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Silicon Valley Bank's Former Parent Secures Approval to End Bankruptcy
Zelle payment application faces investigation. JPMorgan is considering suing regulatory institutions.
Zelle is owned by seven major banks, including JPMorgan and Bank of America. Since its launch in 2017, Zelle has grown into a leading peer-to-peer payment network in the USA. Over 100 million consumers can use Zelle through their Bank of America accounts.
Wall Street's big banks all change their tune, JPMorgan and Citigroup expect the Fed to cut interest rates twice by 50 basis points this year.
Given the latest data showing a cooling labor market, expectations of a period of aggressive easing by the Federal Reserve continue to rise on Wall Street. After Friday's data showed a further rise in the U.S. unemployment rate in July, economists at Bank of America, Barclays, Citi, Goldman Sachs and JPMorgan adjusted their rate path forecasts, calling for earlier, larger or more rate cuts. Citi economists expect the Fed to cut rates by 50 basis points at the September and November meetings, and by 25 basis points at the December meeting. Previously, they had expected the Fed to cut rates by 25 basis points at each of these meetings.
Summary of the view: Federal Reserve officials state that they will not overreact to monthly data and major banks expect two 50 basis point interest rate cuts.
Following weaker-than-expected non-farm payrolls data, Chicago Fed President Goolsbee said the Fed wouldn't overreact to single-month data. Major Wall Street banks JP Morgan and Citi have changed their opinions and now expect the Fed to cut rates 50 basis points twice this year. However, observers argue that the Fed won't agree to a 50 basis point cut. Chicago Fed President Austan Goolsbee emphasized that the Fed won't overreact to any single data report and will receive a large amount of economic data before the next meeting.
JPMorgan Considers Suing Consumer Watchdog Over Zelle
Express News | JPMorgan Says It Is Currently Engaged in Resolution Discussions With the SEC
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Palindrome : Hi. Where did you go to see this?