Fed’s Bullard says 2023 on track to be a ‘disinflationary year’
High U.S. inflation is likely to recede in 2023 thanks to aggressive Federal Reserve efforts to raise interest rates and cool off the economy, a senior central bank official said. James Bullard, president of the St. Louis Federal Reserve, said higher rates should help curb inflation by slowing the economy and reducing the demand for […]
Can you trust mobile banking apps? How to stay as safe as possible when banking on your phone.
This article is reprinted by permission from NerdWallet. Americans embraced mobile banking as their main account access more than any other method from 2017 to 2021, according to the Federal Deposit Insurance Corp.’s 2021 report on unbanked and underbanked households. Even so, a new NerdWallet survey found that many people are hesitant to use mobile banking because […]
Credit Acceptance shares tumble 12% after regulators sue, claim illegal subprime auto lending practices
Shares of subprime auto giant Credit Acceptance Corp CACC, -11.61% tumbled about 12% on Wednesday after New York Attorney General Letitia James and a key U.S. consumer watchdog sued the lender, saying it has been illegally tricking low-income borrowers into high-cost car loans that lead to a debt spiral. The lawsuit aims to force Credit […]
Fed’s Kashkari backs interest rate hikes ‘at least the next few meetings’
The Federal Reserve should keep raising its policy interest rate until it is confident inflation has peaked and that means interest rate hikes “at least at the next few meetings,” said Minneapolis Fed President Neel Kashkari on Wednesday. In an essay published on his regional bank’s website, Kashkari said that he has projected that the […]