The Biden administration is rolling out new recordkeeping rules for U.S. investment advisers in its continued effort to clamp down on money laundering, illicit finance and fraud in the American financial system.
From Wall Street traders to car dealers to home buyers, Americans are eager for the Federal Reserve to start cutting interest rates and lightening the heavy burden on borrowers.
All-cash purchases of residential real estate are considered at high risk for money laundering. The rule would not require the reporting of sales to individuals.
The Fed chair also reiterated that the central bank’s next meeting in March was likely too soon for a rate cut. Most economists think the first cut is likely to come in May or June.
The deal in the two lawsuits, known as “Sitzer/Burnett” and “Batton 2” after their plaintiffs, also calls on Keller Williams to take several steps aimed at providing homebuyers and sellers with more transparency over the commissions paid to real estate agents.
Investors and some economists had been holding out the possibility that the Fed might cut as early as its next meeting in March. That now appears off the table.
An unexpectedly rosy economic picture may have left some Fed officials saddled by uncertainty. Yet they are expected to wait for at least a few months before they start reducing rates.
A top Federal Reserve official said this week that he is increasingly confident that inflation will continue falling, but provided few hints of the likely timetable for Fed rate cuts.
The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.
Diversity and inclusion experts say the legal backlash is already having a chilling effect over corporate efforts to address workplace inequality at a time when investment and interest in such initiatives have slowed following the post-Floyd surge.
Three of the nation’s biggest banks said Friday that their profits fall last quarter, as JPMorgan Chase, Bank of America and Citigroup deal with the lingering effects of higher interest rates and the industry costs of last year’s banking crisis that caused the collapse of Silicon Valley Bank and Signature Bank.
Fed officials concluded last month that inflationary pressures were easing, minutes from their most recent meeting say, but they also felt the economic outlook was uncertain enough that that further hikes were still “possible.’’
Holiday sales rose this year and spending remained resilient during the shopping season even with Americans wrestling with higher prices in some areas and other financial worries, according to the latest measure.
In a year full of big numbers, with strong gains for stocks and even more fantastic flights for crypto, it was one shrinking number that superseded all.
Gift cards make great stocking stuffers – just as long as you don’t stuff them in a drawer and forget about them after the holidays. And that’s just what Americans do with tens of billions of dollars’ worth of cards every year, in some cases adding big bucks to retailers’ bottom lines.
Flooding is driving millions of people to move out of their homes, limiting growth in some prospering communities and accelerating the decline of others, according to a new study that details how climate change and flooding are transforming where Americans live.
The Federal Reserve kept its key interest rate unchanged Wednesday for a third straight time, a sign that it is likely done raising rates after having imposed the fastest string of increases in four decades to fight painfully high inflation.
With inflation edging closer to the Federal Reserve’s 2 percent target, its policymakers are facing – and in some cases fueling – hopes that they will make a decisive shift in policy and cut interest rates next year, possibly as soon as spring.
The heads of Wall Street’s biggest banks used an appearance on Capitol Hill on Wednesday to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated.
Inflation is slowing steadily, but it’s too early to declare victory or to discuss when the Federal Reserve might cut interest rates, Chair Jerome Powell said in a speech Friday.
