The Bureau of Labor Statistics is changing the "lockup" procedure for economic data to keep the information secure from algorithmic traders before public release, including removing computers, which can provide machine-readable news, from the Washington newsroom March 1. Commissioner William Beach says the change follows a 2014 recommendation from the Labor Department inspector general.
Financial markets could receive a shock if investors, companies and regulators continue to operate in "the context of a relatively stable climate," according to a report from McKinsey.
US consumer spending continued to increase through the end of the holiday shopping season. Retail sales, including transactions in stores, online and in restaurants, rose a seasonally adjusted 0.3% in December compared with November, according to the Commerce Department.
President Donald Trump will nominate St. Louis Fed official Christopher Waller and Judy Shelton, a gold standard proponent and former Trump presidential campaign advisor, to the Federal Reserve board.
The top six U.S. banks, some of which posted record profits earlier this week, have so far enjoyed a $32 billion boost from the tax cuts signed into law by President Donald Trump in late 2017. The banks, which include JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc. and Morgan Stanley, paid an average effective tax rate of 18% in 2019.
Record-breaking earnings among some of the largest US banks are shining a skeptical spotlight on claims by industry leaders like Jamie Dimon that financial regulations are too onerous, writes Tom Braithwaite.
The Treasury Department will start selling a 20-year bond during the first half of this year. The product is being introduced to help with the budget deficit, which is expected to exceed $1 trillion this fiscal year and might continue at that level during the next 10 years.
The Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency are encouraging banks to be vigilant with their cybersecurity controls, saying there is heightened risk of an attack. The warning does not list any specific threat but other federal agencies have warned Iran might target US financial institutions amid tensions between the countries.
Passion is a "hedonistic approach to life" that's fine for what it is, but finding purpose is how people enjoy long-lasting fulfillment in their work and life, argues LaRae Quy. "When we pay attention to the things/values we care about, we often find that purpose can be found in more than one place," she writes.
In its fourth-quarter earnings report, Bank of America reported strong growth in peer-to-peer payments, digital sales and AI users. Zelle was up 76% year-over-year, the Erica AI platform grew by 1 million users during the quarter, 45% of mortgage and 61% of auto applications were done digitally, and 29% of all consumer sales were digital.
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