Economy

The Long Island-based regional bank, which reported another quarterly loss Friday, continues to hire in the commercial-and-industrial lending sphere as it seeks to diversify its commercial real estate-heavy business.

The International Monetary Fund lowered its economic growth projections for 2025, citing policy uncertainty. It also urged central banks to stand ready to use macroprudential tools to facilitate lending in a potential recession.

House Financial Services Committee ranking member Maxine Waters, D-Calif., led a group of Democrats in challenging Treasury Secretary Scott Bessent over the current state of the Community Development Financial Institutions Fund.

The Ohio-based regional bank is poised to outperform in the second quarter after coming close to "hitting on all cylinders" during the first three months of the year, CEO Steve Steinour said.

The investment and custody bank beat Wall Street estimates on net income but missed on revenue expectations. An increase in fee revenue offset stagnant net interest income. Management expects more of the same for the rest of the year.

In a post on his social media platform Thursday morning, the president criticized the Federal Reserve's reluctance to lower rates and said the chair's departure "could not come soon enough."

Federal Reserve Chair Jerome Powell warned that actions that undermine the apparent stability of the U.S. economy could have lasting effects on its status as a global safe haven.

Markets welcomed the 90-day pause on President Donald Trump's tariff plan, but banker forecasts for mergers and acquisitions and earnings remain uncertain.

Federal Reserve Board member Christopher Waller said he would not be deterred from classifying inflation as "transitory" despite the board's recent experience underestimating inflationary pressures.