Economy

A new survey conducted by IntraFi found that nearly three-quarters of bank executives say a recession is here or imminent, and tariffs now rank among their top three economic concerns.

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.

More than 1.4 million small businesses bank with U.S. Bank, according to the company, and it's now offering help with managing expenses and accepting payments.

The Consumer Financial Protection Bureau said it will not enforce or supervise nonbank financial firms that miss upcoming compliance deadlines for the nonbank registry of repeat offenders.

Federal Reserve Bank of Chicago President Austan Goolsbee said to understand how banks are faring in the current environment of tariff-induced uncertainty, he'll be watching the relationship between credit spreads and equity markets.

Inflation cooled faster than expected last month, giving the Federal Reserve room to ease monetary policy if the economy weakens suddenly. But tariffs and other policy changes still cloud the outlook for monetary policy.

President Trump placed a 90-day pause on most of his sweeping tariff package, but for banks and other financial market participants, the threat of volatility remains.

In a speech at the American Bankers Association Washington Summit Wednesday morning, Treasury Secretary Scott Bessent downplayed economic risks from tariffs, floated capital reforms and urged regulatory relief for community banks.

King, who spent 24 years at M&T Bank and departed with little explanation, will lead Fifth Third's operations in middle market commercial banking and wealth management.

Bankers are growing frustrated as President Donald Trump's trade policy causes turmoil in markets and confusion for clients. But banking trade groups in Washington — at least publicly — are remaining silent.

The sector includes construction companies and others that rely on materials from outside the U.S., which could challenge lending based on future payment flows.