A ‘richcession’ may be underway “In most recessions, unemployment rises more for lower-income groups,” explained Tomas Philipson, a professor of public policy studies at the University of Chicago and former acting chair of the White House Council of Economic Advisers. “Although we are not currently in a recession, the demand for and wages of lower-income …
Jeffrey Schmid, the new president and CEO of the Kansas City Fed. Courtesy: Federal Reserve Bank of Kansas City The Kansas City Federal Reserve is set to welcome its new leader as it charts its path forward in combating inflation. Jeffrey R. Schmid, a seasoned regulator and banker with over 40 years of experience, will …
In an exclusive interview with CNBC, JPMorgan Chase CEO Jamie Dimon dismissed the significance of the recent Fitch Ratings downgrade of the United States’ long-term credit rating. Dimon stated that the downgrade does not have much impact as borrowing costs are determined by the market, not rating agencies. However, Dimon criticized the fact that other …
The Federal Reserve Bank building Kevin Lamarque | Reuters The Federal Reserve has raised the target federal funds rate by a quarter of a point in its ongoing efforts to control inflation. In a move expected by financial markets, the Federal Open Market Committee of the central bank increased the funds rate to a target …
The United States is embarking on a new chapter in its economy with the Federal Reserve raising its benchmark interest rate. In July 2023, the federal funds effective rate surpassed 5%, marking a significant shift after four decades. Economists predict that as interest rates continue to rise, financial conditions will return to a more normal …
James Bullard, president and chief executive officer of the Federal Reserve Bank of St. Louis, delivers a speech in London, U.K., on Tuesday, Oct. 15, 2019. Luke MacGregor | Bloomberg | Getty Images The St. Louis Federal Reserve has announced that Jim Bullard will be stepping down from his role as president, effective August 14th. …
House Democrats are set to unveil a series of reform bills in response to recent bank failures that have caused significant turmoil in the sector since 2008. Led by Rep. Maxine Waters, Democrats on the House Financial Services Committee are seeking to expand federal regulatory authorities and enhance oversight for bank executives. This includes implementing …
The livestream is scheduled to begin at 10 a.m. ET. If you do not see the player above at that time, please refresh the page. Today, Federal Reserve Chair Jerome Powell will make his second appearance on Capitol Hill to discuss monetary policy. Following his testimony before the House Financial Services Committee yesterday, Powell will …
The Federal Reserve Board Chairman, Jerome Powell, recently stated that the Federal Reserve intends to continue raising interest rates in order to combat inflation. This could potentially result in a rise in corporate default rates in the near future. In May, the corporate default rate increased, indicating that U.S. companies are struggling with higher interest …
Christopher Waller, governor of the US Federal Reserve, expressed his views on the need for special attention to how banks are preparing for climate change risks. During a Fed Listens event in Washington, D.C., on September 23, 2022, he highlighted the potential impact of catastrophic events like hurricanes and floods on the US economy. Although …