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☆ Dollar firm on safe-haven demand as markets fret over China, banks
▼ + stars: | 2023-08-09 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

The employee of a currency exchange shop counts U.S. dollar banknotes in Ciudad Juarez, Mexico July 27, 2023. The Chinese yuan, however, got some respite after the central bank set a stronger official rate than expected, signalling its discomfort with recent declines. Worries about the global economy flared again after data on Tuesday showed Chinese imports and exports contracting faster than expected in July. U.S. Treasuries also saw a surge in demand from haven-seeking investors, with 10-year yields briefly dipping back below 4%. Reporting by Kevin Buckland; Additional reporting by Brigid Riley; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Jose Luis Gonzalez TOKYO, Treasuries, Ray Attrill, there's, Attrill, Patrick Harker, Raphael Bostic, Michelle Bowman, Bart Wakabayashi, Kevin Buckland, Brigid Riley, Sonali Paul Organizations: REUTERS, New Zealand, U.S, Bank of New York Mellon, US Bancorp, National Australia Bank, People's Bank of, Federal Reserve, Philadelphia Fed, Atlanta Fed, Fed, State Street Bank, Trust, Thomson Locations: Ciudad Juarez, Mexico, Asia, Rome, China, People's Bank of China, Tokyo

☆ Wall St ends lower after bank rating cuts spark wider sell-off
▼ + stars: | 2023-08-09 | by ( David French | ) www.reuters.com time to read: +4 min

The S&P 500 Banks index (.SPXBK) has slipped 2.5% year to date, compared with a 17.2% gain by the S&P 500, and the downgrades exposed the fragility of investors' confidence towards financial stocks. The banks index slid 1.1% on Tuesday, while the KBW Regional Banking index (.KRX) dipped 1.4%. Reaction to the bank downgrades pushed up the CBOE Market Volatility index (.VIX), Wall Street's fear gauge, at one point hitting a two-month high. Eight of the 11 major S&P 500 sectors fell. The S&P 500 posted 13 new 52-week highs and 17 new lows; the Nasdaq Composite recorded 46 new highs and 195 new lows.

Persons: Eli Lilly, Moody's, Goldman Sachs, Jason Pride, Brendan McDermid, Bansari Mayur Kamdar, Johann M, David French, Sriraj Kalluvila, Vinay Dwivedi, Richard Chang Organizations: Dow, Nasdaq, Bank of New York Mellon, U.S . Bancorp, Truist, Silicon Valley Bank, Bank of America, Traders, New York Stock Exchange, REUTERS, Dow Jones, Novo Nordisk, Dish Network, United Parcel Service, Thomson Locations: U.S, Silicon, KBW, New York City, China, Denmark, Bengaluru, New York

Americans held over $1 trillion in credit card debt in the second quarter of 2023, a new record. The rise in credit card debt helped push total household debt to a record-high $17.06 trillion. For the last seven quarters, credit card balances have grown year over year amid strong consumer spending despite high prices. Despite these record-high credit card balances, there are some silver linings. Are you dealing with an untenable amount of credit card debt, or worried about student loan payments restarting?

Persons: Bankrate, Courtney Alev, Alev, Donald Trump, Joe Biden, Biden, Ted Rossman, Rossman Organizations: Federal Reserve Bank of New, Service, Privacy, New York Fed, Credit Karma, Fed, Consumer Financial, Bureau, Education Department, New, jkaplan Locations: Federal Reserve Bank of New York, Wall, Silicon, It's, York

☆ Credit card debt top $1 trillion: Here are ways to help pay it off
▼ + stars: | 2023-08-09 | by ( Sharon Epperson | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCredit card debt top $1 trillion: Here are ways to help pay it offCredit card debt in the U.S. has reached a staggering record high, topping $1 trillion for the first time, according to the Federal Reserve Bank of New York, as millions of card holders carry balances month after month, year after year. CNBC's Sharon Epperson joins 'Squawk Box' with strategies to help pay it off.

Persons: CNBC's Sharon Epperson Organizations: Federal Reserve Bank of New Locations: U.S, Federal Reserve Bank of New York

☆ What does Moody’s downgrade mean for markets?
▼ + stars: | 2023-08-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Moody’s on Monday evening downgraded 10 US banks and put the credit ratings of six others on review, an indication that the agency could also eventually downgrade those institutions. Some investors say that while the Moody’s downgrade isn’t groundbreaking, it’s a reminder that the economy, and markets, still have challenges ahead. Moody’s downgraded Commerce Bank, BOK Financial, M&T Bank, Old National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial and Associated Bank. Wall Street firms fined $549 million for using WhatsApp and other channelsWells Fargo is among a number of Wall Street firms that admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million, reports my colleague Matt Egan.

Persons: CNN — Moody’s, JPMorgan Chase, Wells, Goldman Sachs, BNY, Cullen, Frost, ” Moody’s, ”, Kara Murphy, Fitch, Christopher Marinac, Janney Montgomery Scott, Price, Matt Egan, Houlihan Lokey, Alicia Wallace Organizations: CNN Business, Bell, CNN, Bank, Dow Jones, Nasdaq, JPMorgan, Banking, BNY Mellon, Northern Trust, Frost Bankers, Truist Financial, US Bank, Moody’s, Commerce Bank, BOK, T Bank, National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial, Associated Bank, PNC Financial Services, Financial, Citizens Financial, Fifth Third Bank, Huntington Bank, Regions Financial, Cadence Bank, FNB Corp, Simmons, Ally Financial, Bank OZK, Valley Bank, Signature Bank, Federal Reserve, Kestra Investment Management, Consumer, Wall Street, Securities, Exchange Commission, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Federal Reserve Bank of New Locations: Wells Fargo, Amarillo, Marinac, Wells, SMBC Nikko Securities America, WhatsApp, Federal Reserve Bank of New York, York

☆ Consumer credit card debt tops $1 trillion for the first time ever
▼ + stars: | 2023-08-08 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Consumer credit card debt just topped $1 trillion for the first time ever, according to the Federal Reserve. A recent survey from BankRate found 47% of consumers are carrying credit card debt from month to month. Consumer credit card debt increased 4.6% in the second-quarter to a record $1.03 trillion, compared to $986 billion in the first quarter. Lower-income households were more likely to carry credit card debt from month to month, according to the survey, with 53% of cardholders with annual incomes below $50,000 carrying debt. "Yes, that's a lot of credit card debt, but most people are worth a lot more."

Persons: Joelle Scally, BankRate, Bankrate, they're, Scally, Carson, Ryan Detrick Organizations: Federal Reserve, Federal Reserve Bank of New, New York Fed, Fed Locations: York, Federal Reserve Bank of New York, CreditCards.com

☆ Moody’s warns it could cut credit ratings of 6 big US banks
▼ + stars: | 2023-08-08 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +2 min

CNN —Moody’s has put the credit ratings of six large US banks, including Bank of New York Mellon, State Street and Northern Trust, under review for a possible downgrade. A lower credit rating could push funding costs for those banks even higher. This, in turn, has raised fears that banks, which finance many commercial real estate deals, could suffer losses as a result. “Most regional banks have comparatively low regulatory capital versus the largest US banks and global peers,” Moody’s noted Monday. Moody’s also downgraded 10 smaller US banks Monday, including Commerce Bancshares (CBSH), BOK Financial Corporation and M&T Bank Corporation.

Persons: CNN — Moody’s, Dow, Cullen Frost, ” Moody’s, Moody’s Organizations: CNN, Bank of New York Mellon, State, Northern Trust, Nasdaq, Silicon Valley Bank, Signature Bank, First, U.S . Bancorp, Commerce, BOK Financial Corporation, T Bank Corporation Locations: Silicon, First Republic, United States

☆ Bitcoin rises from a two-week trading lull as Moody’s downgrade hits U.S. banking sector
▼ + stars: | 2023-08-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: 1 min

Cryptocurrencies rose broadly on Tuesday in opposition with the stock market after the ratings agency Moody's put the U.S. banking sector on watch. Bitcoin advanced 2.89% to $29,785.88, according to Coin Metrics. The price of the flagship cryptocurrency failed to move more than 1% in either direction for 14 consecutive days ending Monday. The crypto market trades 24/7. The moves began early Tuesday morning after Moody's cut ratings of 10 U.S. banks and put some big names – including Bank of New York Mellon, U.S. Bancorp, State Street and Northern Trust – on downgrade watch.

Persons: Moody's Organizations: Metrics, Bank of New York Mellon, U.S . Bancorp, Northern Locations: U.S

☆ Moody's cuts ratings of 10 U.S. banks and puts some big names on downgrade watch
▼ + stars: | 2023-08-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Moody's cut the credit ratings of a host of small and mid-sized U.S. banks late Monday and placed several big Wall Street names on negative review. Moody's also changed its outlook to negative for 11 banks, including Capital One , Citizens Financial and Fifth Third Bancorp . Among the smaller lenders receiving an official ratings downgrade were M&T Bank , Pinnacle Financial , BOK Financial and Webster Financial . "Meanwhile, many banks' Q2 results showed growing profitability pressures that will reduce their ability to generate internal capital. Though the stress on U.S. banks has mostly been concentrated in funding and interest rate risk resulting from monetary policy tightening, Moody's warned that a worsening in asset quality is on the horizon.

Persons: Moody's, Cullen, Frost, Jill Cetina, Ana Arsov Organizations: New York Stock Exchange, Bank, New York Mellon, U.S . Bancorp, Truist, Frost Bankers, Northern Trust, Capital, Citizens Financial, Fifth Third Bancorp, T Bank, Pinnacle Financial, BOK, Webster, Regional, Silicon Valley Bank, Signature Bank, Credit Suisse, UBS, Federal Reserve, Fed Locations: New York City, U.S, Regional U.S, Silicon, Europe, Swiss

☆ Stocks making the biggest moves premarket: UPS, Lucid, Beyond Meat, Novo Nordisk and more
▼ + stars: | 2023-08-08 | by ( Brian Evans | ) www.cnbc.com time to read: +4 min

The company reported an adjusted $2.11 per share on revenue of $8.31 billion, while analysts polled by Refinitiv forecasted $1.98 and $7.58 billion. Analysts surveyed by Refinitiv had penciled in a loss of 33 cents per share on $175 million of revenue. Palantir Technologies — Palantir Technologies slid 3.4% after the data analytics company reported its second-quarter results. Beyond Meat reported an adjusted loss of 83 cents per share on $102.1 million in revenue, while Refinitiv forecasted 86 cents and $108.4 million. Paramount Global — The media conglomerate's shares climbed more than 2% in premarket trading after the company reported a quarterly earnings and revenue beat.

Persons: Goldman Sachs, NASH, Banks, Moody's, Eli Lilly, EchoStar, Charlie Ergen, Refinitiv, Lucid, Palantir, Hims, Simon & Schuster, Yun Li, Samantha Subin, Sarah Min, Pia Singh, Jesse Pound Organizations: Sagimet, Goldman, T Bank, Citizens Financial, Bank of New York Mellon, Truist, JPMorgan Chase, Telsey, Refinitiv, Novo Nordisk —, Dish, United Parcel Service, behemoth, UPS, Palantir, Paramount Global, Paramount, KKR Locations: New York, Banks —

☆ US bank stocks drop as Moody's downgrade sours sentiment
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike Segar/File PhotoAug 8 (Reuters) - Shares of U.S. banks fell in premarket trading on Tuesday after ratings agency Moody's downgraded 10 mid-sized lenders, reigniting investor concerns about the challenges facing the industry. Moody's also warned it may cut ratings of some of the biggest U.S. lenders, and placed six of them under review for a potential downgrade. "It is significant for U.S. growth too, as U.S. regional banks are the financing lifeblood for small and mid-size enterprises." Shares of Bank of America (BAC.N), Citigroup (C.N) and JPMorgan Chase (JPM.N) fell more than 1%.

Persons: Mike Segar, Moody's, Stuart Cole, JPMorgan Chase, Georgios Leontaris, Niket Nishant, Mayur, Shashwat Chauhan, Shounak Dasgupta, Saumyadeb Organizations: Wall, New York Stock Exchange, REUTERS, Bank of New York Mellon, U.S . Bancorp, Truist, Equiti, Bank of America, Citigroup, JPMorgan, Bank, EMEA, HSBC Global Private Banking, Wealth, Thomson Locations: Manhattan, New York City , New York, U.S, Silicon, Switzerland, Bengaluru

☆ Morning Bid: China trade data disappoints, again
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +3 min

U.S. equity markets saw their first positive day in August on Monday, but then along came Chinese trade data. Parsing the export data, David Chao, global market strategist at Invesco, says the miss was driven by lower prices rather than lower volumes, and that Chinese export volumes remain surprisingly robust. Though, he says, "looking at other export-related data such as export orders, the outlook appears weak." Even Chinese imports from Russia fell year-on-year in July, the first fall since Feb 2021. Tuesday looks quiet on the U.S. data front, but traders are bracing for the big one - Thursday's CPI data.

Persons: Alun John ., David Chao, Hong, Intesa, Banca, Banks, Moody's, Fed's Harker, Alun John, Barbara Lewis Organizations: Shipping, cnsphoto, REUTERS, Nasdaq, BPER Banca, Bank of New York Mellon, US Bancorp, Truist, Thomson, Reuters Locations: Shanghai, China, U.S, Hong Kong, Russia, Europe

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The ratings agency also warned that the sector's credit strength would likely be tested by funding risks and weaker profitability. Big banks Goldman Sachs (GS.N) and Bank of America (BAC.N) eased 0.8% and 1.4%, respectively, in premarket trading, while Bank of New York Mellon and U.S. Bancorp shed 2.3% each. "It also means that the concern that we had in March over those three bank defaults, is not over yet." Remarks by Philadelphia Fed President Harker and Richmond Fed President Barkin will be closely watched for cues about the U.S. central bank's rate path after mixed messages from New York Fed President John Williams and Fed Governor Michelle Bowman on Monday.

Persons: Brendan McDermid, Eli Lilly, Moody's, Goldman Sachs, Sam Stovall, Chris Montagu, Thursday's, Harker, Barkin, John Williams, Michelle Bowman, LLY.N, Zachary Kirkhorn, Elon Musk, Bansari Mayur Kamdar, Johann M, Sriraj Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Bank of New York Mellon, US Bancorp, Truist, Bank of America, U.S . Bancorp, U.S . Treasury, CFRA, Silicon Valley Bank, Signature Bank, Citi, Wall Street, Dow e, Philadelphia, Richmond Fed, New York Fed, United Parcel Service, Elon Musk ., Alibaba, Thomson Locations: New York City, U.S, Silicon, Richmond, New, Elon Musk . U.S, Bilibili, Bengaluru

☆ As credit card debt tops $1 trillion for the first time, 'a huge test' for cardholders is coming
▼ + stars: | 2023-08-08 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch nowCollectively, Americans now owe more than $1 trillion on credit cards. Total credit card debt rose nearly 5%, or roughly $45 billion, in the second quarter to a new high of $1.03 trillion, according to a new report on household debt from the Federal Reserve Bank of New York. "One trillion dollars in credit card debt is staggering," Schulz added. "Credit card balances saw brisk growth in the second quarter," Joelle Scally, regional economic principal in the New York Fed's research and statistics group, said in a statement. On the heels of another rate hike last month by the Federal Reserve, the average credit card rate is also more than 20% on average, another all-time high.

Persons: Matt Schulz, LendingTree's, Schulz Organizations: Federal Reserve Bank of New, New York Fed, Federal Reserve Locations: Federal Reserve Bank of New York, York

☆ Fed policy is weighing on US banks. Here's everything to know about the Moody's downgrades.
▼ + stars: | 2023-08-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

In what amounted to 27 rating actions on US banks, Moody's pointed to rising costs of capital, deteriorating profits, and climbing risks to assets. In effect, much of the stress on banks Moody's is responding to can be chalked up to the Federal Reserve's policy decisions over the past year and a half. "Most banks' deposits were flat or down only modestly, but the mix worsened, with non-interest-bearing deposits declining and banks paying more for deposits," Moody's strategists wrote. So Moody's downgrades aren't all doom and gloom for these firms, and it's always possible the moves are reversed once the outlook turns rosier. Banks are in the money business, he explained, and the Fed has made money harder to come by.

Persons: Moody's, Service It's, they've, it's, Michael Bell, Honigman, Banks, Bell Organizations: Bank of New York Mellon, US Bancorp, Service, Northern Trust, State Street, Capital, Citizens Financial, Fifth Third Bancorp, Bank, KBW Nasdaq, Fed, Silicon Valley Bank, First Republic Bank, Signature Bank, Reserve, Moody's, Treasury Locations: Wall, Silicon, Japan

A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File PhotoNEW YORK, Aug 8 (Reuters) - Financial firms that enforce strict return-to-office mandates could drive employees to leave, according to a study published Tuesday by accounting firm Deloitte. Companies that insist on five days of in-office work are likely to see those policies backfire, the study showed. The Deloitte survey showed caregivers with remote or hybrid arrangements were 1.3 times more likely to leave their jobs if that flexibility was taken away. Poll results showed almost half of women in senior leadership roles were likely to leave their current employer over the next 12 months.

Persons: Morgan Chase, Mike Segar, Deloitte, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Lananh Nguyen, Conor Humphries Organizations: Co, New York City, REUTERS, Financial, Deloitte, Companies, JPMorgan, Citigroup, UBS, Bank of New York Mellon, Thomson Locations: New York, America

☆ US stocks fall as Moody's downgrades drag bank shares lower
▼ + stars: | 2023-08-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Moody's bank downgrades late Monday added to the uncertain macroeconomic landscape. Bank stocks moved lower, and investors will look ahead to Thursday's CPI report. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The smaller lenders that Moody's officially downgraded include Pinnacle Financial, Webster Financial, and M&T Bank. Already, 89% of S&P 500 companies have reported for the second quarter, and nearly 80% have beaten Wall Street expectations, FactSet data shows.

Persons: Stocks, Moody's Organizations: Dow, Nasdaq, CPI, Service, US Bancorp, Bank of New York Mellon, Northern Trust, Pinnacle Financial, Webster Financial, T Bank, Federal, Dow Jones Locations: Bank, Wall, Silicon, Here's

☆ Americans’ credit card debt hits a record $1 trillion
▼ + stars: | 2023-08-08 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Minneapolis CNN —Americans’ credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they’ve surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York. During the second quarter, credit card balances shot up by $45 billion, or nearly 4.6%, to land at $1.03 trillion, according to the New York Fed’s latest Quarterly Report on Household Debt and Credit. Rising credit card debt and auto loan balances helped to drive overall household debt levels up to $17.06 trillion for the quarter, the report showed. “Unfortunately, [credit card debt] is only going to go up from here,” Matt Schulz, chief credit analyst for LendingTree, told CNN. The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36% from the second quarter of 2022.

Persons: ” Matt Schulz, “ Organizations: Minneapolis CNN, Federal Reserve Bank of New, New, New York Fed, CNN, Bank of America Locations: Minneapolis, Federal Reserve Bank of New York, York, New York

☆ A Fed Official Wonders: ‘Do We Need to Do Another Rate Increase?’
▼ + stars: | 2023-08-07 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +1 min

In an interview on Aug. 2, Mr. Williams said that inflation was coming down as hoped, and that while he expected unemployment to rise slightly as the economy cooled, by how much was unclear. The upshot is that interest rates are unlikely to rise much further than the current range of 5.25 to 5.5 percent. Fed officials could also consider cutting them soon: Mr. Williams did not rule out the possibility of lowering rates in early 2024, depending on economic data. His comments are a sign that moderating inflation could pave the way for a shift in policy approach. I wonder if there is anything that is on your mind that you want to talk about?

Persons: John C, Williams Organizations: Federal Reserve Bank of New Locations: Federal Reserve Bank of New York

☆ How Long Will Interest Rates Stay High?
▼ + stars: | 2023-08-07 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +1 min

The central bank has lifted its policy interest rate to a range of 5.25 to 5.5 percent — the highest level in 22 years — which has trickled out to increase borrowing costs across the economy. The goal is to deter demand and force sellers to stop raising prices so much, slowing inflation. But nearly a year and a half into the effort, the Fed is at or near the end of its rate increases. The economy is approaching a pivot point, one that has many consumers wondering when rates will come back down, how quickly and how much. “Eventually monetary policy will need over the next few years to get back to a more normal — whatever that normal is — a more normal setting of policy,” Mr. Williams said.

Persons: John C, Williams, Mr Organizations: Federal Reserve Bank of New Locations: Federal Reserve Bank of New York

U.S. financial authorities last week barred 14 Iraqi banks from conducting dollar transactions as part of a wider crackdown on dollar smuggling to Iran via the Iraqi banking system, Iraqi central bank officials have said. U.S. State Department deputy spokesperson Vedant Patel said the measures were not sanctions, as they have been referred to by Iraq's Central Bank governor. Iraqi central bank (CBI) Governor Ali al-Allaq said on Wednesday the institution was following up on the issue and he had no indication the U.S. would impose "sanctions" on more Iraqi banks. The 14 banks have been banned from undertaking dollar transactions but can continue to use Iraqi dinars and other foreign currencies. The latest U.S. measures, along with previous curbs on eight banks, have left nearly a third of Iraq's 72 banks blacklisted, two Iraqi central bank officials said.

Persons: Vedant Patel, Patel, Ali al, Allaq, Haider al, Shamma, Ahmed Rasheed, Timour, Richard Chang, Daniel Wallis Organizations: . State Department, Iraq's Central Bank, Treasury Department, Federal Reserve Bank of New, Central Bank of, U.S . Treasury Department, New York Fed, CBI, U.S ., Thomson Locations: BAGHDAD, Iraqi, United States, Iran, Federal Reserve Bank of New York, U.S, Tehran, Iraq's, Baghdad

☆ Turkey's Erdogan appoints three deputy governors to central bank
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] Turkish President Tayyip Erdogan addresses supporters at the Presidential Palace after his victory in the second round of the presidential election, Ankara, Turkey, May 29, 2023. REUTERS/Umit Bektas/File PhotoISTANBUL, July 28 (Reuters) - Turkish's President Tayyip Erdogan named three deputy governors to the central bank, the country's official gazette said early on Friday, hours after the bank vowed to continue gradual monetary tightening and raised its end-2023 inflation forecast. Osman Cevdet Akcay, Fatih Karahan and Hatice Karahan were appointed as deputy central bank governors, according to a decision published in the official gazette. On Thursday, Turkey's central bank raised its end-2023 inflation forecast sharply to 58% and said it would continue monetary tightening. In what is seen as a pivot to economic orthodoxy, Erdogan appointed Mehmet Simsek as finance minister and Erkan as central bank governor shortly after his re-election in May.

Persons: Tayyip Erdogan, Umit, Osman Cevdet Akcay, Fatih Karahan, Hatice Karahan, Yapi, Hafize Gaye Erkan, Erdogan, Mehmet Simsek, Emrah Sener, Taha Cakmak, Mustafa Duman, Ezgi Erkoyun, Leslie Adler, Jamie Freed Organizations: REUTERS, Federal Reserve Bank of New, Amazon, Thomson Locations: Ankara, Turkey, ISTANBUL, Federal Reserve Bank of New York, Turkey's

☆ A Flood of New Workers Has Made the Fed’s Job Less Painful. Can It Persist?
▼ + stars: | 2023-07-24 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +2 min

Labor supply has also received a boost as some demographic groups — including women in their prime working years — have returned to the job market in bigger numbers than anticipated, pushing their employment rates to record highs. That influx has made the Fed’s job a little less painful. Hiring has been able to chug along at a solid clip without further overheating the labor market because workers are becoming available to replace those who are getting snapped up. The expanding supply of workers has allowed the Fed to accept the faster-than-expected hiring without slamming the brakes on the economy even more aggressively. Many investors are betting the decision, which will be announced on Wednesday, could be the Fed’s final move for now.

Persons: —, ” John C, Williams, Jerome H, Powell Organizations: Labor, Unemployment, Federal Reserve Bank of New, Employers, Fed Locations: United States, Federal Reserve Bank of New York

The audit has not changed the U.S. Treasury's view that the bank must make reforms before the department will support disbursements from the Afghan Fund to Da Afghanistan Bank, or DAB, as the central bank is known, said a U.S. Treasury official on condition of anonymity. It also must prove that it has "adequate" controls against money-laundering and terrorism financing and install a "reputable" independent monitor, said the Treasury official. A Taliban administration spokesman and a spokesperson for the Afghan central bank did not respond to request for comment. Afghanistan remains mired in grave humanitarian and economic crises that some experts say has been worsened by U.S. restrictions hampering DAB's ability to perform key central bank functions, such as ensuring stable exchange rates and prices. Calling the audit a "preliminary assessment," the Treasury official said its "limitations" suggested that "more comprehensive third-party assessment efforts may be needed."

Persons: ”, disbursements, Shah Mehrabi, Mehrabi, Anwar ul, Haq Ahady, Jonathan Landay, Charlotte Greenfield, Don Durfee Organizations: U.S ., Afghan, Da, Da Afghanistan Bank, Treasury, Federal Reserve Bank of New, DAB, U.S . Agency for International Development, USAID, U.S, Afghan Fund, State Department, The State Department, Reuters, Thomson Locations: WASHINGTON, ISLAMABAD, U.S, Da Afghanistan, Swiss, Federal Reserve Bank of New York, Afghan, Washington, United States, Afghanistan, American

The service will compete with private sector real-time payments systems, including The Clearing House's RTP network, and was initially opposed by big banks who said it was redundant. Unlike peer-to-peer payments services like Venmo or PayPal, which act as intermediaries between banks, payments made via FedNow will settle directly in central bank accounts. The Fed also operates a real-time payments system called FedWire, but that's reserved for large-scale, mostly corporate payments and is only operational during business hours. While the new FedNow system is for everyone, it's likely to benefit consumers and small businesses the most, analysts have said. But Fed officials have downplayed those concerns, arguing that banks have tools available to mitigate a wave of outflows.

Persons: JPMorgan Chase, FedNow, Anu Somani, it's, ”, Carl Slabicki, Lance Noggle, Hannah Lang, Michelle Price, Andrea Ricci Organizations: U.S . Federal, European Union, JPMorgan, Bank of New York Mellon, US Bancorp, RTP, U.S . Bank, PayPal, Fed, Mellon’s Treasury Services, “, Independent Community Bankers of, Thomson Locations: United Kingdom, India, Brazil, FedNow, Independent Community Bankers of America, Silicon, Washington

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