New, more stringent regulations aimed at modernizing fair lending standards will soon come into effect. U.S. regulators will commence evaluating banks based on the communities and geographic regions they serve through online lending. These changes, set to be officially approved on Tuesday, mark the conclusion of a contentious multi-year endeavor. The process had been delayed due to strong lobbying efforts by community groups and lenders, … Continue reading US banks face more fair lending scrutiny under new regulations

At the onset of 2023, optimism for a prosperous year was scarce among economists. In fact, many had anticipated a recession by this point. However, as the government prepares to unveil its preliminary estimate of the third-quarter gross domestic product on Thursday, expectations are set for a robust 5% annual growth rate. This surpasses the 2.1% recorded in the second quarter and serves as a … Continue reading GDP, Inflation on Tap as Market, Economy Deal With War and High Interest Rates

In October, there were indications of an acceleration in the growth of the U.S. economy, as per the initial findings from S&P Global’s business surveys released on Tuesday. These surveys covered both the services and manufacturing sectors. The “flash” services-sector index from S&P increased to 50.9, marking its highest reading in three months, up from 50.1 in the previous month. The manufacturing index, surpassing the … Continue reading The Economy Is Off to a Hot Start For Last Quarter of 2023

On Tuesday, JPMorgan Chase’s CEO, Jamie Dimon, issued a cautionary statement regarding the risks associated with forming fixed economic outlooks. He emphasized the questionable track record of central banks, such as the Federal Reserve, in light of recent events. In his latest in a series of warnings about future developments, coming from the leader of the largest U.S. bank in terms of assets, Dimon underscored … Continue reading Jamie Dimon rips central banks for being ‘100% dead wrong’ on economic forecasts

On Tuesday, the United Auto Workers union took swift action by broadening its strike against General Motors to encompass a highly profitable full-size SUV facility in Texas. This move was in direct response to the automaker’s robust financial performance and record-breaking third-quarter revenue. The escalation of the strike on Tuesday affected approximately 5,000 employees at GM’s Arlington Assembly plant, CNBC reported. This facility is responsible … Continue reading UAW expands strike to crucial GM SUV plant in Texas