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☆ NY Fed defends cutoff of Puerto Rican bank after Venezuela-linked crackdown
▼ + stars: | 2023-08-23 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

The Federal Reserve Bank of New York building is seen in the Manhattan borough of New York, U.S., December 16, 2017. BSJI said it had improved compliance during a previous 22-month suspension of its master account between 2019 and 2020. In court papers on Wednesday, the New York Fed said BSJI processed transactions that had "multiple red flags for money laundering or other illicit activity." The New York Fed also said BSJI could still seek to access the U.S. financial system through a third-party correspondent bank. In 2019, the New York Fed said it would stop approving master accounts for some Puerto Rican banks because of U.S. sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro, Reuters reported at the time.

Persons: Eduardo Munoz, BSJI, Marcelino Bellosta, Nicolas Maduro, Luc Cohen, Jonathan Oatis Organizations: Federal Reserve Bank of New, REUTERS, Banco San Juan Internacional, New York Fed, Venezuela's, Reuters, Thomson Locations: Federal Reserve Bank of New York, Manhattan, New York, U.S, Puerto Rican, Venezuela, Curacao, Venezuelan, United States, Europe

☆ Credit card spending growth is slowing — it’s 'inevitable,' expert says
▼ + stars: | 2023-08-23 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

In the last year, credit card debt spiked to a record high, while the personal savings rate fell. But revolving debt, which mostly includes credit card balances, contracted in June, according to the Fed's G.19 consumer credit report released earlier this month. After a strong start to the year, credit and debit card spending started to slow in the spring, Bank of America's most recent consumer checkpoint found. Already, the average credit card rate is more than 20%, an all-time high. 'A consumer spending slowdown is inevitable'

Persons: Jack Kleinhenz, Kleinhenz, Matt Shay, Shay Organizations: National Retail Federation, Federal Reserve Bank of New, Bank of, Amazon Locations: Federal Reserve Bank of New York

☆ NY Fed finds record wage expectations in July consumer survey
▼ + stars: | 2023-08-21 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

People walk by the Federal Reserve Bank of New York in the financial district of New York City, U.S., June 14, 2023. Meanwhile, respondents to the bank’s Survey of Consumer Expectations said that the lowest wage they’d accept to take a job also jumped, hitting a record $78,645, from $72,873 a year ago. The survey said that survey respondents said that in July the average wage offered for a full-time job was $69,475 versus $60,764 in July 2022. The jump in compensation, actual and expected, came even as poll respondents saw some softening around the edges of the job market. The New York Fed reports on labor market expectations quarterly as part of a data series best known for tracking the expected path of inflation and household financial situations.

Persons: Shannon Stapleton, they’re, there’s, they’d, “, Michael S, Chizu Organizations: Federal Reserve Bank of New, REUTERS, bank’s Survey, Consumer Expectations, New York Fed, Cleveland Fed, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, Jackson Hole , Wyoming

☆ Job seekers want record-high wages — and men expect $25,000 more than women do
▼ + stars: | 2023-08-21 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

The higher wage expectations are a reflection of this current moment in the economy and the labor market, said Julia Pollak, chief economist for online job marketplace ZipRecruiter. “It largely explains what we’ve been seeing during this summer of strikes and unions pushing for higher wages; and, of course, wages follow inflation, and part of the reason that workers are expecting higher wages is because prices have risen 17.5% since the pandemic,” she said. Men and college grads demand moreWhile reservation wages rose for workers across the board, some groups’ demands are significantly higher than others: For college graduates and men, the wage floors were $98,644 and $91,048, respectively. Women’s reservation wages set a record as well, but at $66,068 — $12,500 below the average and nearly $25,000 below men’s expectations. “Especially in male-dominated industries, women may just not know what the going rate is and underestimate,” Pollak said.

Persons: they’d, —, Julia Pollak, they’ve, ” Pollak, they’ll, that’s, Nina Roussille, who’s Organizations: Minneapolis CNN, Federal Reserve Bank of New, Massachusetts Institute of Technology Locations: Minneapolis, Federal Reserve Bank of New York, York, Hired.com

☆ Most companies have not adapted in order for flexible work to succeed, says Harvard's Tsedal Neeley
▼ + stars: | 2023-08-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMost companies have not adapted in order for flexible work to succeed, says Harvard's Tsedal NeeleyTsedal Neeley, Harvard Business School professor, and Alan Guarino, Korn Ferry vice chairman, join 'Squawk Box' to discuss the state of remote work, after a new survey by the Federal Reserve Bank of New York showed that business leaders predominantly perceive remote work as having negative effects on workplace culture, communication, and training, how workers are adapting to the new hybrid work policies, and more.

Persons: Harvard's, Neeley, Alan Guarino, Korn Organizations: Harvard Business School, Korn Ferry, Federal Reserve Bank of New Locations: Federal Reserve Bank of New York

☆ 'Ho hum holiday' expected as shoppers deal with economic cross currents
▼ + stars: | 2023-08-16 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +5 min

Even though it’s still August, eyes are already on how the upcoming holiday shopping season will pan out. Coresight expects the 2023 year-end holiday sales for October through December to be up by just low single digits from a year ago. Harmon said this year’s forecast rests on the shoulders of “a couple of good years of strong holiday sales growth, making comparisons more difficult, and takes into account holiday spending is occurring sooner.”“The patterns of holiday spending have changed. The same pattern was repeated last year, effectively elongating the holiday sales season. At the same time, Harmon said US retail sales are slowing.

Persons: it’s, ”, John Harmon, Coresight, Harmon, Marshal Cohen, Cohen, ” Cohen Organizations: New, New York CNN, Coresight Research, National Retail Federation, Amazon, Walmart, Home, CNN, Federal Reserve Bank of New, P Global Market Intelligence Locations: New York, Santa, Federal Reserve Bank of New York

CNN —Earnings season continues this week with Target, Walmart, TJ Maxx parent company TJX and other high-profile retailers set to release their quarterly results. That shift showed up in earnings results for retailers including Home Depot and Target earlier this year. US retail spending, which is adjusted for seasonality but not inflation, inched up in June but fell below economists’ expectations. Americans feel hopeful inflation is coolingAmericans are feeling more optimistic that inflation is trending down now and into the future. Consumer spending expectations ticked up from the month before but remain below levels seen during the past year, according to the report.

Persons: TJ Maxx, hasn’t, Christina Hennington, Doug McMillon, they’re, Matt Egan Organizations: CNN Business, Bell, CNN, Target, Walmart, TJ, Shoppers, Home Depot, Refinitiv, “, University of Michigan’s, Consumer, Federal Reserve Bank of New, Federal Reserve, AAA, Labor Locations: Federal Reserve Bank of New York, Russia, Saudi Arabia

[1/4] Taliban soldiers stand guard at the second-anniversary ceremony of the takeover of Kabul by the Taliban in Kabul, Afghanistan, August 15, 2023. Taliban parades were expected through the day and several departments, including the education ministry, held gatherings to celebrate. For many women, who enjoyed extensive rights and freedoms during the two decades of rule by Western-backed governments, their plight has become dire since the return of the Taliban. OBSTACLE TO RECOGNITIONGirls over the age of 12 have been mostly excluded from classes since the Taliban returned to power. For many Western governments, the ban is a major obstacle to any hope of formal recognition of the Taliban administration.

Persons: Ali Khara, Ashraf Ghani, Zabihullah Mujahid, Mujahid, It's, Amina Mohammed, Matiullah, Mohammad Yunus Yawar, Charlotte, Robert Birsel Organizations: REUTERS, Taliban, Islamic, U.S . Federal Reserve Bank of New, Swiss, Thomson Locations: Kabul, Afghanistan, Ali Khara KABUL, U.S, Western, U.S . Federal Reserve Bank of New York, Charlotte Greenfield, Islamabad

☆ Bond traders prepare to brave 'painful' yield curve bets as rate hikes slow
▼ + stars: | 2023-08-09 | by ( Harry Robertson | ) www.reuters.com time to read: +5 min

Those moves have put the focus back on "steepening trades" - bets that shorter-dated yields will fall relative to longer-dated yields. "Everyone is now re-looking at these curve trades," said Olivier De Larouziere, chief investment officer for global fixed income at BNP Paribas Asset Management. "I would expect that in the next quarter, more people will start positioning for a steepening of the yield curve." That's led to a rare situation where the bond yield curve is "inverted". TIMING IS EVERYTHINGThe market moves over the last week highlight the risk of curve trades.

Persons: Lucas Jackson, Olivier De Larouziere, Fabio Bassi, That's, Alexandre Caminade, Anne Beaudu, Larouziere, JPMorgan's Bassi, Franck Dixmier, John Williams, Ostrum's Caminade, Harry Robertson, Sharon Singleton Organizations: Federal Reserve Bank of New, REUTERS, Bond, U.S, BNP, Management, U.S . Federal Reserve, European Central Bank, JPMorgan, Treasury, Ostrum, ECB, Allianz Global Investors, Reuters Graphics, New York Fed, New York Times, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, Europe, New

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

☆ 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

☆ 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

☆ 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

☆ 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

☆ Warburg Pincus names Asia real estate chief Perlman as president
▼ + stars: | 2023-07-19 | by ( Kane Wu | ) www.reuters.com time to read: +2 min

July 20 (Reuters) - Private equity firm Warburg Pincus on Wednesday named its Asia head of real estate Jeffrey Perlman as successor to Timothy Geithner as president. Geithner, who was U.S. Treasury Secretary in the Obama administration and had headed the Federal Reserve Bank of New York, will become the chair of the New York-based investment firm. "Now is the ideal time to put in place a plan for the next generation of leadership at the firm," Warburg CEO Chip Kaye said. Warburg Pincus has already raised more than the targeted $16 billion in its global flagship private equity fund, said a person with knowledge of the matter. Founded in 1996, Warburg has more than $83 billion in assets under management and its portfolio spans more than 250 companies.

Persons: Warburg Pincus, Jeffrey Perlman, Timothy Geithner, Geithner, Obama, Warburg, Chip Kaye, Kaye, Perlman, Pritam Biswas, Niket, Kane Wu, Arun Koyyur Organizations: Wednesday, Treasury, Federal Reserve Bank of New, Reuters, Ou Asset Management Co, HK, Industrial Development JSC, Thomson Locations: Asia, Federal Reserve Bank of New York, York, China, Ou, Southeast Asia, Pacific, Bengaluru, Hong Kong, Lincoln

☆ U.S. sanctions 14 Iraqi banks in crackdown on Iran dollar trade- WSJ
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON/BAGHDAD July 19 (Reuters) - The United States has barred 14 Iraqi banks from conducting dollar transactions, the Wall Street Journal reported on Wednesday, citing U.S. officials. The United States uncovered information that the Iraqi banks engaged in money laundering and fraudulent transactions, some of which may have involved sanctioned individuals and raised concerns that Iran could benefit, the newspaper said. The Iraqi government, the U.S. Treasury Department and the New York Fed did not immediately respond to requests for comment. Iran has been unable to access billions of dollars in assets in several countries due to U.S. sanctions. The United States has insisted that oil-rich Iraq, the OPEC group's second-largest producer, moves towards self-sufficiency.

Persons: Washington, Kanishka Singh, Daphne Psaledakis, Timour, Michael S, Doina Organizations: United, Wall Street, U.S, Treasury Department, Federal Reserve Bank of New, U.S . Treasury Department, New York Fed, OPEC, Derby, Thomson Locations: WASHINGTON, BAGHDAD, United States, Federal Reserve Bank of New York, Iran, U.S, Iraq, Washington, Timour Azhari, Baghdad, New York, Bengaluru

☆ Morning Bid: Bland China data leaves market hungry for stimulus
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

The Q2 GDP number of +0.8% q/q just pipped forecasts, but y/y undershot at 6.3% suggesting revisions somewhere to the past. The market reaction was disgruntled with Chinese shares down and the yuan easing. The data underlined the need for much more serious fiscal spending but Beijing seems in no hurry to satiate market wishes this time. The central bank left one-year rates unchanged on Monday, and analysts seem resigned to wait for a Politburo meeting later this month for fresh steps. Goldman Sachs says passive funds that track NDX will rebalance their portfolios but the 2011 special rebalance experience suggests the stock-level impact will be limited.

Persons: Wayne Cole, BofA, Goldman Sachs, Fabio Panetta, Christine Lagarde, Frank Elderson, Philip R, Jacqueline Wong Organizations: Investors, Aussie, Tesla, Nasdaq, Microsoft, Finance Ministers, Central Bank Governors, ECB, Federal Reserve Bank of New, Manufacturing Survey, Thomson Locations: Wayne, China, Beijing, 4ppt, Gandhinagar, India, Federal Reserve Bank of New York

☆ The American banking landscape is on the cusp of a seismic shift. Expect more pain to come
▼ + stars: | 2023-07-10 | by ( Hugh Son | ) www.cnbc.com time to read: +10 min

But even as the dust settles from a string of government seizures of failed midsized banks, the forces that sparked the regional banking crisis in March are still at play. What is coming will likely be the most significant shift in the American banking landscape since the 2008 financial crisis. JPMorgan shares are up 7.6% this year, while the KBW Regional Banking Index is down more than 20%. Some of those pressures will be visible as regional banks disclose second-quarter results this month. "The fundamental issue with the regional banking system is the underlying business model is under stress," said incoming Lazard CEO Peter Orszag.

Persons: Jamie Dimon, Brian Graham, Banks, KeyCorp, Matt O'Connor, Peter Orszag, SVB, Chris Wolfe, Wolfe, you've, You've, Goldman Sachs, Lazard's Orszag, Orszag, Janet Yellen, Sen, Elizabeth Warren, Klaros, Graham Organizations: First, JPMorgan, Silicon Valley Bank, CNBC, Klaros, Deutsche Bank, Federal Reserve Bank of New, Justice Department Locations: First Republic, Silicon Valley, SVB, KBW, Federal Reserve Bank of New York, Republic

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