U.S. Budget Gap Jumps to $660B in March
Spending on coronavirus relief has "sent the federal debt soaring to levels not seen since the end of World War II as a proportion of the economy."
Fed Holds Line on Rates Despite Rising Prices
The central bank expects to maintain ultralow rates until “inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time.”
Bank Profits Rise 9% to $59.9B in 4th Quarter
“Banks remained resilient in fourth quarter 2020, consistent with the improving economic outlook,” the FDIC says.
Low Rates, Fewer Loans Cut BofA’s 4Q Profits
Bank of America's results were helped by an $828 million release from its reserves for expected loan losses.
Wells Fargo Shares Dip 7% on Q4 Revenue Miss
"Our results continued to be impacted by the unprecedented operating environment and the required work to put our substantial legacy issues behind us."
FTC Says Fintech Startup Beam Misled Consumers
Beam allegedly made false promises to users of its app that it would provide them with 24/7 access to their funds and substantial interest rates.
Inflation Flat in October as Coronavirus Surges
“With the explosion in virus numbers putting downward pressure on demand in the short-term, we expect inflation to remain subdued for a while yet."
Bank of England Boosts Bond-Buying Program
The bank will purchase another 150 billion pounds in bonds to shore up the U.K. economy as the country enters a second lockdown.
Nebraska Voters OK 36% Cap on Payday Loan Interest
“This is a huge victory for Nebraska consumers and the fight for achieving economic and racial justice."
HSBC Beats Estimates, May Resume Dividend
“These were promising results against a backdrop of the continuing impacts of COVID-19 on the global economy."
No Interest Rate Increases for Three Years: Fed
The Fed's Open Market Committee said that the ongoing public health crisis would continue to weigh on economic activity, employment, and inflation.