Browsing: Interest rates

Economy

With the U.S. economy experiencing a period of high inflation and with new economic uncertainties prompted by the Russian invasion of Ukraine, Federal Reserve Chairman Jerome Powell today warned that these conditions could push the Federal Open Market Committee’s longer-term expectations “uncomfortably higher,” underscoring a need for the FOMC “to move expeditiously” to raise interest rates.

Economy

In remarks at an industry event today, Federal Reserve Bank of New York President and CEO John Williams signaled that the Fed is likely to begin raising interests rates at its next meeting, as expected by analysts, and that the Fed could begin reducing its holdings of Treasury and mortgage-based securities sometime later in the year.

Legal

A federal district court on Tuesday upheld the OCC’s and FDIC’s “valid-when-made” rules in separate rulings.  The agencies’ rules had affirmed that permissible interest on a loan made by a national or state-chartered bank or federal thrift remains valid when the loan is transferred or sold.  

Economy

In light of elevated inflation pressures and further improvements in the labor market, Federal Open Market Committee members decided in December to further reduce the monthly pace of the Federal Reserve’s net asset purchases. In minutes from the group’s Dec. 14-15 meeting released today, members remarked that that a quicker conclusion of net asset purchases would better position the committee “to set policy to address the full range of plausible economic outcomes.”

Economy

The Federal Reserve will accelerate its planned tapering of Treasury securities and mortgage-backed securities purchases, according to the latest Federal Open Market Committee statement issued today.

Newsbytes

A coalition of financial trade groups including ABA today urged Senate Banking Committee members to reject any legislative proposal that would impose a national fee and interest rate cap of 36%, noting that such a cap would create barriers to credit access for consumers.

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