Half or more of banks surveyed plan to use the SOFR daily, SOFR term structure, SOFR arrears compounding, and/or BSBY reference rates to replace Libor.
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Bank lending is not keeping up with deposit growth. Here’s why.
While delinquency rates and other indicators of consumer financial stress may rise as COVID-19 support programs are phased out, most consumers appear to be in good financial shape.
The COVID-19 pandemic created the deepest economic contraction in modern U.S. history and led to considerable uncertainty. However, it also teed up the conditions that created a red hot housing market across the country.
: Home Prices Increased Across All 50 States in 2020. The greatest appreciation was in the Pacific Northwest and Mountain states, such as Idaho (20.9%), Montana (15.5%), Utah (15.5%), and Washington (13.7%). There was also strong price appreciation in New England, such as in Connecticut (14.2%), Maine (13.9%), New Hampshire (13.5%) and Rhode Island (13.2%).
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Most credit card holders have active rewards cards, including more than three-quarters of balance-active cardholders with a household income less than $50,000.
U.S. banks extended $174 billion in farm loans in 2020, of which $98.5 billion came from farm banks that specialize in the ag space.
The chief economists of North America’s largest banks expect a sustained rebound in both consumer and business credit market conditions over the next six months, according to ABA’s latest Credit Conditions Index.
The U.S economy is recovering rapidly and is expected to yield inflation-adjusted growth of 7.2% over the four quarters of this year before easting to a still-robust 3.1% in 2022, according to the latest forecast of the American Bankers Association’s Economic Advisory Committee.