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Federal Reserve Bank of Richmond President Thomas Barkin said the greater-than-expected easing in inflation in June may be an indication that the U.S. economy can have a "soft landing," returning to price stability without a damaging recession.

Jeffrey R. Schmid will assume Esther George's former role on August 21.

While financial markets wobbled after Fitch Ratings reduced the U.S. government's credit rating, analysts said the action should have little long-term impact, similar to a downgrade by Standard & Poor's in 2011. JPMorgan Chase CEO Jamie Dimon argued that Fitch's action "doesn't really matter that much."

The Seattle bank, which has lost about two-thirds of its market value this year, is also said to be considering raising capital and selling assets.

A Figure spokesperson said the decision to withdraw the banking charter application was to enable the company to focus on other areas of growth.

This is the third time the Wells Fargo has tapped the bond market in recent weeks. The bank previously raised $8.5 billion and $1.7 billion of bonds after the lender's second-quarter earnings beat estimates.

The Department of Housing and Urban Development is reviewing HSBC's lending practices in certain majority Black and Hispanic neighborhoods, the bank disclosed. The regions under scrutiny include New York, Seattle and several parts of California, according to the nonprofit organization whose complaint prompted the investigation.

The measures will make certain activities such as mortgages and small-business lending harder for banks, Dimon said.

Consumers with the Apple Card deposited more than $10 billion in Apple Card's high-yield savings account that Goldman Sachs provides, the technology giant said.

Harborstone Credit Union in Lakewood, Washington, plans to take over the Seattle Bank, which scuttled a deal to sell to BM Technologies last year.