The correspondent system for banking has enabled globalism — and has been exploited by companies trying to skirt U.S. sanctions.
Category: Banking and Financial Institutions
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A Top Fed Official Casts Further Doubt on a Rate Rise This Month
The New York Times – Business:The Federal Reserve is poised to raise interest rates further as it seeks to tame inflation, but that is unlikely to happen until the end of the year.
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Trump Administration Investigates Wells Fargo for Race-Based Lending
The New York Times – Business:The federal housing agency says the bank’s efforts to encourage Black homeownership amount to discrimination.
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Fed Minutes Show Officials Saw More Work to Do to Quell Inflation
The New York Times – Business:Policymakers grew increasingly concerned about inflation risks at their most recent meeting in September.
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South Korea Investigates Possible Use of A.I. in Hacks on Its Banks
The New York Times – Business:The president said there were signs that such models were used in recent attacks on several banks involving customer data. Police are investigating.
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U.S. Bond Yields Hit Highest Level Since 2002
The New York Times – Business:The trends pushing up yields, including the war in Iran and high government debt levels, are unlikely to dissipate soon.
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Fed’s Watchdog Finds No Misconduct or Illegal Activity in Costly Renovations
The New York Times – Business:A new report by the Federal Reserve’s independent inspector general concluded that a nearly $2.5 billion construction project was poorly managed but made no referrals to the U.S. attorney general.
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Troubles at Situational Awareness Point to Record Stock Market Leverage
The New York Times – Business:A meltdown at Situational Awareness, an A.I.-focused investment firm, is raising tough questions about the Wall Street banks that lent billions to the upstart firm.
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10 Ways to Explain Why Interest Rates Are So High
The New York Times – Business:If you can’t pin down why something’s happening, you don’t have much hope of fixing it.
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Japan Raises Interest Rates to 31-Year High Under U.S. Pressure
The New York Times – Business:The Bank of Japan’s widely expected move followed an unusual campaign by Treasury Secretary Scott Bessent for tighter monetary policy.
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Bank of England Holds Rates Steady but Warns of Inflation Pressures
The New York Times – Business:The decision was announced a day after data showed the fastest pace of price increases in months.
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Fed Meeting Will Test Central Bank’s Credibility With Bond Investors
The New York Times – Business:If the Fed opts against raising interest rates on Wednesday, investors will probably increase their forecasts for inflation, injecting new turmoil into the government bond market.