IRS Plans Back-Taxes Crackdown on 1.6K Millionaires
The IRS announced on Friday it is launching an effort to aggressively pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes.
Q&A: Atlanta Fed President Sees Rates Staying Higher for Longer
Raphael Bostic, president of the Federal Reserve Bank of Atlanta and a member of the Fed’s interest rate policy committee, doesn’t think another hike is needed. But he’s watching how the current high interest rates are working their way through the economy.
Powell at Jackson Hole: Economy Could Require More Fed Hikes
The continued strength of the U.S. economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said Friday in a closely watched speech that also highlighted the uncertain nature of the economic outlook.
Mortgage Rates Hit New 22-Year High
The average long-term mortgage rate climbed further above 7 percent this week to its highest level since 2001, another blow to would-be homebuyers.
Will Fed Keep Rates Higher, Longer? Powell Speech Could Give Hints
On Friday, Fed Chair Jerome Powell’s keynote speech at this year’s Jackson Hole conference will be scrutinized for any hints that the Fed intends to keep borrowing rates high for a prolonged period.
Meeting Minutes Show Fed Still Eyeing More Rate Hikes
Most Federal Reserve officials last month still regarded high inflation as an ongoing threat that could require further interest rate increases, according to the minutes of their July 25-26 meeting released Wednesday.
WeWork Warns ‘Substantial Doubt’ It Can Stay in Business
WeWork is warning there’s “substantial doubt” about its ability to stay in business over the next year because of its financial losses and its need for cash, among other factors.
Getting Inflation Down to Fed’s Target Rate Will Be the Toughest Mile
The stickiness of inflation could endanger the possibility that the Fed will achieve a rare “soft landing” for the economy.
‘Rolling Recession’ or ‘Richcession’ Might Spare Economy from Downturn
Despite more than a year of widespread warnings that a recession was near, America’s economy is, if anything, accelerating.
The Economist Who Sees a Recession Coming Despite Economy’s Resilience
Gus Faucher, chief economist at PNC Financial Services Group, has thoughts on whether the economy will remain resilient, and whether the Fed can achieve a notoriously difficult “soft landing.”
Big Banks Will Need to Hold More Capital Under New Fed Proposal
The nation’s biggest and most complex banks will need to hold additional capital on their balance sheets under an initial proposal by the Federal Reserve and FDIC.
New SEC Rule: Disclose Cybersecurity Breaches in Four Days
“Whether a company loses a factory in a fire – or millions of files in a cybersecurity incident – it may be material to investors,” SEC Chair Gary Gensler said in a statement.
Federal Reserve Gives No Hints on Future Rate-Hike Plans
The Federal Reserve raised its key interest rate Wednesday for the 11th time in 17 months, a streak of hikes that are intended to curb inflation but that also carry the risk of going too far and triggering a recession.
Key Question as Fed Meets: Can It Pull Off ‘Soft Landing’?
After the Fed began aggressively raising borrowing costs early last year, most economists predicted it would send the economy crashing.
Apartment Industry Pushes Back on Biden ‘Junk Fee’ Crackdown
The Biden administration on Wednesday took steps to disclose the so-called “junk fees” charged by landlords.
JPMorgan Q2 Profit Jumps with Boost from First Republic Takeover
In the deal, JPMorgan acquired 84 First Republic branches, bringing it $92 billion in deposits and $203 billion in loans and other securities.
Mortgage Rates Surged to Nearly 7 Percent This Week
Nonetheless, mortgage applications actually increased slightly from the prior week, driven by a rise in FHA and VA purchase applications.
Red Line Interrupted by 6 a.m. Train Fire
Firefighters had to manually carry water up to an elevated platform to fight a small fire was reported underneath a car on a train at Charles/MGH.
Inflation Falls to 3 Percent, Lowest Level in Over Two Years
After two years of painfully high prices and over a year of steady interest rate hikes, inflation in the United States has reached its lowest point in more than two years in a sign the Fed’s rate-hike campaign is working.
BofA Hit with $250M Fines for Fees, Opening Accounts Without Consent
Bank of America must pay around $150 million to customers for doubling up on some fees, withholding reward bonuses and opening accounts without customer consent.
