Fed Raises Interest Rates (Again) – What’s Next?
Fintech Weekly
DECEMBER 6, 2023
Fed raises interest rates for the ninth time in a row. What this means for the global economy and the fintech industry. FOMC March 2023.
Fed official stresses importance of dollar’s standing
Payments Dive
MAY 19, 2023
elected officials and other policymakers to make decisions that instill confidence in our economy and institutions,” a New York Fed official said Thursday. “For the dollar to maintain its status, it is important for U.S.
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Fed: ‘Great Uncertainty’ Around Impact To US Economy
PYMNTS
FEBRUARY 24, 2020
Cleveland Fed President Loretta Mester said she was comfortable thus far with the central bank’s current interest rate and was closely watching the way the coronavirus was affecting global revenues and growth. They lowered their expectations after Monday’s shift. But in the U.S., financial officials are trying to keep optimistic.
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Fed Bets Trillions In SMB Lending That Consumers Will Return
PYMNTS
APRIL 10, 2020
economy, as the fallout from the coronavirus continues. As reported, the Fed is expanding its “Main Street” lending efforts for smaller firms that have staff up to 10,000 individuals; the expanded Main Street focus will provide an added $600 billion in loans and offers $75 billion slated to come from the Treasury Department.
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Fed Data: The U.S. Economy Is Reopening, But Not Rebounding
PYMNTS
MAY 27, 2020
The Beige Book, in which the Fed surveys businesses about conditions across the country, found that declines continue to be entrenched despite a gradual reopening of at least some U.S. As for pricing trends, the Fed noted that “pricing pressures varied, but were steady to down modestly on balance. As for reopening efforts, consider St.
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Fed Plans Release Of Clean Cash As Virus Spreads
PYMNTS
MARCH 22, 2020
The Fed doesn’t currently think that the virus will be worsened by the transmission and trading-hands of dollars, Joey Lee, spokesperson for the Federal Reserve Bank of Philadelphia, said, pointing to recent Centers for Disease Control and Prevention (CDC) findings. In recent weeks, as the virus has spread rapidly across the U.S.
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Fed Officials: Economy Unlikely To Recover Before Vaccine Is Available
PYMNTS
AUGUST 12, 2020
Federal Reserve officials said they don’t think the economy is coming back in full until the pandemic is contained, Reuters reported. If we don’t follow that, while people may feel freer, the economy will grow slower,” Kaplan said, according to Reuters. Instead, U.S.
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Boston Fed Chief Warns Of US Credit Tightening; Calls For More Aid
PYMNTS
SEPTEMBER 23, 2020
economy could face a credit crunch as the weather gets colder if the coronavirus worsens, experts warn, Reuters reported. If areas are forced to lock down a second time, or if people begin staying home out of fear more often, the economy could contract. percent and the economy to contract about 3.7
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Fed Could Issue COVID-19 Crisis Money Via eWallets
PYMNTS
MARCH 23, 2020
To help bolster the American economy amid the COVID-19 pandemic, the Federal Reserve could utilize digital wallets and a “digital dollar” to provide “qualified individuals” with payments. The Fed would be in control of the digital wallets. economy overall in this challenging time. economy overall in this challenging time.
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US Economy Looks Grim, Philly Fed Study Finds
PYMNTS
MARCH 24, 2020
economy since the coronavirus pandemic began is pointing to a grim future. The Philly Fed conducted the poll among businesses in Delaware, Eastern Pennsylvania and Southern New Jersey between March 5 and 19 — right when the coronavirus scare was beginning to slam the U.S. One of the first Federal Reserve reports to measure the U.S.
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Fed Signals Readiness To Act As Coronavirus Escalates
PYMNTS
NOVEMBER 5, 2020
economy amid the pandemic. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world,” said the Fed statement. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S.
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Will ‘Zombie Companies’ Eat The US Economy?
PYMNTS
JUNE 16, 2020
And Monday, the Fed announced plans to create a “broad, diversified market index” and purchase individual corporate bonds on the secondary markets. Even Federal Reserve Chair Jerome Powell said Tuesday the longer the country’s economic downtown persists the potential for more long-term damage to the economy. In an age where U.S.
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Fed Ends Limits On Savings Withdrawals, Transfers
PYMNTS
APRIL 24, 2020
Such a rule is no longer necessary, the Fed said. economy could shrink 30 percent or more in the second quarter as the public heeds stay-at-home orders to slow the coronavirus outbreak. It could take a few years before the economy regains its footing, he said. Overall, it could be a very bad year for the economy,” Bernanke said.
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Fed Expects GDP To End Year Slightly Higher; Predicts 4.2 Pct Growth In 2021
PYMNTS
DECEMBER 16, 2020
In addition, the Fed raised the projection for the 2021 real GDP forecast to 4.2 The Fed said the unemployment rate will likely hit around 6.7 Wells Fargo CEO Charles Scharf, for example, predicted that the economy will recover easily once most of the population can be vaccinated, PYMNTS reported. percent fall.
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Fed Turns To Banks For Feedback On Main Street Lending Program
PYMNTS
APRIL 28, 2020
The Fed has been looking for help from investment, retail and reserve banks. The Fed has received over 2,200 pieces of feedback online, sources said, according to CNBC. The coronavirus has put the Fed in a unique position. Lobbyists have been in contact with the Fed to ensure that their industries get support from the program.
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NY Fed: Negative Interest Rates ‘Not The Right Tool’ For Recovery
PYMNTS
MAY 21, 2020
The New York Fed chief said the most recent economic figures do not capture the full picture of what families are experiencing. As businesses reopen, Williams said more data will emerge on the economic toll on various industries and how long it could take the economy to recover, the news service reported.
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The Fed Debuts FedNow
PYMNTS
AUGUST 6, 2019
The Fed plans to build its own instant clearing and settlement rails. We only get to make this kind of decision once every 30 or 40 years,” Brainard said, noting that this was the biggest payments oriented move made by The Fed since the early 1970s and the implementation of the ACH system. “At It’s now official. Brainard asked.
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Fed Slashes Interest Rates To Near Zero
PYMNTS
MARCH 15, 2020
The Federal Reserve announced Sunday (March 15) it would drop benchmark interest rates to zero and buy at least $700 billion in government bonds as part of an emergency action to protect the economy from the impact of the coronavirus outbreak. The only lone dissenter in lowering the rate was Cleveland Fed President Loretta Mester.
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Fed Says America Needs Instant Payments As Soon As Possible
PYMNTS
AUGUST 7, 2020
6) symposium highlighting the Fed’s approval of the FedNow system, Fed Gov. The Fed is defining instant payments as a subset of payments in which an end user receives funds in near real time, with immediate interbank settlement of the payment also having occurred. If all goes as planned, that is. In a Thursday (Aug.
Atlanta Fed: Real GDP Estimated To Fall 52.8 Pct In Q2
PYMNTS
JUNE 2, 2020
The Atlanta Fed said the next GDPNow update will be on Thursday (June 4). The Atlanta Fed cautioned, “In particular, it does not capture the impact of COVID-19 beyond its impact on GDP source data and relevant economic reports that have already been released. trillion to the U.S.
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St. Louis Fed: Widespread Virus Testing Needed To Reopen US Economy
PYMNTS
APRIL 14, 2020
Louis said while the coronavirus pandemic has crippled the economy, it could quickly rebound if everyone gets tested for the virus. Widespread testing of everybody in the economy would put an end to this crisis,” he said. “We Jump-starting the nation’s economy cannot be done by a politician making an announcement, he said.
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Fed Unveils Plan To Aid Coronavirus-Wracked Consumers And Businesses
PYMNTS
MARCH 23, 2020
economy, unveiling up to $300 billion in financing for consumers and businesses large and small, and an unlimited amount of so-called “quantitative easing.” economy overall in this challenging time,” the central bank said in an announcement. Below are the moves the Fed has made: Boosting Quantitative Easing.
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Fed Chair Powell: Economic Recovery Depends On Success In Controlling Pandemic
PYMNTS
JULY 29, 2020
economy to return to its pre-pandemic levels. The Fed said in a Wednesday (July 29) statement that the Federal Open Market Committee (FOMC) chose to keep the target for the federal funds rate at zero percent to 0.25 In the press conference, Powell acknowledged that the Fed has kept the policy rate near zero since the middle of March.
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Fed To Offer Huge Credit Help To Stem Economic Losses
PYMNTS
MARCH 23, 2020
In a statement, the Fed said that it had to try and do this because “it has become clear that our economy will face severe disruptions.”. David Joy, chief market strategist with Ameriprise in Boston, said while he applauds the Fed for trying, it simply won’t be enough. Michael Skordeles, U.S. The epidemic is getting worse.
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Atlanta Fed: GDP Could Tumble By 43 Pct In Q2
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. GDPNow is not an official forecast of the Atlanta Fed.
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NY Fed Report Finds Economic Optimism Up In May
PYMNTS
JUNE 8, 2020
Americans are becoming slightly more optimistic about the economy after months of pessimism due to the coronavirus pandemic, The Wall Street Journal reported, although many families are hesitant about possible inflation forcing food and gas costs higher than before. After the money runs out, the economy could still prove fragile.
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Fed’s Bullard Puts Positive Spin On Economy Despite Steep Job Losses
PYMNTS
APRIL 5, 2020
economy, St. His position is that the economy was doing “quite well” before the unprecedented pandemic hit, and that the crisis was wholly manufactured by outside health concerns rather than by any deficiency in the U.S. economy beforehand. economy beforehand. Despite the coronavirus’ rampant shifts to the U.S.
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Ternio CEO: Crypto’s Transformation Will Come From The Fed, Not Bitcoin
PYMNTS
DECEMBER 30, 2020
The Fed Factor . Because the Fed will play such a pivotal role in leading the advance and maturation of cryptocurrency, Gouldman thinks the return of former Federal Reserve Chair Janet Yellen as incoming U.S. “So Baby Steps .
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Ex Fed Head Says Recession Will Be Short, Recovery Quick
PYMNTS
MARCH 25, 2020
Bernanke helmed the Fed when it was going through the financial crisis of 2008, and the subsequent recession that followed. The Fed has also pulled down benchmark rates, and it has activated a number of programs to help keep liquidity flowing throughout the financial system.
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Fed Official: Additional Stimulus Required To Counter Pandemic Effects
PYMNTS
SEPTEMBER 1, 2020
1) that the central bank has to launch initiatives "in coming months" to assist the economy in surmounting the pandemic’s effects, while meeting the pledge of more formidable employment expansion and greater inflation, Reuters reported. A Federal Reserve governor said Tuesday (Sept.
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Federal Reserve Facilitates $2.3T In Loans To Boost Economy
PYMNTS
APRIL 9, 2020
In an effort to deliver more relief to the nation’s struggling small businesses and boost the economy amid the global coronavirus pandemic, the Federal Reserve announced it has taken actions to facilitate $2.3 trillion in loans. In addition, the U.S. The Treasury will offer credit protection totaling $35 billion under the plan.
Fed To Launch Main Street Lending Program For Mid-Sized Companies
PYMNTS
JUNE 4, 2020
” The Fed is said to be charging higher interest than the PPP initiative, and the debts are non-forgivable. While Congress dedicated nearly $700 billion for the PPP, there essentially will not be a cap on the program, per comments from Fed Chair Jerome Powell.
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NY Fed Sees Consumer Expectations Slide On COVID-19
PYMNTS
APRIL 6, 2020
economy. . percent, which the Fed post said was a record reading since the survey debuted in 2013. percent recorded by the New York Fed in February. And in the latest survey taken by the Fed in the last week of March, the expectations were revised sharply downward to 66 basis points. “We percent and 42.9 percent. .
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NY Fed President: Gov’t Shutdown Could Hinder Economic Growth
PYMNTS
JANUARY 18, 2019
While the Fed has hinted that it has been adjusting its U.S. economic outlook due to turmoil in the markets as well as decelerating expansion in China, New York Fed President John Williams said on Friday (Jan. 18) that the shutdown has become a hindrance for the economy, Financial Times reported.
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JPMC Data: Economy Looks To Be Stalled
PYMNTS
AUGUST 5, 2020
Morgan Chase shows the economy at a standstill, according to a report by CNBC. The Fed cited data from scheduling firm Homebase. The news of a stalled economy comes in conjunction with the worsening opinions of numerous Americans about the status of their furloughed jobs. Consumer spending data from J.P.
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Fed Concerned Trade War Could Trigger Recession
PYMNTS
OCTOBER 10, 2019
economy, such as the services sector. . In addition, although readings on the labor market and the overall economy continued to be strong, a clearer picture of protracted weakness in investment spending, manufacturing production, and exports had emerged.”. Louis Fed, voted for a bolder rate cut of 50 basis points.
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Fed Looks To Small Banks To Bail Out SMBs
PYMNTS
MARCH 25, 2020
On March 15, officials with OceansFirst spoke with the Fed and confirmed that they’d be assisting with the crisis by granting 90 days of relief to customers with both mortgage and business loans. The Fed wants to buy various types of debt and is looking at plans to assist smaller businesses. billion in the small town of Toms River.
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NY Fed: Tough July Has Consumers Feeling Glummer About Jobs, Finances
PYMNTS
AUGUST 10, 2020
“One-year-ahead expectations about households’ financial situations deteriorated, with more respondents expecting their financial situation to worsen and fewer expecting it to improve,” the New York Fed noted. On the flip side, workers are also hunkering down amid an uncertain economy.
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Fed's Quarles Says Banks Should Be Encouraged To Increase Lending
PYMNTS
DECEMBER 2, 2020
A key factor in keeping many businesses afloat so far, despite the ongoing pandemic and downturn, has been a combination of government stimulus spending – as in the $2 trillion coronavirus relief package last spring – and the Fed’s persistent efforts to pump more liquidity into the economy through its government bond-buying program.
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Faster Payments: Does The Fed Have A Hidden Agenda?
PYMNTS
MARCH 18, 2019
Connecting these two dots suggests a few important things that, for banks and card networks, might be the 2020 hindsight that could have come in handy had they stopped to look backwards a few years ago: That the Fed has much more than a passing interest in how faster payments are run in the U.S. This delay was initiated by the Fed.
Boston Fed Pres. Thinks Co-Working Spaces Could Hurt Economy
PYMNTS
SEPTEMBER 22, 2019
The Boston Federal Reserve president think that co-working spaces could ultimately hurt the economy, and even worsen the next U.S. recession. “I
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Atlanta Fed Warns Recovery Could Stall As Outbreaks Surge
PYMNTS
JULY 7, 2020
coronavirus cases could dampen the recovery of the nation’s economy, according to a Federal Reserve official. Last week, the nation’s economy added a record 4.8 Bostic said the Atlanta Fed was trying to determine whether this leveling off is a sustained pattern, or just a pause. “To The uptick in U.S. Labor Department reported.
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Powell says Fed working to relieve coin shortage in U.S. economy
Payments Source
JUNE 17, 2020
Federal Reserve Chair Jerome Powell took a question Wednesday about something that doesn’t come up very often in congressional hearings about monetary policy: coinage.
Fed Consumer Finance Survey Reveals Online Banking Usage, (Slightly) Higher Debt Burdens
PYMNTS
SEPTEMBER 29, 2020
“The improvements in economic activity along with rising house and corporate equity prices combined to support continued increases in median and mean family net worth (wealth) between 2016 and 2019,” the Fed noted. The Fed noted that, overall, about 13 percent of families surveyed owned a business. Overall, 98.7 Online Banking .
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