In July, the Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, and U.S. Federal Reserve proposed a regulation to require banks with $100 billion or more in assets—so-called “megabanks”—to set aside more capital as reserves against loan losses and to ensure general operational stability.
In the quarter ending 31 August, FedEx took in $21.7 billion in revenue, 6 percent less than a year earlier. Even so, it reported a profit of $1.08 billion, compared to $875 million in the same quarter in 2022.
Sales of existing homes slipped 0.7 percent in August from July and fell 15.3 percent from August 2022, setting their slowest pace since January, the National Association of Realtors (NAR) reported.
Through August, 450 U.S. corporations have claimed bankruptcy, more than the total in either 2021 or 2022, according to a report by Guggenheim Investments.
Aside from the early days of the Great Recession, credit card issuers are seeing their losses mount at the fastest rate since the mid-1990s, CNBC reported.
Last week, the dollar rose to six-month highs against the euro, pound, and yen after U.S. Federal Reserve officials said the bank expects to keep interest rates higher longer than they had earlier predicted.
The U.S. Federal Reserve’s Open Market Committee did not raise rates when it met last week, leaving them at 5.25 percent for deposits and 5.5 percent for loans, both at a 22-year high.
Back in November of 2022, The Trends Journal had forecast a stock market spike in 2023. We noted that over the past 40 U.S. midterm elections, the S&P 500 rose 16.3 percent in the next 12 months and considering the economic data, the trend would continue.