Powell: Elevated Inflation Will Likely Delay Rate Cuts
“If higher inflation does persist,” he said, “we can maintain the current level of [interest rates] for as long as needed.”
“If higher inflation does persist,” he said, “we can maintain the current level of [interest rates] for as long as needed.”
In its first earnings call after a major credit ratings agency downgraded its out look for the lender, M&T Bank announced progress in reducing its book of commercial real estate loans.
Federal Reserve Vice Chair Philip Jefferson suggested Tuesday that the central bank’s key rate may have to remain at its peak for a while to bring down persistently elevated inflation.
JPMorgan Chase continued to warn investors Friday that it expects a “uncertain” year for markets and the global economy, citing stubbornly high inflation and ongoing geopolitical tensions.
For the ninth year in a row, The Commercial Record is recognizing the top loan originators throughout Connecticut. Ranked by dollar volume and number of loans completed, and representing banks, credit unions and mortgage companies, these originators are at the top of their game.
Consumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it weighs when and by how much to cut interest rates this year.
The Fed typically cuts only when the economy appears to be weakening and needs help. But with economic data looking strong – the commercial real estate sector aside – will its policymakers see a need to even cut at all?
With some investors and economists questioning whether the Federal Reserve can make good on interest rate cuts this year, the JPMorgan Chase CEO warned of the possibility of rates rising to 8 percent or higher.
America’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates.
Federal Reserve officials will likely reduce their benchmark interest rate later this year, Chair Jerome Powell said Wednesday, despite recent reports showing that the U.S. economy is still strong and that U.S. inflation picked up in January and February.
Thomaston Savings Bank promoted three new executives, including a new executive vice president, on Friday.
Federal Reserve Chair Jerome Powell on Friday reiterated a message he has sounded in recent weeks: While the Fed expects to cut interest rates this year, it won’t be ready to do so until it sees “more good inflation readings’’ and is more confident that annual price increases are falling toward its 2 percent target.
Cooke led Chase through a huge expansion in its New England branch footprint as it sought to convert many credit card customers to deposit and loan clients.
2023 was a tough year for many kinds of real estate lending last year, but banks, credit unions and mortgage companies active in Connecticut put in a strong showing, with some even managing to increase their loan totals year-over-year.
Stamford-based Webster Bank announced this week that longtime chief financial officer Glenn MacInnes is planning to retire.
In new quarterly projections they issued, Fed officials forecast that stronger growth and stubborn inflation would persist, meaning the central bank’s benchmark interest rate will stay higher for longer.
Liberty Community Services of New Haven has been awarded a two-year, $120,000 grant from KeyBank, through its foundation, that will pay for new vehicles so the nonprofit can reach the 2,400 people it serves every year.
Two weeks ago, Chair Jerome Powell suggested that the Federal Reserve was “not far” from gaining the confidence it needed that inflation was headed sustainably down. It was a tantalizing suggestion.
Guilford Savings Bank announced its annual charitable contributions last year totaled over $300,000.
Across the United States, many people are eagerly anticipating the Federal Reserve’s first cut to its benchmark interest rate this year: Prospective home buyers hope for lower mortgage rates. Housing developers looking to get shovels in the ground.