Economy

The Cleveland-based regional bank continues to benefit from strength in investment banking, though concerns about stalled loan growth emerged as CEO Chris Gorman described demand as tepid.

For at least the fifth consecutive quarter, the Providence, Rhode Island, company increased its allowance for credit losses on general office loans, which continue to be a problem area for banks.

CEO Ron O'Hanley touted an "encouraging financial performance" at the $326 billion-asset custody giant due to asset inflows and a jump in income from securities and loans.

The New York-based company saw assets under custody and management jump, driving strong increases in both fees and overall revenues for the quarter ending June 30.

Positive signs on jobs and inflation help drive the 10-year Treasury yield lower, and lead investors to forecast a short-term rate cut sooner than later, Freddie Mac said.

The Federal Reserve's struggle in bringing inflation down from its current level to its 2% target may come down to how the government measures shelter costs in the U.S., leading some experts to question whether the problem is in the economy or in how it is measured.

First Foundation will use the large investment to shrink its multifamily loan portfolio, which has weighed down its earnings since interest rates began rising.

But economists seem to differ on what the latest movement in mortgage rates means for the summer home sales business.

Federal Reserve Chair Jerome Powell says crushing inflation is the most important thing the Fed can do to reduce costs in the housing market. Some economists and policy specialists say higher rates are not the only tool at its disposal.