Bank of America (BoA) must pay $250 million in fees after it was found to have opened credit card accounts in customers’ names without their permission and for double-charging some fees.
Category: TRENDS ON THE U.S. ECONOMIC FRONT – Jul 18 2023
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BRACE FOR A WAVE OF BANK MERGERS, EXPERTS SAY
High interest rates, tighter regulations, and growing losses on commercial real estate loans will drive an increasing number of small, regional, and mid-size banks to surrender to mergers in coming months, according to a dozen banking industry analysts and executives interviewed by CNBC.
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HOME MORTGAGE RATE TOPS 7 PERCENT
After sliding for the past eight months, U.S. mortgage rates climbed back above 7 percent last week, Bloomberg reported.
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LATE LOAN PAYMENTS ON THE RISE
Many Americans’ credit scores rose as the COVID War set in and people paid down debt when there were fewer options for spending.
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INFLATION RATE FALLS TO 3 PERCENT
The U.S. top-line inflation rate fell to 3 percent in June, down from 4 percent in May, less than a third of its peak of 9.1 percent in June 2022 and close to the U.S. Federal Reserve’s target rate of 2 percent.
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M&A DEALS CRASH IN THIS YEAR’S FIRST SIX MONTHS
From 1 January through June, companies announced $1.3 trillion worth of mergers and acquisitions globally, a value 37 percent below the same period in 2022, data service Refinitiv reported.
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ECONOMIC UPDATE – MARKET OVERVIEW
Equity markets in the U.S. are rising as fear of a recession diminishes and corporate profits continue to increase. But while the expectations for economic growth keep rising, the value of the dollar keeps falling. Sinking to a one-year low on anticipation that the Federal Reserve will, at best (or worst) raise interest rates just another 50 basis points and then start lowering them, last week the dollar had its worst week of the year... and the downward trend line continues.
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DOLLAR’S VALUE SINKS TO 14-MONTH LOW; DEATH OF DOLLAR?
The dollar’s value sank to its lowest in 14 months against other major world currencies on 14 July, according to the U.S. Dollar Index.