Tag Archives: Federal Reserve

Financial Daily Dose 10.8.2020 | Top Story: Feds fine Citi $400M over “Longstanding” Governance Failures

BY: Michael D. Reif | October 8, 2020

Federal regulators—including the Federal Reserve and the OCC—have fined Citigroup $400 million over “longstanding” failures in the areas of risk management, data governance, and internal controls. In addition to the fine, the OCC will require Citi to seek its approval before making even minor acquisitions of credit-card portfolios or non-bank companies  – Law360 and WSJ … Continue reading

Financial Daily Dose 9.1.2020 | Top Story: Walmart to Roll Out Shipping Membership to Challenge Amazon’s Prime Dominance

BY: Michael D. Reif | September 1, 2020

Walmart is again preparing to roll out its answer to Amazon Prime: Walmart+, a sub-$100/year membership service that features gas discounts and some free shipping (at qualifying thresholds) – NYTimes and WSJ and Bloomberg Even with the Dow and S&P 500 slipping a bit on Monday, the three major U.S. indices wrapped August with 7+% … Continue reading

Financial Daily Dose 8.28.2020 | Top Story: In Major Policy Shift, Fed Embraces Inflation to Keep Rates Low

BY: Michael D. Reif | August 28, 2020

In hotly anticipated comments on Thursday—and yes, such a designation applies to a speech on monetary policy—Federal Reserve Chair Jay Powell “announced a major shift in how the central bank guides the economy, signaling it will make job growth pre-eminent and will not raise interest rates to guard against coming inflation just because the unemployment … Continue reading

Financial Daily Dose 8.25.2020 | Top Story: U.S. and China Resume Trade Talks Over Phase One Status

BY: Michael D. Reif | August 25, 2020

Despite an earlier White House promise to postpone, American and Chinese trade negotiators met via videoconference on Monday to discuss “the status of the trade deal both nations signed in January, a pact that continues to open up some commerce between the world’s largest economies even as the bilateral relationship deteriorates in other areas” – … Continue reading

Financial Daily Dose 7.29.2020 | Top Story: Tech Titans to Testify About Antitrust Concerns Today

BY: Michael D. Reif | July 29, 2020

Much more on what to expect from Big Tech’s “Big Tobacco Moment” on the Hill today, at which Google, Amazon, Facebook, and Apple’s CEOs will endeavor to make the case that their massive companies don’t “stifle[] rivals and harm[] consumers” – NYTimes and WSJ and Bloomberg and MarketWatch An extra challenge for Apple’s Tim Cook, … Continue reading

Financial Daily Dose 6.26.2020 | Top Story: Federal Reserve Limits Bank Payouts and Suspends Share Buybacks

BY: Juvian Hernandez | June 26, 2020

The Federal Reserve has “temporarily restricted shareholder payouts by the biggest banks,” preventing stock buybacks and barring increases in dividend payments in the third quarter. NYTimes and Bloomberg Market Snapshot: S&P 500 fell 1.7% to 3,030.13; Dow Jones Industrial Average decreased 2.1% to 25,199.81; Nasdaq Composite Index declines 1.6% to 9,851.85; Bloomberg Dollar Spot Index climbed 0.4% to … Continue reading

Financial Daily Dose 5.22.2020 | Top Story: U.S. Sees 2.4 Million More Unemployment Claims and Concerns Over Undercounting

BY: Michael D. Reif | May 22, 2020

This week’s latest initial unemployment filings numbered 2.4 million, a “slight drop-off in the wave of historically high weekly filings” since the pandemic hit the U.S. economy. Don’t get too excited, though. Continuing benefit payouts are in the 25 million range as states struggle to keep up with the surge in claims since early March … Continue reading

Financial Daily Dose 5.19.2020 | Top Story: US Markets Surge on Hopes for Covid-19 Vaccine

BY: Michael D. Reif | May 19, 2020

Optimism over promising results for a coronavirus vaccine from Moderna helped drive stocks up on Monday after a rough go of it last week – WSJ and NYTimes and Bloomberg and MarketWatch Inside sources suggest that the DOJ is preparing to file “antitrust charges against Google as early as this summer . . . in … Continue reading

Financial Daily Dose 5.12.2020 | Top Story: Fed Launches ETF Buying in Effort to Aid Credit Markets

BY: Michael D. Reif | May 12, 2020

For the first time, the Federal Reserve system will begin buying corporate bonds—all part of the central bank’s efforts to “support the economy and financial system in the coronavirus crisis.” The NY Fed will kick things off with hundreds of billions in ETFs, which it views as “a fast way to direct money rapidly into … Continue reading

Financial Daily Dose 4.30.2020 | Top Story: Fed Holds Rates Near Zero, Pledges to Use All of its Tools to Protect US Economy

BY: Michael D. Reif | April 30, 2020

The Fed closed out its April Open Markets Committee by holding rates steady at nearly zero but also pledging to “use its ‘full range of tools’ to insulate the economy as coronavirus lockdowns sap economic growth and throw millions out of work.” That strong reassurance helped drive markets up even as the US revealed on … Continue reading