Economy

Economists surveyed by Wolters Kluwer are scaling back rate cut expectations as Iran conflict-driven energy costs push inflation higher, complicating the Fed's path forward.

A 21.2% spike in the price of gasoline was the biggest contributor to a 0.9% increase in the Consumer Price Index in March, according to a Friday report from the Bureau of Labor Statistics. The agency said other price increases were largely contained.

Oil rights can be a surprisingly illiquid asset. A fintech called Frontlands is hoping to change that by offering a credit card for the owners of oil wells and other natural resources.

The payments processing firm recently filed for Chapter 7 bankruptcy with a nearly $3 million disputed charge owed to a subsidiary of Global Payments.

Organizers of the Winter Park-based Portrait Bank said they exceeded their capital-raise target by a wide margin, clearing the path for a June soft launch.

The Minneapolis-based company plans to leverage the arrangement to draw more attention to its growing list of national business lines, transcending its regional reputation.

The White House's proposed 2027 budget would slash funding to the Community Development Financial Institutions Fund, the latest in an ongoing campaign from the Trump administration to dismantle the politically popular program.

The partnership between the long-established bank and the fintech brokerage will handle the development of the government-owned account platform behind the new government-seeded retirement accounts for children. 

Consumer credit card balances are down, a sign consumers are pulling back on spending amid rising gas prices and the Iran war.

New jobs in health care largely drove the gains, while the federal workforce and finance continued to shrink.

The 30-year fixed rate climbed to 6.46% this week, its highest mark since September, as mortgage applications fell 10.4% and sellers outnumber buyers by a record 46%.

Thomas Owens, Trustmark's current chief financial officer, will take over as chief operating officer on May 1. The COO position has historically been a pathway to the top job at the Jackson, Mississippi-based bank.

The Minneapolis-based regional bank is extending home-improvement loan durations by as much as two years in a bid to continue capitalizing on a long-running remodeling boom.

A database that holds the details about every attack on databases is itself at risk of being compromised, which would leave banks and other businesses on their own when it comes to network defense.

Two former members of the Federal Open Market Committee said in interviews that they expect the Federal Reserve to keep rates steady amid uncertainty over the ongoing war with Iran and the resulting upward pressure on inflation.

In three separate appearances Thursday, Fed Gov. Lisa Cook, Gov. Michael Barr and Vice Chair Philip Jefferson said they are worried that U.S. involvement in the war with Iran could drive up inflation, leading them to conclude that interest rates should remain steady in the near term.

The 30-year fixed mortgage has increased by 40 basis points since February, while the 15-year is 14 basis points lower than a year ago, Freddie Mac reported.

VALT, a digital-oriented small-business lender founded by U.S. Bank veteran Matt Gediman, received approval for its denovo charter application from the Office of the Comptroller of the Currency 120 days after its application, clearing a key regulatory hurdle at a time when regulators are encouraging the formation of more startup banks.

Like much of the United States, Tampa Bay has seen very few new bank charters in recent years. That's a void that the new Echelon Bank, which is slated to open in May, hopes to fill.

What was once a bipartisan and broadly popular housing bill has been weighed down with a pair of provisions that banks can't support. Even with those headwinds, the bill is more likely than not to pass, but not without drawn-out negotiations between the House and Senate.