Economy

But those rates are still relatively high, and that is a barrier to entry for potential homebuyers, Freddie Mac said.

To serve an increasingly online audience, POS Nation has acquired agriculture e-commerce platform GrazeCart, an example of vendors joining forces to adapt to shifts in the agriculture industry.

The latest inflation news has created concern that the Federal Reserve's pivot on short-term rates could be delayed.

Investors have hammered the New Jersey-based lender following the turmoil at New York Community Bancorp. But Valley executives say there are key differences between the two real estate-focused banks, and they express confidence that the bank's underwriting will hold up again this cycle.

The government-sponsored enterprise financed 955,000 mortgages last year, down from the 1.8 million loans it backed in 2022.

When the 2018 Dodd-Frank reform bill lifted the asset bar for enhanced prudential standards for banks from $50 billion to $100 billion, few thought it was controversial. Recent turmoil among regional banks suggests the change may have created as many problems as it solved.

Treasury Secretary Janet Yellen didn't directly address the turmoil at New York Community Bank, and said that while some smaller institutions could be hit by a changing commercial real estate market, she doesn't anticipate these mortgages will become a systemic risk.

In correspondence with Rep. Andy Barr, R-Ky., the Federal Reserve and Office of the Comptroller of the Currency said the Securities and Exchange Commission's proposed safeguarding rule could change banks' custody businesses.

Valley National, based in Morristown, New Jersey, has a high exposure to commercial-property loans relative to its peers. The bank reported that almost half its $50.2 billion loan book was in commercial real estate as of Dec. 31, with heavy exposure to New York, Florida and New Jersey.

Experts predict the number of small businesses turning to an employee-ownership model will accelerate in the coming years. The would mean opportunities for banks that advise on such transitions.

The longtime Most Powerful Women in Banking honoree looks back on her 40-year career and the power of persistence.

While less disputed than the Basel III endgame, the Federal Reserve's proposed framework for measuring and offsetting systemic risk within the nation's largest banks has sparked its own debate about what needs to be reported and the Fed's desired policy outcome for foreign subsidiaries.

Even with the 9 basis point rise this week, they have remained at the same level since mid-December, and that should bring people into the market, Freddie Mac said.

Its January forecast reverses the call first made in April 2022 that the U.S. economy would slip into an extended downturn.

The Cleveland-based regional bank was not well positioned for the sharp rise in interest rates last year. But executives say the year ahead will be different, pointing to strong credit quality and a repricing of Key's securities portfolio.

The Dallas bank's full-year results showed progress toward its long-term strategic goals despite a fourth-quarter drop-off in net interest income heavily tied to its mortgage business, executives said on an earnings call.

The move is somewhat counterintuitive relative to other market signals but Fannie Mae generally forecasts a net positive shift in lending conditions this year.

Despite widespread impressions that the economy is proving resilient and a "soft landing" is possible, banks are decidedly pessimistic about the economy.

For the past week, the benchmark 10-year Treasury closed above 4%, as the markets priced in an increase in the consumer price index.

An initiative in Baltimore to use blockchain tech to track and manage vacant properties is a prime example of how blockchain can help solve stubborn problems, even if it isn't ready to revolutionize the fundamentals of commerce.