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.
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 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.
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 Texas Employment Forecast on June 16, indicating that jobs will increase 2.8% in 2023, with an 80% confidence band of 2.2 to 3.3%, which was up from the previous month’s forecast of 2.6% growth.
Federal Reserve Chair Jerome Powell, in a press conference held on June 14, 2023, laid out a roadmap for the Federal Reserve's strategic response to the ongoing inflation situation.
Brian Quintenz, the head of policy at Andreessen Horowitz and a former CFTC commissioner, said that if the U.S. Securities and Exchange Commission (SEC) continues targeting crypto companies, the U.S. could lose out on the benefits that blockchain technology could bring to multiple industries.
As rate increases earlier this week stunned investors in Canada and Australia, and Reserve Bank of India (RBI) Gov. Shaktikanta Das delivered a predictable policy by pushing the pause button for a second time, investors on Dalal Street were somewhat let down when the RBI’s rate-setting panel MPC decided to maintain its stance of “withdrawal of accommodation.”
The Federal Reserve Bank of Kansas City released its May Services Survey, which showed that growth in the Tenth District slowed a bit in May with the expectations forecast also slipping, according to a news release.
The Federal Reserve started a practice last year that continues in 2023 to combat inflation by increasing short-term interest rates. The Federal Open Market Committee (FOMC) earlier this month set the rate at a range of 5% to 5.25%.
Balaji Srinivasan, the former Chief Technology Officer of Coinbase, recently settled a million-dollar bet in what he stated was an attempt to raise awareness about the potential risk of hyperinflation in the economy.
A former Bank of England economist forecasts inflation in the U.K. will decline quickly as officials consider the next steps to ward off rising prices, including increasing the prime rate of interest, according to reports.
The U.S. Federal Reserve’s efforts to curb inflation could move the country closer to recession as it mulls yet another quarter-of-a-percentage-point increase to the benchmark interest rate, moving it to a range of 5% to 5.35%, according to reports.
As Britain struggles to lower interest rates of inflation among the G7 group of major countries, choppy seas may be ahead as Goldman Sachs is sounding the alarm, warning that the Bank of England may be forced to raise interest rates to 5% by summer.
JPMorgan CEO Jamie Dimon predicts that more bank failures could be incoming, an assessment the the Library of Economics and Liberty (EconLib) agrees with.
On May 3, the Federal Reserve increased interest rates for the tenth time in 14 months but withdrew from its earlier predictions of additional rate hikes.
Deputy Governor of the Bank of England, Ben Broadbent, recently spoke at the National Institute of Economic and Social Research, discussing the effects of monetary policy and whether they should be understood in terms of interest rates and bond yields or monetary aggregates.
