Banking and Lending
Powell at Jackson Hole: ‘The Time Has Come’ for Rate Cuts
By Christopher Rugaber | The Associated Press | August 23, 2024 | Reprints | Unlock LinkWith inflation nearly defeated and the job market cooling, the Federal Reserve is prepared to start cutting its key interest rate from its current 23-year high, Chair Jerome Powell said Friday.
Fed Minutes: Most Officials Favored September Cut
By Christopher Rugaber | The Associated Press | August 22, 2024 | Reprints | Unlock LinkThe minutes of the Fed’s July 30-31 meeting, released Wednesday, said the “vast majority” of policymakers “observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting.”
U.S. Economy Added 800K Fewer Jobs Than First Reported
By The Associated Press | August 21, 2024 | Reprints | Unlock LinkThe revised jobs report adds to evidence that the job market has been steadily slowing and likely reinforces the Federal Reserve’s plan to start cutting interest rates soon.
Mass. Credit Union Plans CT Expansion
By James Sanna | August 20, 2024 | Reprints | Unlock LinkMake that two financial institutions based in Holyoke, Massachusetts that are making moves in the Hartford area.
Hoping for a Half-Point Cut? Powell’s Friday Speech Might Offer Hints
By Christopher Rugaber | The Associated Press | August 20, 2024 | Reprints | Unlock LinkChair Jerome Powell is slated to speak at the Federal Reserve’s annual, high-profile Jackson Hole conference.
Top Official Says Fed Can’t Risk Being Too Late with Cuts
By Christopher Rugaber | The Associated Press | August 15, 2024 | Reprints | Unlock LinkChicago Fed President Austan Goolsbee said yesterday that the Fed needs to cut its key interest rate before the job market weakens further.
With NIL Deal, PeoplesBank Aims to Boost Its CT Brand
By Sam Minton | August 14, 2024 | Reprints | Unlock LinkPeoplesBank is continuing to invest in growing its Connecticut presence with a new, multifaceted, multiyear partnership with the prominent Storrs Central sports news site for passionate UConn athletics fans.
Mortgage Servicers’ Digital Tools Driving Satisfaction
By Sam Minton | August 13, 2024 | Reprints | Unlock LinkHomeowners are increasingly satisfied with mortgage servicers according to a recent study from J.D. Power, a positive sign as interest rates begin to fall.
Shoppers’ Refusal to Pay Higher Prices May Be Killing Inflation
By Christopher Rugaber | The Associated Press | August 12, 2024 | Reprints | Unlock LinkSome of America’s largest companies, from Amazon to Disney to Yum Brands, say their customers are increasingly seeking cheaper alternative products and services, searching for bargains or just avoiding items they deem too expensive.
Rate Locks Ticking Up As Mortgage Rates Fall
By Sam Minton | August 12, 2024 | Reprints | Unlock LinkAs mortgage rates fall, prospective homebuyers have been locking in rates when looking for a home while current homeowners have been scouting out refinances at the highest rate in nearly two years.
Guilford Savings Hires LOs from Larger Competitors
By James Sanna | August 9, 2024 | Reprints | Unlock LinkGuilford Savings Bank announced it’s hired three loan officers from much larger competitors.
High Rates Spurring Slowdown Fears, But Recession Signals So Far Wrong
By Christopher Rugaber and Paul Wiseman | The Associated Press | August 6, 2024 | Reprints | Unlock LinkThe turmoil shaking global financial markets partly reflects a sudden fear that the Federal Reserve may have held its key interest rate too high for too long, heightening the risk of a U.S. recession.
ICE: Tappable Homeowner Equity at All-Time High
By Erin Delaney | August 5, 2024 | Reprints | Unlock LinkTotal and tappable homeowner equity set new records in June, lowering overall market leverage even though outstanding mortgage debt is at an all-time high, according to a new report
As Potential Rate Cuts Loom, Banks’ Waiting Game Begins
By Sam Minton | August 2, 2024 | Reprints | Unlock LinkAn end to successive quarters of profit margin compression at local banks could be near, thanks to an expected interest rate cut that opens the door to reduced deposit expenses.
Fed Offers No Hints of 2025 Rate Cuts Amid New Recession Anxiety
By Christopher Rugaber | The Associated Press | August 1, 2024 | Reprints | Unlock LinkWith the unemployment rate ticking higher for three months in a row, some economists have raised concerns that the Fed should cut rates more quickly later this year.
First Rate Cut in Four Years on Horizon as Fed Meets
By Christopher Rugaber | The Associated Press | July 31, 2024 | Reprints | Unlock LinkThe first cut to their key interest rate in four years would be a major shift in policy that could eventually lower borrowing costs for U.S. consumers and businesses.
First Citizens Targets CT, Northeast with Middle-Market Group
By Sam Minton | July 30, 2024 | Reprints | Unlock LinkFirst Citizens Bank continues to grow its presence in the Northeast, this time targeting middle-market companies.
The Fed Seems Certain to Cut Rates. But How Fast?
By Christopher Rugaber | The Associated Press | July 29, 2024 | Reprints | Unlock LinkA rate reduction this fall – the first since the pandemic – would amount to a momentous shift and a potential boost to the economy, but in isolation won’t make much of a difference.
Fed’s Preferred Inflation Gauge Cools, Adding to Rate-Cut Likelihood
By Christopher Rugaber | The Associated Press | July 26, 2024 | Reprints | Unlock LinkThe Federal Reserve’s favored inflation measure remained low last month, bolstering evidence that price pressures are steadily cooling and setting the stage for the Fed to begin cutting interest rates this fall.
CT Green Bank Wants Partners to Grow Home Energy Loans
By James Sanna | July 25, 2024 | Reprints | Unlock LinkAt the same time as Connecticut homeowners are turning to the huge stores of equity built up in their houses to fund renovation projects, the quasi-public CT Green Bank is trying to get more lenders to offer its successful loan product aimed at residential energy upgrades.
