PYMNTS

JUNE 29, 2020

With the coronavirus still surging in the United States, Federal Reserve Chairman Jerome Powell is unsure about how the economy will fully recover, CNBC reports. The path forward for the economy is extraordinarily uncertain and will depend in large part on our success in containing the virus,” he said, per the report.

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PYMNTS

SEPTEMBER 21, 2020

Patrick Vallance, British chief scientific advisor, said there could be 50,000 new infections every day by mid-October if the virus continues spreading at its current rate, FT reported, with new infections doubling every seven days. The stocks have been under pressure since the Federal Reserve's recent meeting on monetary policy.

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PYMNTS

APRIL 24, 2020

The Federal Reserve Board has eliminated its six-per-month limit on transfers and withdrawals from savings accounts as the nation continues to adapt to changes caused by COVID-19. Earlier this month, former Federal Reserve Chair Ben Bernanke told a Brookings Institution online event that the U.S.

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Fed Federal Reserve Economy Rules 64

PYMNTS

JANUARY 20, 2021

But if the economy begins to recover as the year goes on, some chief financial officers (CFOs) aren’t sure what to do with their excessive fortunes, according to FT. Some industries, like airlines and movie theaters, are still hemorrhaging cash as the pandemic continues to hit their industries hard, however. The numbers came out to $2.5

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Federal Reserve Finance Economy Continuity 106

PYMNTS

NOVEMBER 18, 2020

Americans paid off $10 billion in credit card debt in the third quarter (Q3) of 2020, but borrowed more for car and housing loans, according to a report in the Wall Street Journal (WSJ) citing the Federal Reserve Bank of New York. Mortgage debt hit $9.86 trillion, up $85 billion, with new housing and refinancing loans totaling $1.05

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PYMNTS

AUGUST 6, 2019

Introduced on Monday by Federal Reserve Board Governor Lael Brainard, the Fed’s instant payment scheme FedNow is designed to offer an option for consumers and business to transfer money instantly or nearly instantly in a “ubiquitous, safe and efficient” manner from one bank account to another. “At It’s now official. Brainard asked.

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FedNow Fed Federal Reserve Instant Payments 85

PYMNTS

OCTOBER 26, 2018

As noted by the New York Times and other media outlets, the economy remains on a trajectory that will see 3 percent growth in 2018, and that number has not been seen since 2005. The impact of inflation and its read across for interest rates, of course, has been closely watched, as the Federal Reserve has continued to boost rates.

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Continuity Consumer Federal Reserve Economy 51

PYMNTS

MAY 15, 2020

Just when the economy can’t take any more bad news, the Federal Reserve Bank of Atlanta is predicting the national gross domestic product (GDP) is expected to drop by nearly 43 percent in the second quarter, CNBC reported. percent in Q2, down from the May 8 estimate of 33.9 percent, down from a 62.8 percent estimate a week ago.

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PYMNTS

DECEMBER 30, 2020

Gouldman said the timeframe for when that happens “is probably going to be when the Federal Reserve says, ‘okay,’” adding that he’s very bullish and confident that this is the future timeline. Yellen is going to be very, very good for the economy, and she’s going to be very, very good for anyone who owns bitcoin,” he predicted.

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Fed Bitcoin Cryptocurrency Digital Currency 107

PYMNTS

NOVEMBER 5, 2020

The Federal Reserve ’s Thursday (Nov. 5) statement from the Federal Open Market Committee (FOMC) affirms its position to use the “full range” of tools at its disposal to stabilize the U.S. economy amid the pandemic. The path of the economy will depend significantly on the course of the virus,” the statement read.

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PYMNTS

JUNE 14, 2020

The Federal Reserve Board’s Flow of Funds report revealed net worth among families fell to $110.8 Last week, the Fed projected interest rates will remain near zero through 2022 and promised to continue supporting a U.S. economy devastated by the pandemic. trillion in the first quarter compared to $117.3

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Federal Reserve Fed Economy Central Bank 70

Fintech News

NOVEMBER 6, 2024

Despite global economic challenges and a recent “funding winter,” ASEAN’s fintech investments have shown resilience, with funding in the region’s six largest economies reaching US$1.41 The recent interest rate cuts by the US Federal Reserve are expected to support further growth. billion in the first nine months of 2024.

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FinTech Federal Reserve Cross-Border Innovation 91

PYMNTS

JANUARY 25, 2021

A new study from the Federal Reserve Bank of New York shows that people expect the economy to rebound by next year, according to a press release. According to the report, the bubble could burst if the pandemic takes an unexpected turn or rules continue to evolve from governments. The study, published Monday (Jan.

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PYMNTS

NOVEMBER 11, 2020

Still, it represents a significant decline from the end of June, when that number stood at more than twice that level, at $190 billion, with state lockdowns having eased since then and the economy having kicked into recovery mode. Among the bank CEOs hedging their bets is Jamie Dimon , CEO of J.P.

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Federal Reserve Economy Risk Continuity 82

PYMNTS

MAY 22, 2020

The economists, led by Michael Feroli, said in a note that the lockdowns of economies in states will lead to a 40 percent annualized drop in gross domestic product (GDP) and a measured recovery in the latter half the year, Bloomberg reported. Seasonally adjusted jobless initial claims were 2.4

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Federal Reserve Economy Non-Bank Adjustments 74

PYMNTS

APRIL 12, 2020

Minneapolis Federal Reserve President Neel Kashkari doesn’t have hope that the economy will rebound quickly from the effects of the coronavirus pandemic, according to CNBC. Louis Fed President James Bullard , who said last week that he doesn’t think the economy is beyond saving.

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Federal Reserve Fed Economy Governance 63

PYMNTS

JUNE 23, 2020

One company capitalizing on the need for vet care is TeleVet , whose CEO Steven Carter told PYMNTS that the platform would likely be a permanent fixture in the years to come as millennials, focused on savvy digital modes of doing business, continued to want services in that digital mode.

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Caps Federal Reserve Economy Business Continuity 70

PYMNTS

JULY 19, 2020

We cannot defy gravity and continue with the business model we had before the pandemic,” Pret A Manger CEO Pano Christou told the newspaper. Philadelphia Federal Reserve President Patrick Harker said last week that the rise in coronavirus cases across the country will likely dampen the economy and the impact could be twofold in its damage.

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Federal Reserve Shutdown Economy On-Demand 70

PYMNTS

MARCH 24, 2020

One of the first Federal Reserve reports to measure the U.S. economy since the coronavirus pandemic began is pointing to a grim future. The Philadelphia Federal Reserve’s March Nonmanufacturing Business Outlook Survey showed steep declines Tuesday (March 24) in most data points, with three of them hitting all-time lows.

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PYMNTS

JUNE 10, 2020

The Federal Reserve Board and the Federal Open Market Committee (FOMC) have released economic projections for the next few years, showing that the gross domestic product (GDP) could contract by 6.5 percent, with a high of 12 percent, as the economy continues to recover from the pandemic. percent median.

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Federal Reserve Fed Economy Finance 52

PYMNTS

JANUARY 11, 2019

Federal Reserve said in a statement. While the effects of the federal government shutdown on individuals should be temporary, affected borrowers may face a temporary hardship in making payments on debts such as mortgages, student loans, car loans, business loans or credit cards,” the central bank said. On Thursday (Jan.

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Shutdown Office of the Comptroller of the Currency Federal Reserve Regulations 55

PYMNTS

SEPTEMBER 13, 2016

When the Federal Reserve ticked the interest rate up to 0.25 economy, with the recovery underway, would see the Fed incrementally tick up interest rates throughout 2016, with an overall goal of ~2 percent, coming close to 2008 levels. The Federal Reserve board meets on Sept. Some are from expected outsiders.

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PYMNTS

JANUARY 14, 2021

economy posted slight gains in the pandemic year of 2020, after closing the books on what was one of the most dismal economic fallouts in history, according to the Federal Reserve’s Beige Book report on Wednesday (Jan. Commercial real estate remained flat.

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Fed Federal Reserve Economy On-Demand 63

PYMNTS

SEPTEMBER 5, 2019

Seventy percent of gig economy workers are still living paycheck to paycheck, despite pulling in more money than ever. Instant payments and disbursements are therefore only growing more integral to every facet of the gig economy ecosystem. Speeding Gig Economy Insurance Disbursements. Nearly 40 percent of U.S.

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AI Instant Payments Federal Reserve Economy 62

PYMNTS

NOVEMBER 18, 2020

consumers’ cash use has declined over the last several years in terms of its share of the overall payments pie, but as consumers spend more, the pie gets bigger, and as people continue to use cash, cash usage continues to grow. And mostly for low dollar purchases. At least before COVID-19, anyway.

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ATM Federal Reserve Push-to-Card Consumer 121

PYMNTS

APRIL 27, 2020

As the Federal Reserve reported last week, that timeframe could even become months due to the demands of processing a reported 5 million checks a week. Under those proposals, consumer bank accounts would be established at the Federal Reserve, enabling digital dollars to be issued and received. But first things first.

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Blockchain Tax Refunds IRS Fed 108

PYMNTS

APRIL 21, 2017

Consumer spending was up, our wealth management business had strong asset management flows, investment banking fees rebounded nicely,” Moynihan said, “and we continued to provide credit and capital to our corporate and institutional clients to help them drive the economy forward.”. The Charlotte, N.C.-based billion from $3.47

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Economy Federal Reserve Treasury Non-Bank 40

PYMNTS

SEPTEMBER 7, 2020

The Federal Reserve has reported U.S. banks have added $111 billion to their loan loss reserves since the beginning of the year. But we’re getting to the point where people are saying, ‘How much longer can this continue?’ Scott Miller , a real estate lawyer with Carlton Fields, a Florida law firm, told the New York Times.

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Federal Reserve Research Laws Risk 103

PYMNTS

JANUARY 7, 2021

Despite a raging pandemic, widespread unemployment and a fragile economy, U.S. According to the New York Federal Reserve Bank's most recent Household Debt and Credit Survey (HHDC), Americans collectively owed a record $14.35 Using average numbers to illustrate America’s love affair with leverage can sometimes be misleading.

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Credit Cards Consumer Financial Protection Bureau (CFPB) Federal Reserve CFPB 94

PYMNTS

AUGUST 7, 2020

For the Federal Reserve, real-time payments will take time — three or four years’ time, to be specific. Federal Reserve Board members this week shed some light on the timing and mechanics of FedNow — an always-on, fully interoperable interbank-settlement service that will give rise to instant payments in the United States.

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Instant Payments Fed FedNow Interbank Settlement 75

PYMNTS

SEPTEMBER 5, 2019

workers are engaged with the gig economy at some level, and most of them are hoping that instant and faster payments continue to grow in scope. workers are engaged with the gig economy at some level, and most of them are hoping that instant and faster payments continue to grow in scope. Almost 40 percent of U.S.

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Instant Payments Chip Cards Economy CHIPS 46

PYMNTS

AUGUST 17, 2020

Plus, the Federal Reserve is working with MIT to explore the use of digital currency. The Federal Reserve is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing a digital currency. The Rise of the Auto-Refill Economy. California Proposes Financial Watchdog Agency.

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Federal Reserve Digital Currency Financial Crimes Fed 59

PYMNTS

MARCH 24, 2020

One of the first Federal Reserve reports to measure the U.S. economy since the coronavirus pandemic began is pointing to a grim future. The Philadelphia Federal Reserve’s March Nonmanufacturing Business Outlook Survey showed steep declines Tuesday (March 24) in most data points, with three of them hitting all-time lows.

Economy 40

Economy Federal Reserve Fed Research 40

PYMNTS

JULY 14, 2020

Federal Reserve Governor Lael Brainard said the road to recovery for the U.S. economy won’t be an easy one, according to The Wall Street Journal (WSJ). According to data by Fed economists, the gains in jobs in May and June may not be permanent as the virus continues to linger. There were 7.5 The pandemic has hit the U.S.

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PYMNTS

JUNE 16, 2020

Federal Reserve Chair Jerome Powell said Tuesday (June 16) that the economy under the pandemic has continued to cause pain to American citizens despite the appearance of stabilization. “These businesses are the heart of our economy and often embody the work of generations.”

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Federal Reserve Economy Fed Mitigation 52

PYMNTS

JULY 8, 2020

Louis Federal Reserve President James Bullard put in a vote of confidence for the U.S. economy on Wednesday (July 8), saying that the unemployment rate could fall as low as 7 percent by the end of 2020, according to CNBC. That, he said, would help the economy continue to bounce back over the rest of the year.

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Federal Reserve Economy Returns Governance 61

PYMNTS

NOVEMBER 22, 2018

According to a report in the Financial Times , at the same time that durable goods declined, the underlying data points to a continuation of the strong economy in the U.S. While the report is sure to spook some investors, the data does come at a time when the Federal Reserve in the U.S. Citing the U.S. declined 4.4

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Federal Reserve Fed Economy Treasury 52