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HSBC Holdings PLC has suspended its foreclosure proceedings in the U.S. after a regulatory letter noted “certain deficiencies” in its processes.
The London-based bank became the latest to disclose that investigations by the Federal Reserve and the Office of the Comptroller of the Currency into foreclosure practices will likely result in fines and costly changes to the way it runs its mortgage business. Get the full story »
The U.S. economy still needs the Federal Reserve’s super-easy monetary policy, a top official said on Thursday, but the recovery may be strong enough June that the central bank will not need to extend its current $600 billion bond-buying program. Get the full story »
CME Group Inc. said Thursday that it would launch federal-funds futures contracts extending three years in a move expanding investor options for assessing longer-term Federal Reserve interest rate policy.
The world’s largest futures exchange by trading volume said it would add the third-year contracts to its existing slate, with a planned Feb. 27 launch of monthly fed-funds futures for February 2013 through January 2014. Get the full story »
Concerns that the Federal Reserve could suffer losses on its massive bond holdings may have driven the central bank to adopt a little-noticed accounting change with huge implications: it makes insolvency much less likely.
The significant shift was tucked quietly into the Fed’s weekly report on its balance sheet and phrased in such technical terms that it was not even reported by financial media when originally announced on Jan. 6. Get the full story »
Federal Reserve officials worried in 2005 about the risks a housing bubble could pose to the U.S. economy but ended the year hopeful a steady round of interest-rate increases would keep the problem in check, transcripts released Friday showed.
The documents suggest the Fed, in hindsight, may have been too complacent about an overheated housing market that helped spark the worst U.S. financial crisis and deepest recession since the 1930s. Get the full story »
The U.S. economy should grow around 3 percent to 4 percent this year, a healthier clip than in 2010 but not enough to bring down unemployment as much as policymakers would like, Federal Reserve Chairman Ben Bernanke said Thursday.
“We see the economy strengthening. It has looked better in the last few months. We think a 3 to 4 percent-type of growth number for 2011 seems reasonable,” Bernanke said at an event sponsored by the Federal Deposit Insurance Corp. Get the full story »
Economic growth continued to expand moderately the last few weeks, the Federal Reserve said Wednesday.
In its latest snapshot of regional economic conditions, the Fed reported that manufacturing, retail and non-financial services sectors were strong in most regions. Get the full story »
The Federal Reserve is turning over a record $78.4 billion to the U.S. Treasury Department after its swollen securities portfolios generated big profits in 2010, the central bank said on Monday. Get the full story »
The sluggish U.S. economy shows signs of gaining strength but still needs a lot of help from the Federal Reserve to get back on track, a top Fed policy maker said on Friday. Get the full story »
Americans kept their credit cards at bay in November, subdued by high joblessness and fallen home values.
The 27th straight drop in revolving credit restrained overall consumer borrowing, according to the Federal Reserve’s monthly consumer credit data. Get the full story »
U.S. economic recovery may have started to gain traction and market expectations for stronger recovery have bid up interest rates, Federal Reserve Gov. Elizabeth Duke said Friday.
Duke, in prepared remarks to the Maryland Bankers Association, said she believes expectations will remain subdued despite signs economic recovery is gaining momentum. Get the full story »
The Federal Reserve is scheduled on Tuesday to buy Treasurys targeting maturities between June 30, 2013, and Nov. 30, 2014. Get the full story »
President Barack Obama will renominate Nobel-prize winning economist Peter Diamond to the Federal Reserve Board next year when the new Senate convenes, a White House official said Thursday.
The Senate scuttled Diamond’s nomination Wednesday by failing to vote on it before adjourning its lame duck session for the year. Get the full story »
The nomination of Nobel prize-winning economist Peter Diamond to the Federal Reserve’s Board was scuttled on Wednesday when the Senate failed to vote on it before adjourning for the year. Get the full story »
