CFPB: Four in 10 Consumers Report Difficulty Paying a Bill in the Last Year
About 40% of U.S. consumers reported that they or their household had trouble paying a bill or expense in the prior year, according to a new report from the CFPB.
Browsing: Economy
FOMC Members: Economic Outlook Remains Extraordinarily Uncertain
As the coronavirus pandemic continues in the U.S., there remain “an extraordinary amount of uncertainty and considerable risks to the economic outlook,” according to members of the Federal Reserve’s Federal Open Market Committee.
CEOs’ Confidence in Economy Falls Amid COVID-19 Pandemic
Confidence among the nation’s CEOs in the future economic outlook plummeted in the second quarter, reflecting the acute effects of the coronavirus pandemic in the U.S., according to the latest Business Roundtable CEO Economic Outlook Index released this week.
Powell Discusses Coronavirus Recovery, Effect on LMI Communities
Federal Reserve Chairman Jerome Powell told members of the Senate Banking Committee today that he expects the U.S. economy to have a “full recovery” in the long run following the coronavirus pandemic.
FDIC Chairman: Banks a ‘Source of Strength’ During Pandemic, Despite Drop in Profitability
FDIC-insured banks and savings institutions earned $18.5 billion in the first quarter of 2020, a 69.6% decline from a year prior, the FDIC reported today.
Fed: Small Businesses Face Heightened Risk of Failure Due to Pandemic
The coronavirus pandemic poses “acute risks” to the survival of many of the nation’s small businesses, the Federal Reserve said today in its semiannual monetary policy report.
Fed Holds Interest Rates Steady
As expected, the Federal Reserve announced today that it would hold the target range for the federal funds rate at 0 to 0.25% as the U.S. continues to weather the economic challenges of the coronavirus pandemic.
Bank Economists Forecast 6% Contraction, with Recovery to Begin in Q3
The nation’s top economists forecast that the economy will experience a 6% contraction in 2020, with conditions beginning to recover sometime around the third quarter after a sharp second-quarter decline, according to the American Bankers Association’s Economic Advisory Committee.
Bank Economists Anticipate Moderating Growth, Stable Interest Rates in 2020
The nation’s top bank economists forecast continued economic growth that would support job growth and wage gains in 2020 and beyond.