The “FedNow” service, global payables and embedded payment at U.S. Bank
The US Federal Reserve is set to introduce a service called FedNow, allowing Americans to send and receive payments in seconds, 24 hours a day, seven days a week. FedNow aims to eliminate cash transfer settlement lag and aligns the US with countries like the UK, India, Brazil, and the EU. The service will compete…
“The ink on the rubber stamp has dried up” ,said Chopra
The CFPB head, Roy Chopra, has warned US bankers that regulators concerned about financial stability should expect severe scrutiny in merger approvals after the March banking crisis. Chopra stated that the agency is continuing enforcement despite federal judges delaying CFPB lawsuits due to a Supreme Court challenge. He hoped for a shift from cheerleader to…
UK Inflation shows good sign for bank of England
British inflation fell to 7.9% in June, its slowest in nearly a year, easing pressure on the Bank of England to raise interest rates. Consumer price inflation fell to its lowest level since March 2022, but remained above other rich economies. The 12-month CPI rate decreased to 8.2% from May’s 8.7%, but still above the…
The Fed’s decision on interest rate are coming this July
The US Federal Reserve is expected to raise its benchmark overnight interest rate by 25 basis points to 5.25%-5.50% on July 26, with a majority expecting it to be the last hike of the current tightening cycle. The strong economy and record low unemployment have left analysts and investors puzzled over a year after the…
UK inflation Fall down in june
British inflation fell to 7.9% in June, its weakest in nearly a year, easing pressure on the Bank of England to maintain raising interest rates. Consumer price inflation fell to its lowest level since March last year, but remained above many other rich economies. Core inflation declined to 6.9% from 7.1%, its highest in over…
UK inflation managed to decrease Pound a bit lower
Due to slower-than-anticipated inflation in June, the pound experienced the most significant decline in the UK this month. Core inflation declined to 6.9%, below expectations but near the 31-year high reached last month. The value of the pound fell 0.8% and down 0.64% against the euro. High wage growth and underlying prices indicate a lengthy…
Morgan Stanley stand firm on banking crisis tension
Morgan Stanley’s second-quarter profit topped projections, with wealth management growth offseting reduced trading revenue. CEO James Gorman expressed optimism about the economy, stating that the company is close to the end of rate increases. Wealth management net revenue grew 16% to $6.7 billion, and assets gained around $90 billion. The company’s severance expenses hurt profitability,…
US banking crisis will be calmed this month?
U.S. bank regulators will unveil capital rule overhaul plans next week, including stricter requirements for large lenders’ residential mortgages. These adjustments are part of the U.S. Basel III accord, which followed the financial crisis. The Federal Reserve, FDIC, and OCC will reveal their intentions on July 27. The Fed is completing a proposal to adopt…