Bessent: stablecoins will help ensure dollar dominance
Treasury Secretary Scott Bessent said Tuesday that dollar-pegged stablecoins could help expand market demand for U.S. government debt, lowering the pressure on long-dated bond yields.
Hiring slows down significantly in September
The economy added just 29,000 jobs in September, far below economists expectations, though the unemployment rate remained steady, indicating softening in the labor market.
Four things to watch in Kevin Warsh’s Fed debut
Newly minted Federal Reserve Chair Kevin Warsh will host his inaugural press conference on Wednesday. Bankers will be paying close attention to what he says — and how he says it.
Senate Dems press White House to fill vacancies on FDIC, NCUA
Banking Committee Democrats warned that the Trump administration's failure to nominate Democrats to vacancies at the Federal Deposit Insurance Corp., Securities and Exchange Commission and National Credit Union Administration threatens the bipartisan structure Congress established for financial regulators.
Economy added 115,000 jobs in April despite mixed signals
Employers hired an additional 115,000 workers in April, while unemployment remained unchanged at 4.3%. Despite the positive headline figure, a spike in newly unemployed workers and a rising number of underemployed workers suggests instability under the surface.
Bankers most worried about cybersecurity, economy: Survey
Fintech firm IntraFi's most recent quarterly survey of bank executives showed rising pessimism among bankers related to "instability in Washington," as well as growing concerns about technology-enabled fraud.
Energy prices drive up inflation by 0.9% in March
A 21.2% spike in the price of gasoline was the biggest contributor to a 0.9% increase in the Consumer Price Index in March, according to a Friday report from the Bureau of Labor Statistics. The agency said other price increases were largely contained.
Banks get operational risk relief in Basel proposal
Banks have a lot to celebrate in the operational risk framework, but advocates warn it cuts capital too far.
Wells Fargo fully sheds Fed’s massive 2018 enforcement order
The bank exited the $1.95-trillion asset cap last year, but it had remained subject to the rest of the eight-year-old order.
White House report says CFPB raised borrowing costs
A White House Council of Economic Advisers report published Tuesday found that the CFPB cost consumers between $237 and $369 billion since its creation, an analysis that consumer advocates and some financial academics say is flawed.
Fed’s Barr outlines AI risks to finance, labor market
In a speech Tuesday, Federal Reserve Gov. Michael Barr said it was possible that artificial intelligence will boost productivity in an undisruptive way. But he said policymakers should also be wary of a financial crash if those gains are not realized or a rapid adoption that could lead to labor displacement.
Chicago bank becomes first failure of 2026
The Chicago-based, $261 million-asset Metropolitan Capital Bank & Trust was placed in receivership and its assets sold to Detroit-based First Independence Bank, costing the Federal Deposit Insurance Corp.'s Deposit Insurance Fund an estimated $19.7 million.
Bessent tells banks deregulation makes up for 10% rate cap
Treasury Secretary Scott Bessent said Tuesday morning that banks should focus on the sweeping deregulation the administration has enacted as the industry pushes back on President Trump's proposed 10% credit card interest rate cap.
Regulators finalize revised leverage rule for big banks
The Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. issued a final rule Tuesday that softens leverage demands for the biggest and most systemically risky banks and lowers the community bank leverage ratio to 8%.
Fed’s Miran: ‘No point in getting to neutral slowly’
Federal Reserve Gov. Stephen Miran reiterated his view that monetary policy has become more restrictive than economists think, but expressed increased urgency that the central bank take strong corrective action.
Unemployment persistent, jobs up in September
The economy added an unexpectedly robust 119,000 jobs in September, though unemployment edged up to 4.4%. The report, delayed by the federal government shutdown, continues a trend of sluggish job growth in recent months.
OCC proposes rescinding recovery plan rule for mid-sized banks
A proposal from the Office of the Comptroller of the Currency would roll back Biden-era recovery planning rules for banks, leaving them with broad discretion to determine their own recovery protocols.
Inflation up modestly in September; Fed on track for cut
The Bureau of Labor Statistics released its latest Consumer Price Index reading Friday morning, showing inflation rose by 0.3% in September, slightly below August's pace. The report also found core inflation steady at 3.0%, even as shelter costs eased and gasoline prices spiked.
Banks urge Trump admin to restore CDFI Fund staff, funding
Six trade groups warned the administration layoffs and funding freezes could dampen lending, threatening the administration's goal of economic growth.
Even as shutdown halts BLS data, hiring appears to be slowing
The ongoing government shutdown prevented the Bureau of Labor Statistics from releasing its September jobs report Friday, but job growth appears to be softening. The lack of reliable government data comes as the Federal Reserve mulls further interest rate cuts.
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