The Quarterly Report on Household Debt and Credit has been released by the Center for Microeconomic Data at the Federal Reserve Bank of New York, according to a press release. This report highlights a slight elevation in overall household debt during the second quarter of 2023, showing an augmentation of $16 billion (0.1%) to reach a total of $17.06 trillion.
After experiencing a series of eleven interest rate hikes that commenced in early 2022, market participants remain vigilant in closely observing the actions of the Federal Reserve (Fed) for any indications of additional upticks in interest rates.
On August20, the Bangko Sentral ng Pilipinas (BSP) has indicated that it sees no immediate need to alter its monetary policy, maintaining interest rates at 6.25% as economic growth in the Philippines slowed for a third consecutive quarter. BSP governor Eli Remolona stated that the recent growth decline was unexpected but believes the economy will recover momentum.
The Reserve Bank of India's six-member monetary policy committee is in a three-day meeting to determine India's key interest rates, with RBI governor Shaktikanta Das set to announce the decision. The focus is on the repo rate, currently at 6.5%, which affects deposit and loan rates; the committee aims to manage inflation within 4% with a range of 2-6%.
Patrick T. Harker, president and CEO of the Federal Reserve Bank of Philadelphia, addressed the Philadelphia Business Journal’s State of the Economy forum on Aug. 8, indicating that in light of recent economic data and discussions with leaders across the Third District, he believes the time may have arrived to maintain steady interest rates and allow prior monetary policy measures to continue their impact with a focus on reducing inflation, according to a press release.
Texas factory activity declined in July, with the production index indicating a modest contraction in output, and the new orders index remaining negative for over a year, according to the Texas Manufacturing Outlook Survey.
The Consumer Financial Protection Bureau has sued the Utah-based lease-to-own finance company Snap Finance for allegedly deceiving consumers and making false threats, according to a release by CFPB. The Consumer Financial Protection Bureau (CFPB) claims that Snap Finance promoted and facilitated millions of "lease-purchase" and "rental-purchase" financing agreements in ways that have harmed customers in a lawsuit filed in federal district court.
The Federal Reserve has launched its instant payments system, the FedNow Service, which allows banks and credit unions to instantly transfer money for their customers at any time of the day, any day of the year. As of right now, 35 early adopting banks and credit unions, as well as the Bureau of the Fiscal Service of the U.S. Department of the Treasury, are prepared to accept instant payments through the FedNow Service.
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.
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.
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.
