The central bank of Australia determined on July 18, 2023, to maintain the current level of interest rates. The current course of action was obviously restrictive and there was a chance that a strain on household finances may trigger a severe downturn and rising unemployment.
Bank of America recently was ordered to pay more than $100 million to customers for practices deemed illegal by the Consumer Financial Protection Bureau.
The Federal Reserve Bank of St. Louis' president and chief executive officer, James Bullard, said on July 13 that he would be stepping down on Aug. 14. On Aug. 15, he will take over as the first dean of the Mitchell E. Daniels Jr. School of Business at Purdue University.
On July 17, 2023, the Reserve Bank board announced it had kept official interest rates steady for a fortnight out of concern that further increases would result in an unanticipated rise in unemployment by year's end. The RBA board's July 4 meeting minutes reveal fears that raising interest rates will compel families to save more and probably have a detrimental impact on a labor market that has been thus far robust, according to a recent report by ABC Australia.
The Federal Reserve Bank of New York's Innovation Center of Monetary Policy recently conducted a proof of concept study in collaboration with the U.S. financial services sector. According to a report by the Federal Reserve Bank of New York, the center explored the feasibility of a theoretical payment system using a shared distributed ledger.
A summons has been issued to property owners in South Australia's Mid North for thousands of dollars in unpaid council rates, some of which date back nearly 17 years. The Northern Areas Council made a demand for these rates on June 12, 2023.
Last month the Federal Open Market Committee (FOMC) voted to put a hold on increasing interest rates after increase the rate 10 straight times. This was an effort to give policymakers proper time to evaluate the nation's economy, according to a report by Business Times.
According to San Francisco Federal Reserve Bank President Mary Daly, two additional interest rate increases in the United States this year are a "very reasonable" estimate.
Shayne Elliott, CEO of ANZ, recently testified before a parliamentary committee, using statistics to refute the notion that consumers are passively making their loan payments in the face of rising interest rates.
The Federal Reserve recently reported that, in preparation of the FedNow Service's anticipated launch in July 2023, 57 early adopter firms had successfully completed formal testing and certification.
The Reserve Bank of Australia recently announced that it is holding its interest rates at 4.1% this month, but that doesn't mean will stay steady in the future as the bank's board sees additional rate increases coming. According to a report by the Australian Broadcasting Corporation, in May of last year the cash rate objective was 0.1% in May of last year.
The Federal Reserve Bank of Richmond recently announced that it financial decision makers are expecting the U.S. economy to have less growth than initially expected. According to the report on June 28, nearly 40% of small businesses are anticipating less business spending due to tighter financing.
Federal Reserve Chair Jerome Powell said at a recent Congressional hearing that he thinks digital assets are showing sustainability as an asset class in the U.S.
U.S. Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra had some good and not-so-good news for consumers, as well as the tech and banking industries, that he was "pleased" to deliver to congressional representatives last month.
The Federal Reserve Bank of Dallas released its quarterly energy survey on June 23, which found that oil and gas activity was unchanged during the second quarter, while the business activity index dropped to 0, down from 2.1 in Q1.
International Monetary Fund First Deputy Managing Director Gita Gopinath told officials at the European Central Bank Forum on Central Banking 2023 that while some of the key elements of inflation have been contained, others could still cause economic strife.
The Federal Reserve Bank of Kansas City's monthly Services Survey released June 23 said the Tenth District's activity climbed rapidly in June, but expectations of future activity decreased slightly.
Rohit Chopra, the director of the Consumer Finance Protection Bureau, made his opening statements to the Senate Committee on Banking, Housing and Urban Affairs on June 13, where he reported that the CFPB is continuing to ensure that consumers are protected while preparing for the future.
