Post-Election Uncertainty Grows for the Fed
Between mixed economic signals and president-elect Donald Trump’s statements that he wants greater control over interest rate policy, it’s up in the air what happens next.
Between mixed economic signals and president-elect Donald Trump’s statements that he wants greater control over interest rate policy, it’s up in the air what happens next.
The president-elect outlined a wide-ranging agenda on the campaign trail that blends traditional conservative approaches to taxes, regulation and cultural issues with a more populist bent on trade.
KeyBank recently announced a $300,000 donation to a New Haven nonprofit that tries to combat food insecurity among the sick and elderly.
No one knows how Tuesday’s presidential election will turn out, but the Federal Reserve’s move two days later is much easier to predict: With inflation continuing to cool, the Fed is set to cut interest rates for a second time this year.
The average rate on a 30-year mortgage in the U.S. rose for the fifth straight week, returning to its highest level since early August.
Small business banking customers are increasingly satisfied with the service they are receiving from banks and are confident that banks can meet their future needs.
NBT Bank made both deposit and income gains in the third quarter of 2024, partially a result of the acquisition of Western Massachusetts’ Salisbury Bank.
The new owners of the bank fraud prevention fintech whose data breach put personal information about nearly 160,000 local Webster Bank customers online will pay a $500,000 fine, the Connecticut attorney general’s office announced.
While interest rate shifts saw income decrease, the Federal Home Loan Bank of Boston saw its assets increase in the third quarter of 2024.
The third quarter of 2024 was a successful one for Berkshire Bank as its net income increased $18 million year-over-year.
Cathy Velez, currently managing director of retail banking and deposit operations, will also be the bank’s new market president for the bank in Connecticut.
Mortgage rates have been climbing in recent weeks following a spate of encouraging reports on the U.S. economy, including a hotter-than-expected September jobs report and a snapshot of consumer prices.
While bank and credit union merger and acquisition activity has been on the decline, interest rate cuts and pent-up demand could see a surge of activity in the latter half of 2024 and into 2025.
The Small Business Administration has run out of money for the disaster assistance loans it offers small businesses, homeowners and renters, delaying much needed relief for people applying for aid in the wake of the destruction caused by Hurricanes Helene and Milton.
The tough suburban office market has caught up with at least one Connecticut Bank.
Jewett City Savings Bank President and CEO Michael Alberts was been elected to the Connecticut Bankers Association board of directors at the CBA’s annual meeting on Sept. 21.
Non-bank mortgage lender LoanSnap has lost its license to operate in Connecticut under a consent order from the state Department of Banking.
Local home flippers are out-earning their peers in other parts of the country, but their raw profits represent a much smaller share of their projects’ final sale prices.
The commercial and industrial market has seen a relative lack of demand but with interest rate cuts, CT bankers say more activity could be on the horizon.
Federal Reserve Chair Jerome Powell signaled Monday that more interest rate cuts are in the pipeline but suggested they would occur at a measured pace intended to support a still-healthy economy.