NEW YORK - (11/11/04) The Federal Reserve raised the FedFunds rate by a quarter percentage point from 1.75% to 2%,signaling its continued optimism about the economy. And itindicated again it would continue raising rates at ameasured pace. NAFCU Economist Jeff Taylor suggested thewidely-expected move also indicates the Fed will raise rates againin December. A week ago I thought maybe they would take themonth off, but now it looks like theyre laying thegroundwork to raise rates by another 25 basis points inDecember, he said. The real question is what theywill do next year. Taylor said he expects to see bond rates,particularly the 10-year bond rate, to begin to move up and spreadswill begin to normalize.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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