Daily News Digest

 

October 16, 2019


Wall Street Journal

  • The Federal Reserve Bank of New York added $87.7 billion to the financial system Tuesday, using the market for repurchase agreements, or repo, to relieve funding pressure in money markets.
  • The Federal Reserve Bank of New York said Tuesday that longer-run inflation expectations hit the lowest level the bank has ever tracked in its latest monthly Survey of Consumer Expectations.

 

American Banker

  • A list of cases published Tuesday that the Supreme Court has either accepted or rejected did not include a challenge to the Consumer Financial Protection Bureau's constitutionality, suggesting that the high court will decide at a later date whether to take the case. Legal experts believe the Supreme Court could still decide to hear the case, Selia Law v. CFPB, which involves a California law firm that claimed it was not required to respond to a CFPB civil investigative demand because it claimed the bureau is unconstitutional. At issue is a statutory provision that a CFPB head can only be fired "for cause," not simply at the president's discretion.
  • While loans to manufacturing companies has been relatively benign for lenders in recent years, there are indicators that credit issues are looming. 
  • Citi said Tuesday that its U.S. consumer bank took in about $2 billion of deposits in the third quarter, largely by offering such perks as points and cash back to credit card customers who open accounts via digital channels. Year-to-date, the digital-first approach has brought in some $4 billion of consumer deposits — two-thirds of which have come from outside of its traditional branch footprint.

 

New York Post

  • JPMorgan Chase CEO Jamie Dimon warned on Tuesday that a recession is on the horizon thanks to the continuing trade tensions with China.

 

Politico

  • U.S. policymakers are so concerned about Facebook's plans to launch a new digital currency that they're contemplating a novel response — having the Federal Reserve create a competitor. Inside and outside the Fed, the idea which was once considered outlandish is increasingly attracting attention, thanks in large part to Facebook's planned Libra cryptocurrency.




Questions?

Karen Armstrong
Senior Vice President, Communications and Political Action
karmstrong@nyba.com


Duncan McCausland
Marketing and Communications
dmccausland@nyba.com