Economy

The Bureau of Labor Statistics issued its unemployment report for June, showing that the economy added 147,000 jobs. The report supports the Federal Reserve's patience to cut interest rates.

The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.

A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.

Federal Reserve Chair Jerome Powell was noncommittal about cutting interest rates at the central bank's next monetary policy meeting in July, saying future actions will depend on incoming data. His comments come as President Trump ramps up his criticism of the Fed chair.

Richmond, Virginia-based Atlantic Union Bankshares has sold $2 billion in performing commercial real estate loans to Blackstone Real Estate Debt Strategies. 

The Federal Reserve's preferred measure of inflation moved further from its 2% target, underscoring the central bank's reluctance to cut rates.

Federal Reserve Gov. Michael Barr — who until February served as the agency's top regulator — said community development functions have benefits for the Fed's monetary policy, supervision and research goals.

The Texas attorney general has accused WEX Bank of "debanking" a firearm supplier, but the Maine-based bank said it does not discriminate against any industry.

Nissan Motor Acceptance Corp. has applied for an industrial loan company charter, joining General Motors and Ford in hoping for better prospects for approval under the Trump administration.

The Florida bank plans to expand its solar lending operations while Senate Republicans look to end most tax breaks for clean energy.

Chief Executive Officer Georges Elhedery was aiming for $1.5 billion in annual cost savings, but HSBC is forecasting hundreds of millions in extra real estate costs as it considers asking more of its employees to work from an office.

Primis Bank plans to sell an undisclosed amount of its 19% ownership stake in Panacea Financial, a digital-only lender focusing on medical professionals and veterinarians. The deal should yield $22 million.

A non-bank lender won't ever compete with a bank on price, but can offer flexible underwriting and faster origination times, according to a veteran originator.

JPMorganChase CEO Jamie Dimon said he wouldn't invest in the private-credit business if he were in different shoes. Meanwhile, an executive at Zions Bancorp. predicted that the sector's rapid growth will end badly.

A forthcoming bill from Sens. Jim Banks, R-Ind., and Catherine Cortez Masto, D-Nev., would allow the Federal Housing Finance Agency director to set limits on executive pay at the Federal Home Loan banks.

Acting Comptroller of the Currency Rodney Hood responded to a letter from the Conference of State Bank Supervisors regarding federal preemption of state banking laws by saying that the agency's standards comply with the law, court precedent and White House policy.

Some Wall Street investors are beginning to doubt whether the harshest outcomes of President Trump's tariff threats will materialize. But in the absence of certainty, banks still face real challenges in M&A and long-term strategy.

Even with the four basis-point drop, the 30-year fixed rate mortgage remained at levels last seen in February as the Spring homebuying season reaches its climax.

Banks that are financing the rise of nonbank competitors have been losing market share in commercial lending. But by getting in on the action, the same banks are also seeing some payoff.

This might deeply disappoint Wall Street investors who've been counting on a windfall if Fannie and Freddie are set free.