WASHINGTON - (08/10/04) -- The Federal Reserve is expected toshrug off last week's poor jobs report and other slowing economicindicators and move again Tuesday to raise short-term interestrates. "There's been a lot of speculation with weak second quartergrowth and employment figures that (that the Fed would hesitate),still we're looking at another 25 basis point move tomorrow," saidJeff Taylor, an economist at NAFCU. The continued rise in inflationand strong growth in gross domestic product, of around 4%, shouldprompt the Fed to hold steady on its efforts to slow growth byhiking interest rates, he said. Taylor predicted the Fed's OpenMarket Committee will lift the target rate for overnight FedFundsto 1.50% Tuesday, and add another 25 bps in two more meeting overthe coming months, to end the year at 2%. The FedFunds target isthe benchmark for short-term loan rates, including car loans, homeequity loans, and adjustable-rate mortgages.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27