Federal Reserve chief Janet Yellen told an audience in London that another financial crisis "in our lifetime" is unlikely and that banks are much stronger than before. Yellen also rejected calls to significantly ease financial regulations.
European Central Bank President Mario Draghi hinted that the ECB is getting closer to slowing, stopping or even scaling back its stimulus efforts. As Europe's economic prospects improve, the ECB will gain flexibility to adjust its interest-rate policies and bond-buying scheme, he said.
The diversification and resilience of the UK's financial system could be compromised if Britain's withdrawal from the EU results in a fragmentation of cross-border financial services, the Bank of England said in its Financial Stability Report. Governor Mark Carney said the central bank will oversee "contingency planning to mitigate risks to financial stability" as Brexit talks move forward.
The ATM revolutionized banking and consumer behavior, showing the value of adding features slowly enough that customers do not lose familiarity while focusing on features that improve the consumer's experience, not just the company's, write Thomas Stewart and Patricia O'Connell.
The International Monetary Fund has reduced its US growth forecasts to 2.1% in 2017 and 2018 because of concerns over the effects of federal policies. In particular, the Trump administration's budget proposal would put a "disproportionate share of the adjustment burden on low and middle-income households," constricting growth, the IMF said.
A study from the Center for Financial Services Innovation found that almost half of Americans and 54% of 18- to 25-year-olds say their expenses are as much as or more than the income they're bringing in. Twenty-five percent of Americans say they have too much debt, with 96% of those saying they are experiencing stress.
The first automated teller machine started operating at a Barclays Bank outside of London on June 27, 1967. The innovative technology brought together advancements in photography, security, vacuum-based mechanics, magnetic coding, printing and industrial design, and it changed the banking industry forever by lowering the costs of opening new locations.
German Chancellor Angela Merkel praised a proposal by US Commerce Secretary Wilbur Ross to restart negotiations on a free trade agreement between the US and the EU. Obstacles to US-EU trade "can only be dealt with in structured trade negotiations with each other", Merkel told an economic symposium in Berlin.
Securities and Exchange Commission Chairman Jay Clayton and Labor Secretary R. Alexander Acosta told lawmakers that they will cooperate on drafting a fiduciary rule for investment advice. Clayton said he wants to regulate investment advice in "a way that is coordinated so that our Main Street investors have access to investment advice and access to investment products."
Legislation in both chambers of Congress would give a phased-in increase to the $3.35 billion budget of the Federal Aviation Administration's Airport Improvement Program. However, about $100 billion during the next five years is necessary for all infrastructure enhancements that airports need, according to Airports Council International -- North America.
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