Deciding how much and how quickly to raise interest rates is the main challenge facing the Federal Reserve, Chairman Jerome Powell said. He also noted concerns about a slowdown in the global economy.
Senators have advanced the nomination of Michelle Bowman for a seat on the Federal Reserve Board, and she is expected to be confirmed this week. If approved, Bowman will be the third Trump appointee to be confirmed to the board.
Many Americans know when they would like to retire but not how much money they'll need, finds a survey for MassMutual. The average age at which the survey's respondents expect to retire is 62, but only 56% of them have calculated how much income they'll need.
The North Carolina Office of the Commissioner of Banks has approved a charter for American Bank & Trust, the first banking startup in the state since 2008. The bank must raise $20 million before it opens.
The Federal Deposit Insurance Corp. wants input on small-dollar loans for consumers and how banks could help, seemingly reversing course on a 2013 policy that discourages banks from small-dollar lending. Washington policies have forced consumers to use less-regulated lenders, such as pawnshops, and the banking industry is ready to help consumers facing economic hardship, CBA President and CEO Richard Hunt says.
JPMorgan Chase plans to change to credit cards that are tapped at the payment terminal, instead of insertion. The cards might decrease time spent at checkout, because each transaction takes about a second.
A report from the Center for Retirement Research at Boston College found that around half of retirement households are expected to fall short of the goal of replacing three-quarters of preretirement income. The report examined five surveys commonly used to measure retirees' financial resources and found that between 42% and 60% of retirees are not likely to meet this goal.
The US economy likely will continue to grow at an annual rate of slightly above 3%, but a labor shortage could affect that figure, economists said at a briefing by The Conference Board. Employers have had difficulty finding professional workers, and now it is becoming a challenge to recruit blue-collar workers.
Treasury Department data for October, the first month of the new fiscal year, show the US government ran a deficit of $100 billion. Federal spending rose 18% from October 2017.
Twenty-one housing industry groups have joined to press the Senate to confirm President Donald Trump's nominee for the top post at the Consumer Financial Protection Bureau, Kathy Kraninger. It is expected that Kraninger would maintain acting Director Mick Mulvaney's approach, which involves a lighter touch on regulating financial services.