ahead of Schedule

In just three months since the secured overnight financing rate was published, the number of transactions underlying SOFR on a daily basis has already surpassed the amount of those underlying Libor, Federal Reserve Vice Chairman for Supervision Randal Quarles said during taped remarks at a public roundtable hosted by the Alternative Reference Rates Committee today.

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Beige Book: Economic Activity Expanding at a Moderate Pace

Economic activity expanded at a moderate or modest pace across the twelve Federal Reserve Districts in late April and early May, according to the just-released Federal Reserve Beige Book. The report was based on information collected through July 9. The economic expansion over the period was driven in part by a pickup in consumer spending in all Districts. However, manufacturers ...

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Housing Starts Down 12 percent in June

Housing starts decreased to a seasonally adjusted annual rate of 1.173 million in June, according to the U.S. Department of Commerce. The figure was 12.3 percent below the May rate of 1.337 million and 3.0 percent lower than the June 2017 rate. Single-family home starts fell 9.1 percent from last month. Multifamily declined 20.2 percent since May and are down 15.3 percent ...

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ABA Nominates Officers for 2018-2019

The American Bankers Association nominating committee -- chaired by Dorothy Savarese, chairman, president and CEO of Cape Cod Five Cents Savings Bank, Orleans, Mass., -- has selected a slate of candidates for association officer positions.

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