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With two wars, a rising price of oil and a shaky bond market, there is plenty of worry for the markets and economists this week, including a slew of corporate earnings reports and data on the state of the housing market and retail spending. Meanwhile, Russia has been pressing its invasion of Ukraine that is now a year and a half old. Last week ended with a surprise increase in consumer’s expectations of inflation in the University of Michigan’s sentiment survey. Where new home construction a few months ago was holding up the housing market, now it has slumped amid mortgage rates that have brushed 8%. The firm published its monthly economic outlook last week and did not include any more Fed rate hikes in the current cycle.

Persons: “, Jerome Powell, Powell, ” Sam Bullard Organizations: Hamas, University of, “, BCA Research, ”, National Association of Home Builders, Federal Reserve Bank of Atlanta, National Association of Realtors, Economic, of New, Wells Locations: East, Ukraine, Gaza, Israel, Palestinian, U.S, Iran, Lebanon, Russia, of New York

☆ India cenbank's $5 billion USD/INR swap expiry fuels dollar shortage concern
▼ + stars: | 2023-10-16 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

A man walks behind the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai, India, April 8, 2022. The Reserve Bank of India (RBI) had conducted a $5 billion sell/buy dollar/rupee swap last year. In a buy/sell swap, a bank buys dollars on the spot date and sells them at a later date. Meanwhile, the dollar/rupee cash swap rate fell on Monday, suggesting the banking system is already facing a dollar crunch. The USD/INR cash/tomorrow swap rate was at 0.15 paisa, implying a rupee interest rate of about 6%.

Persons: Francis Mascarenhas, Nimesh Vora, Mrigank Organizations: Reserve Bank of India, REUTERS, Rights, Thomson Locations: Mumbai, India, Rights MUMBAI

☆ US stocks rise amid diplomatic efforts to ease the Israel-Hamas conflict
▼ + stars: | 2023-10-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

US stocks climbed Monday amid diplomacy efforts in the Middle East. Secretary of State Antony Blinken visited Israel Monday, and President Joe Biden is considering a trip. Traders also are watching for earnings from Tesla, Bank of America, and Goldman Sachs this week. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementUS stocks moved higher in Monday's trading session amid US diplomacy efforts to contain the conflict between Israel and Hamas.

Persons: Antony Blinken, Joe Biden, Goldman Sachs, —, Biden, Patrick Harker Organizations: Israel, Traders, Tesla, Bank of America, Service, CNN, Netflix, Reserve Bank of Philadelphia, CNBC, Here's, Nasdaq Locations: Israel, Palestinian, Gaza

☆ Australia central bank sees possible cost savings in tokenisation
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +2 min

A worker is reflected in a wall of the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, March 1, 2016. REUTERS/David Gray/File Photo Acquire Licensing RightsSYDNEY, Oct 16 (Reuters) - Australia's central bank on Monday said tokenised money could help save billions of dollars in costs in domestic financial markets, as it studies whether and how to launch a central bank digital currency. Australia's government on Monday separately outlined proposals for regulating crypto and digital assets that will make platforms subject to existing Australian financial services laws and require platform operators to obtain an Australian Financial Services Licence. The RBA has been studying whether to issue a central bank digital currency (CBDC) of its own and if it would help facilitate atomic settlement in tokenised asset markets. A wholesale CBDC could also act as a complement to new forms of privately issued digital money, including tokenised bank deposits and asset-backed stablecoins.

Persons: David Gray, Brad Jones, Jones, tokenisation, " Jones, Wayne Cole, Jamie Freed Organizations: Reserve Bank of Australia, REUTERS, Rights, Australian Financial, Treasury, Thomson Locations: Sydney, Australia

Wall Street's three major indexes opened higher but lost ground after a preliminary reading on U.S. consumer sentiment showed a sharp fall in October. The moves in bonds, equities and oil reflect worries about deteriorating consumer sentiment, the global economy and geopolitical conflict, she added. However, for the week the S&P 500 registered a 0.45% gain for its second weekly advance in a row. The S&P 500 Banks index (.SPXBK) pared gains as the day wore on to close up 0.6% after rising as much as 3.4% to a three-week high. The S&P 500 posted 12 new 52-week highs and 20 new lows; the Nasdaq Composite recorded 28 new highs and 335 new lows.

Persons: Brendan McDermid, Wells, Wall, Dow, Israel, Lauren Goodwin, Goodwin, Patrick Harker, Todd Vasos, Jeff Owen, advancers, Sinéad Carew, Shashwat Chauhan, Ankika Biswas, Shounak Dasgupta, Anil D'Silva, Shinjini Ganguli, Richard Chang Organizations: New York Stock Exchange, REUTERS, JPMorgan, Dow, Nasdaq, The United Nations, Treasury, New York Life Investments, Dow Jones, JPMorgan Chase, Citigroup, Federal Reserve Bank of Philadelphia, BlackRock, Dollar, Boeing, NYSE, Thomson Locations: New York City, U.S, Wells Fargo, Gaza, Israel, BLK.N, Bengaluru

☆ Dollar up after inflation data boost
▼ + stars: | 2023-10-13 | by ( Saqib Iqbal Ahmed | ) 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. Data on Wednesday had shown U.S. producer prices increased more than expected in September amid higher costs for energy products and food. The dollar index , which measures the U.S. currency against six of its major peers, ticked up 0.11% to 106.63. Sweden's crown , edged up against both the dollar and euro after consumer price data came in higher-than-forecast, adding to risks that the Riksbank could raise rates further. Investors also digested producer and consumer prices data out of China on Friday that showed deflationary pressures were slightly stronger than expected.

Persons: Jose Luis Gonzalez, Helen, Jonas Goltermann, Patrick Harker, Adam Cole, Saqib Iqbal Ahmed, Brigid Riley, Samuel Indyk, Miral Fahmy, Mark Potter, Alexander Smith, Jonathan Oatis Organizations: REUTERS, U.S, Federal, Reuters, PPI, Capital Economics, Fed, Federal Reserve Bank of Philadelphia, RBC, of Canada, Thomson Locations: Ciudad Juarez, Mexico, Israel, Gaza, Sweden's, China

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSummaryCompanies Wells Fargo gains as Q3 profit risesJPMorgan Q3 profit rises on interest income boostBlackRock reports Q3 profit growthUnitedHealth gains on Q3 profit beatFutures: Dow flat, S&P down 0.18%, Nasdaq down 0.43%Oct 13 (Reuters) - Futures tracking Wall Street's main indexes fell on Friday as investors assessed earnings from big U.S. banks, while Treasury yields eased following a spike in the previous session. JPMorgan Chase(JPM.N), the biggest U.S. bank, posted a jump in third-quarter profit as higher interest rates boosted its income from loans. BlackRock (BLK.N) reported a 13% rise in third-quarter profit on a rebound in markets. UnitedHealth (UNH.N) advanced 2.5% after beating third-quarter profit estimates, helped by lower-than-expected medical costs for the healthcare conglomerate. Traders put the chance of interest rates remaining unchanged in November and December at around 92% and around 69%, respectively, according to CME's FedWatch tool.

Persons: Brendan McDermid, JPMorgan Chase, Wells Fargo, Rob Swanke, Patrick Harker, Susan Collins, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Ankika Biswas, Saumyadeb Organizations: New York Stock Exchange, REUTERS, Companies Wells, JPMorgan, BlackRock, Dow, Nasdaq, U.S, Citigroup, Commonwealth Financial Network, Fed Bank of Philadelphia, Federal Reserve Bank of Boston, Traders, University of Michigan's, Dow e, Investors, Hamas, Exxon Mobil, Chevron, Callon Petroleum, Occidental Petroleum, Dollar, Boeing, Thomson Locations: New York City, U.S, BLK.N, Israel, Gaza City, Bengaluru

☆ India's state-run banks to lower bond purchases as liquidity tightens - treasurers
▼ + stars: | 2023-10-13 | by ( Dharamraj Dhutia | ) www.reuters.com time to read: +2 min

MUMBAI (Reuters) - India’s state-owned banks will slow government bond purchases in the weeks ahead as banking system liquidity tightens, treasury officials from nine state lenders said. REUTERS/Hemanshi KamaniBond yields have spiked since Oct. 6, when the central bank said it will keep monetary policy restrictive and sell bonds to manage banking system liquidity. These lenders have bought 253 billion rupees ($3 billion) of government debt since Sept. 22, including 100 billion rupees on Oct. 6. Banking system liquidity - the quantum of funds in the interbank market - has largely been in deficit from the middle of September. Bond traders expect the banking system’s cash position to stay in deficit because of tax payments and likely bond sales by the Reserve Bank of India (RBI).

Persons: “, ” Vijay Sharma, PNB Gilts, Bond Organizations: REUTERS, Banking, Reserve Bank of India, “ Locations: MUMBAI, ”, India

☆ Futures edge lower ahead of big bank earnings
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

SummaryCompanies Futures down: Dow 0.02%, S&P 0.11%, Nasdaq 0.25%Oct 13 (Reuters) - Futures tracking Wall Street's main stock indexes edged lower on Friday as investors looked ahead to earnings reports from big U.S. banks, while Treasury yields eased after a spike in the previous session. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) are scheduled to report quarterly numbers before the opening bell. Asset manager BlackRock (BLK.N), health insurer UnitedHealth Group (UNH.N) and regional lender PNC Financial (PNC.N) are also slated to report earnings. Remarks from Fed Bank of Philadelphia President Patrick Harker, a voting member on the rate-setting Federal Open Market Committee (FOMC) this year, would also be on investors' radar during the day. On the data front, a preliminary estimate of the University of Michigan's October Consumer Sentiment Index is due at 10 a.m.

Persons: JPMorgan Chase, Rob Swanke, Patrick Harker, Susan Collins, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Saumyadeb Organizations: Dow, Nasdaq, JPMorgan, Citigroup, BlackRock, UnitedHealth, PNC Financial, Commonwealth Financial Network, Fed Bank of New, Fed Bank of Philadelphia, Market, Federal Reserve Bank of Boston, Traders, Treasury, University of Michigan's, Dow e, Hamas, Thomson Locations: Wells Fargo, Fed Bank of New York, U.S, Israel, Gaza City, Bengaluru

☆ India's forex reserves drop for 5th week; fall to over 5-month low
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

The RBI's stranglehold on the rupee via its persistent forex market intervention has kept volatility in the Indian unit low over the last few sessions. Apart from the central bank move, changes in foreign currency assets - expressed in dollar terms - also include the effects of appreciation or depreciation of other currencies held in the RBI's reserves. Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund. For the week the forex reserves data pertains, the rupee had fallen 0.1% against the dollar and traded in the 83.1650-83.2650 range. FOREIGN EXCHANGE RESERVES (in million U.S. dollars)Source text: (https://bityl.co/LhHj)Reporting by Siddhi Nayak; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas White, Siddhi Nayak, Janane Organizations: REUTERS, Rights, Reserve Bank of India, International Monetary Fund, Siddhi, Thomson Locations: India, Rights MUMBAI

☆ India's state-run banks to lower bond purchases as liquidity tightens, treasurers say
▼ + stars: | 2023-10-13 | by ( Dharamraj Dhutia | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 13 (Reuters) - India's state-owned banks will slow government bond purchases in the weeks ahead as banking system liquidity tightens, treasury officials from nine state lenders said. Bond yields have spiked since Oct. 6, when the central bank said it will keep monetary policy restrictive and sell bonds to manage banking system liquidity. These lenders have bought 253 billion rupees ($3 billion) of government debt since Sept. 22, including 100 billion rupees on Oct. 6. Reuters GraphicsBanking system liquidity - the quantum of funds in the interbank market - has largely been in deficit from the middle of September. Bond purchases would be incremental and linked to rise in yields, say at every 3-4 basis points, the treasury head at the state-run bank said.

Persons: Vijay Sharma, PNB Gilts, Dharamraj Dhutia, Swati Bhat, Mrigank Organizations: Reuters Graphics Banking, Reserve Bank of India, Thomson Locations: MUMBAI, India

☆ New Zealand election: Voters goes to the polls in a narrow race
▼ + stars: | 2023-10-13 | by ( Helen Regan | ) edition.cnn.com time to read: +7 min

New Zealand Prime Minister Chris Hipkins at Parliament on July 26, in Wellington, New Zealand. New Zealand National Party leader Christopher Luxon speaks during a National Party campaign rally on October 10 in Wellington, New Zealand. Before becoming prime minister, he was minister of education, minister of police, minister for the public service, and leader of the house. Hipkins’ main contender Luxon is a businessman and former CEO of Air New Zealand who became leader of the National Party in 2021. Voters get two votes on the ballot: one for a candidate in their local constituency and one for the party.

Persons: Jacinda Ardern, Christopher Luxon, Chris Hipkins, Winston Peters, Ardern, Hagen Hopkins, demagogues, Hipkins, Sophia Ha, ” Ha, “, ” Alex Wareham, ”, It’s, Wareham, Luxon Organizations: CNN, National Party, Labour Party, Radio NZ, NZ, Labour, Zealand, New Zealand National Party, Getty, Air New Locations: Zealand, New Zealand, Hipkins ., Wellington , New Zealand, Christchurch, Wellington, Auckland, Sydney, United States, United Kingdom, Covid, Air New Zealand, New

☆ Morning Bid: A spooky Friday 13 for bonds?
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets by Dhara Ranasinghe. Investors in U.S. Treasuries have good reason to feel on edge on a day (Friday 13) many consider unlucky, according to Western superstition. For the rest of the day, it's earnings - bank earnings to be specific - that move into the market spotlight. Judging by trade in the options markets, traders are positioning for larger-than-usual share swings after the earnings, especially in Wells Fargo.

Persons: Brendan McDermid, Dhara Ranasinghe, Biden, Patrick Harker, Hugh Lawson Organizations: New York Stock Exchange, REUTERS, Dhara, Federal, JPMorgan Chase, Citigroup, U.S, University of Michigan, Reserve Bank of Philadelphia, JPMorgan, Wells, Thomson, Reuters Locations: New York City, U.S, Israel, West, China, Wells Fargo

Consumers fell prey to inflation that remains high, especially for life’s necessities like food and gasoline, according to the latest monthly survey from the University of Michigan. The consumer sentiment survey fell by 7% overall to 63 from 68.1 in September, while the current conditions reading dropped to 66.7 from 71.4 and the future expectations was at 60.7, down from 66 a month ago. Notably, expectations for the annual rate of inflation a year from now rose to 3.8% from 3.2% in September. “Assessments of personal finances declined about 15%, primarily on a substantial increase in concerns over inflation, and one-year expected business conditions plunged about 19%,” said Joanne Hsu, survey director. “Owners remain pessimistic about future business conditions, which has contributed to the low optimism they have regarding the economy,” said Bill Dunkelberg, NFIB chief economist.

Persons: ”, Joanne Hsu, Sam Bullard, Joe Brusuelas, Tuan Nguyen, NFIB, Bill Dunkelberg, JP Morgan Chase, Jamie Dimon Organizations: University of Michigan, Monetary Fund, Federal Reserve, Federal Reserve Bank of Atlanta, Wells Locations: U.S, Washington

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) rose between 3% and 5% after trouncing quarterly profit estimates as they benefited from higher interest rates. The S&P 500 Banks index (.SPXBK) gained 3.2%, hitting a three-week high. Options traders are bracing for larger-than-usual post-earnings stock price swings for some U.S. banks, despite signs of cooling volatility in broader markets, options data showed. The energy sector (.SPNY) tracked a more than 3% jump in crude prices and led the gains among S&P 500 sectors.

Persons: Brendan McDermid, Wells, JPMorgan Chase, Wells Fargo, Stuart Cole, Cole, Patrick Harker, Investors, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Ankika Biswas, Saumyadeb Chakrabarty, Shounak Dasgupta, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, Companies JPMorgan, Citigroup, Dow, Nasdaq, JPMorgan, Citi, Equiti, BlackRock, Federal Reserve Bank of Philadelphia, Dow Jones, Hamas, Dollar, Boeing, NYSE, Thomson Locations: New York City, U.S, Wells Fargo, Israel, Gaza City, Bengaluru

☆ Fed's Collins says CPI data drives home uneven progress on restoring price stability
▼ + stars: | 2023-10-12 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

Collins appeared to view higher borrowing costs as buying the Fed some space to take in incoming data. If the rise in yields persists, “it likely reduces the need for further monetary policy tightening in the near term,” Collins said. It showed progress on underlying price pressures but the overall reading rose by 3.7% versus a year ago, the same gain as August. “Today’s CPI release is a reminder that restoring price stability will take time,” and it remains a question whether inflation is moving sustainably on a path back to the target, the official said. Collins added that the core service prices stripped of housing factors have yet to make much progress toward lower levels.

Persons: Susan Collins, Ann Saphir, ” Collins, Collins, “, Michael S, Mark Porter Organizations: Reserve Bank of Boston, Kansas City Fed, REUTERS, Federal Reserve Bank of Boston, Fed, Thomson Locations: Jackson, Wyoming, U.S

☆ India's central bank imposes penalty on Paytm Payments Bank
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBENGALURU, Oct 12 (Reuters) - India's central bank said on Thursday it has imposed a penalty of 53.9 million rupees ($647,762.58) on Paytm Payments Bank for non-compliance with some provisions, including Know Your Customer (KYC) directions. According to the Reserve Bank of India (RBI), Paytm Payments Bank had failed to identify beneficial owners of entities on-boarded by it for providing payout services. It also did not monitor payout transactions and carry out risk profiling of entities availing payout services, among others. The RBI had last year barred Paytm Payments Bank from taking on new customers and ordered a comprehensive audit of its IT systems, citing "material" supervisory concerns observed in the bank. Paytm Payments Bank had also breached the regulatory ceiling of end-of-the-day balance in certain customer advance accounts that were availing payout services, the central bank said in a statement.

Persons: Dado Ruvic, Vijay Shekhar Sharma, Antfin, China's, Ashish Chandra, Sohini Goswami Organizations: REUTERS, Rights, Paytm Payments Bank, Reserve Bank of India, Bank, Google, HK, Thomson Locations: India, Paytm, Bengaluru

Economists already utilize machine learning, a branch of AI, to analyze data and develop economic projections. Korinek expects it to “revolutionize research,” according to a paper he wrote that was accepted for publication by the Journal of Economic Literature. Impact on employmentSo what could be the impact of genAI’s advancement on employment in economics? Jobs site Indeed conducted a recent study gauging the level of exposure of certain jobs to genAI based on the skills needed to perform them. Economists use a lot of technology to do their jobs, which are tasks that genAI could also perform, especially as it becomes more and more refined.

Persons: CNN — Anton Korinek, ”, “, ” Korinek, GenAI isn’t, Louis, Bing, Google’s Bard, Anthropic’s Claude, GenAI, Claude 2, Korinek, It’s, Tyler Cowen, Alex Tabarrok, “ ChatGPT, ” Cowen, Tabarrok, GPT, genAI, Louis Fed, Svenja, ” Gudell Organizations: CNN, University of Virginia, Korinek, Journal, Economic, George Mason University, Federal Reserve Bank of St, St, Professional Locations: genAI

Consumer prices rose 0.4% in September, more than economists had expected, as rising costs for shelter drove the increase, the Labor Department reported on Thursday. On an annual basis, the consumer price index was unchanged for the month, at 3.7%. The core CPI, leaving out energy and food costs, rose 0.3%, while the yearly rate dropped to 4.1% from 4.3% previously. The CPI release follows Wednesday’s producer price index that rose more than expected, at 0.5% for the month, and 2.2% for the year. But, over the last 12 months, consumer inflation has fallen from an 8.2% pace – although it remains well above the 2% annual goal set by the Federal Reserve.

Persons: ” Johan Grahn Organizations: Labor Department, Federal Reserve, Allianz Investment Management, Atlanta Federal Reserve Bank

☆ 5 ways to reduce credit card debt ahead of the holiday shopping season
▼ + stars: | 2023-10-12 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +6 min

But it's also important to consider the rising cost of carrying credit card debt. Overall, credit card debt in the U.S. has reached a staggering record high of $1.03 trillion, according to the Federal Reserve Bank of New York. The average consumer carries about $6,000 in credit card debt — a 10-year high. While the free credit reports on annualcreditreport.com will not include your credit score, many credit card companies offer their customers a free look at their credit scores. Work with your card issuerIf you don't qualify for a 0% card or personal loan, contact your card issuer and ask for a lower credit card rate.

Persons: Bankrate, Ted Rossman, they're, it's, Matt Schulz, Louis, —, Schultz, Rod Griffin, Oleksandra, Griffin Organizations: Federal Reserve Bank of New, Federal Reserve Bank of St Locations: U.S, Federal Reserve Bank of New York, annualcreditreport.com

☆ Europe stocks mixed after best day in 11 months with eyes on U.S. inflation; LVMH down 7%
▼ + stars: | 2023-10-11 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

European stock markets were mixed Wednesday lower after clocking their best one-day performance in nearly a year. The Stoxx 600 was index was 0.19% higher at 8:50 a.m. London time, reversing earlier slight losses. European marketsThe Stoxx gained nearly 2% on Tuesday, according to LSEG data, its strongest session since Nov. 10, 2022. Bullish global trading was boosted by two Federal Reserve officials who suggested Monday that the recent rise in Treasury yields may reduce the need to raise the Federal Funds rate, paring back peak rate expectations. Atlanta Federal Reserve Bank President Raphael Bostic on Tuesday said rates did not need to rise any further.

Persons: Raphael Bostic Organizations: Federal, Atlanta Federal Reserve Bank Locations: London

☆ Student loan payments are back. Here’s where some Americans are trimming their budgets
▼ + stars: | 2023-10-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +14 min

Student debt relief activists participate in a rally at the US Supreme Court on June 30, 2023 in Washington, DC. “Of course, the lowest-earning households still collectively owe around $7 billion a year in student loan repayments. After the Supreme Court dashed any hopes of loan forgiveness, more Americans started making loan payments before the official repayment period, as well as interest, kicked in. “It’s just all the supplemental spending, a lot of that will disappear so that we can make room for the [student loan] payments,” he said. Jonnisha McCleod was able to wipe out $12,000 of her student loan debt.

Persons: Minneapolis CNN —, they’re, ”, Justine Lyons, “, pesky, Lyons, — Lyons, Robin Nathan “ It’s, you’ve, it’s, Kevin Dietsch, Emerson Sprick, Biden, Sprick, Shannon Seery, Wells, ” Seery, Nancy Vanden Houten, Brian Snyder, Snyder, “ It’s, Megan Lopez, ” Lopez, you’re, Logan Ricketts, Jamie, they’ve, ” Logan, Jonnisha, ” McCleod, ’, McCleod, Jonnisha McCleod, I’m, “ I’m, Katrice Williams, Williams couldn’t, Edna Monroy “, Williams Organizations: Minneapolis CNN, National Student, Federal Reserve Bank of New, US, Biden, New York Fed, Coalition, Department of Education, Education Department, CNN, Oxford, Oxford Economics, SAVE, Cleveland State University College of Law, Trump Locations: Minneapolis, Decatur , Georgia, States, Federal Reserve Bank of New York, Washington , DC, Wells Fargo, Baltimore , Maryland, Las Vegas, Cedar Park , Texas, Omaha , Nebraska, undergrad, Cleveland , Ohio

☆ The days of rising interest rates could soon be over
▼ + stars: | 2023-10-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

What’s happening: US Treasury rates are white hot — 10-year Treasury yields are near their highest levels since 2007. It also means more expensive mortgage rates. Mortgage rates tend to track the yield on 10-year US Treasuries. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. US mortgage rates are at 23 year-highs, and home affordability is at its lowest level since 1984.

Persons: haven’t, Philip Jefferson, ” That’s, Lorie Logan, Raphael Bostic, ”, “, ” Bostic, Mary Daly, Bonds, What’s, Birkenstock, Elisabeth Buchwald, Megan Penick, Robinson, Rachel Ramirez, It’s, they’re Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Fed, Financial, CME, Treasury, New York Federal Reserve, Federal Reserve Bank of New, Consumer, Dallas, Federal Reserve Bank of Atlanta, American Bankers Association, San Francisco Fed, Index, PPI, CPI, New York Stock Exchange, Renaissance, Nature Communications Locations: New York, Germany, Czech Republic, Slovenia

☆ Australia unveils draft law to regulate digital payment providers
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] A smartphone with Apple Pay and Google Pay logos is placed on a laptop in this illustration taken on July 14, 2021. Apple Pay, Google Pay and China's WeChat Pay, which have grown rapidly in recent years, are not currently designated as payment systems, putting them outside Australia's financial regulatory system. The proposed rules would enable the Reserve Bank of Australia (RBA) to monitor digital wallet payments in the same way as credit card networks and other transactions. The draft law would expand the definitions of "payment system" and "participant" in Australia's existing laws, treasury documents showed. Payments infrastructure and the regulatory framework have not kept pace with transitions in finance, particularly in Australia's digital economy and payments.

Persons: Dado Ruvic, Jim Chalmers, Renju Jose, Stephen Coates Organizations: Apple, REUTERS, Rights, Google, Reserve Bank of Australia, Australian Banking Association, Thomson Locations: Sydney

☆ India's Bank of Baroda falls after RBI ban on adding new app customers
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

A woman walks past a signboard of Bank of Baroda outside their branch office in New Delhi, India, June 20, 2023. REUTERS/Anushree Fadnavis/File photo Acquire Licensing RightsBENGALURU, Oct 11 (Reuters) - Shares of Bank of Baroda (BOB.NS) fell nearly 4% on Wednesday, a day after the Reserve Bank of India stopped the state-run lender from adding customers to its mobile app citing "certain material supervisory concerns." Bank of Baroda will be allowed to onboard customers to its bob World app only after rectifying certain deficiencies, the RBI said on Tuesday, without giving any details about the issues. Bob World app has 8.1 million daily transactions, while 43% of time deposits are obtained through the app, the bank had said in its quarterly presentation in August. Shares of Bank of Baroda have underperformed the PSU bank index for the year so far, rising 12% compared to nearly 20% in the index.

Persons: Anushree, Suresh Ganapathy, Macquarie, Bob, Varun Organizations: Bank of Baroda, REUTERS, Rights, Reserve Bank of India, Macquarie, Sethuraman NR, Thomson Locations: New Delhi, India, BOB.NS, Bengaluru

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