The Cleveland Federal Reserve has released a new simulation model predicting that rent inflation may remain elevated until mid-2026, provided key variables stay constant. The report highlights the disparity in rent increases between new and continuing tenants since the pandemic. While rents for new tenants surged rapidly during the pandemic, those for continuing tenants increased at a slower pace. According to the model, there is still a significant gap between these two groups' rents.
In a joint effort with Canada, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has designated the Samidoun Palestinian Prisoner Solidarity Network as an international fundraiser for the Popular Front for the Liberation of Palestine (PFLP), a terrorist organization. The PFLP was classified as a Foreign Terrorist Organization by the U.S. Department of State in 1997 and as a Specially Designated Global Terrorist in 2001. Samidoun, along with Khaled Barakat, a member of PFLP's leadership, plays significant roles in fundraising activities for the group.
The Federal Reserve Bank of New York's Center for Microeconomic Data has released its September 2024 Survey of Consumer Expectations. The survey indicates that while short-term inflation expectations remain stable, there is a slight increase in medium- and long-term inflation expectations. Additionally, the likelihood of voluntary job separation and finding employment after job loss has risen.
The Federal Reserve Bank of Cleveland has released a report indicating that workers in the lower half of the income distribution who receive unemployment insurance tend to have significantly more savings than those who do not. The study reveals that recipients of unemployment insurance possess 3.7 times more net liquid wealth than nonrecipients in the bottom income quartile and about twice as much in the second income quartile.
The Federal Deposit Insurance Corporation, the Federal Reserve Board, the Florida Office of Financial Regulation, the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency have issued a statement acknowledging the significant impact of Hurricane Milton on financial institutions. These agencies have pledged to provide regulatory assistance to affected institutions.
The town of Springfield, Vermont, once known for its vital machine tool industry during World War II, is working to recover from the loss of jobs and identity that followed the industry's decline. Bob Flint, executive director of the Springfield Regional Development Corporation, highlighted efforts to clean up former factory sites with $9 million already spent and an additional $5 million committed. This remediation is seen as a step toward commercial redevelopment.
Today, the U.S. Department of the Treasury released a fact sheet highlighting investments in the Latino community. This announcement comes during Hispanic Heritage Month and underscores the contributions of Latinos to the U.S. economy, along with benefits from President Biden's economic agenda for Latino families and businesses.
National Credit Union Administration (NCUA) Chairman Todd M. Harper has commented on the U.S. Department of Justice's settlement with Citadel Federal Credit Union concerning allegations of lending discrimination. Citadel, a financial institution in Southeastern Pennsylvania, manages assets worth $6 billion.
The Federal Reserve has released the minutes from the Federal Open Market Committee (FOMC) meeting held on September 17-18, 2024. These minutes are typically published three weeks following the policy decision date. They provide a detailed account of the economic and financial conditions considered by the Committee during their discussions.
The Carlyle Group Inc. has announced it will release its financial results for the third quarter of 2024 on November 7. A conference call is scheduled for the same day at 8:30 a.m. EST, which will be accessible via a public webcast on the Events & Presentations section of ir.carlyle.com. The webcast replay will be available following the call.
On October 7, 2024, the U.S. Department of the Treasury organized an event in Washington to explore how the State Small Business Credit Initiative (SSBCI) can support community development financial institutions (CDFIs). The gathering included state government representatives, nonprofit groups, and other stakeholders.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned Algoney Hamdan Daglo Musa, a key figure in Sudan's Rapid Support Forces (RSF), under Executive Order 14098. Algoney is recognized for his role in supplying weapons to sustain the ongoing conflict between the Sudanese Armed Forces and RSF, which has resulted in significant casualties and displacement.
The Federal Reserve Bank of New York has announced the appointment of Michelle de la Uz to its Community Advisory Group. Her role takes effect immediately.
The Federal Reserve Bank of Cleveland has announced an upcoming webinar to provide insights into its annual internship program. The event, scheduled for October 7, 2024, from 11:00 AM to 12:00 PM ET, aims to inform college and university students about the opportunities available within the institution.
The U.S. Department of the Treasury and the IRS have issued a Notice of Proposed Rulemaking (NPRM) clarifying the tax status of wholly-owned Tribal entities. According to this proposal, these entities, which are chartered or organized by one or more Tribes, will share the same federal tax status as their owning Tribes, making them exempt from federal income tax.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has taken action against a significant international fundraising network supporting Hamas. The designations include three individuals, a sham charity, and a financial institution in Gaza controlled by Hamas. Additionally, a longstanding supporter of Hamas and nine associated businesses have been targeted.
Deputy Secretary of the Treasury Wally Adeyemo addressed attendees at the Wisconsin Building Trades Conference in Milwaukee, reflecting on the impact of recent legislative measures and the administration's commitment to economic recovery and growth. Adeyemo highlighted the challenges faced during the COVID-19 pandemic, noting that unemployment rates soared to nearly 15 percent nationwide, with even higher figures in Milwaukee.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have announced that over 30 million taxpayers in 24 states will be eligible to use Direct File during the 2025 filing season. This initiative, facilitated by the Biden-Harris Administration’s Inflation Reduction Act, allows eligible Americans to file their taxes online for free directly with the IRS.
The Federal Reserve Bank of New York has released a report titled “Flood Risk and the Tristate Housing Market,” revealing that nearly one million houses and multifamily buildings in New York, New Jersey, and Connecticut are at high risk of flooding. This equates to one in ten properties in the tristate area, placing them among the top 25% of riskiest properties nationally, comparable to homes in coastal Florida, Texas, and Louisiana.
The Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators have issued a joint statement acknowledging the significant impact of Hurricane Helene on financial institutions. The agencies are committed to providing regulatory assistance to those affected under their supervision.
