The New York Federal Reserve Bank said more Americans had their credit applications rejected last month at levels not seen in years. The New York Fed reported on July 16 added that fewer people across the country also sought to borrow. The report was part of the bank’s monthly Survey of Consumer Expectations, which is taken every four…
New York Federal Reserve Reports Surge in Credit Application Rejections
July 19, 2023
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Federal Government’s Digital Dollar Seen as Threat to Personal Liberty
January 9, 2023
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banking secrecyBusiness & MarketsCentral Bank Digital Currency (CBDC)digital dollareconomic policieseconomyNew York Federal ReserveUS
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As the federal government advances its plans to create a central bank digital currency (CBDC), critics are sounding the alarm about how much power a digital dollar would place in the hands of federal agencies. The latest step toward a CBDC, called “Project Cedar,” was launched by the Federal Reserve Bank of New York last…
Economy to Grow Slower, Inflation ‘Far Too High’: Fed’s Williams
November 30, 2022
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Business & Marketseconomic policieseconomyFederal Open Market Committee (FOMC)high inflationinflationinterest rate hikesNew York Federal ReserveU.S. economic growthUS
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John Williams, president of the Federal Reserve Bank of New York, is expecting America’s economic growth to slow down and inflation to cool in the coming years. Due to the Fed’s tightening monetary policy, broad measures of financial conditions, including borrowing, equity prices, and mortgage rates, have become “significantly less supportive of spending.” Williams said…
Fed Teams Up With Major Banks to Test Digital Dollar Pilot Program
November 16, 2022
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The Federal Reserve Bank of New York announced that it would be teaming up with global financial giants to launch a 12-week digital dollar pilot program. The New York Fed’s experiment will review how banks are able to process digital dollar tokens within the central bank system and quantify their impact, with the assistance of…
Household Debt Sees Biggest Jump In 15 Years As Americans Rely More On Credit Amid Soaring Inflation
November 15, 2022
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American households saw their debt jump the most in 15 years in the third quarter, due to a surge in credit card use and mortgage balances. Debt accumulated during that period shot up by $351 billion for the largest quarterly increase since 2007, according to the Federal Reserve Bank of New York on Nov. 15….
Average Credit Card Debt Soars by 13 Percent, Largest Increase Since 1999
September 2, 2022
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The average credit card debt held by households in the United States surged by 13 percent in the second quarter, the largest increase in such debt since 1999, according to an Aug. 30 report from the Federal Reserve Bank of New York. More consumers are increasingly relying on credit amid sky-high inflation in order to pay…
NY Manufacturing Activity Plunges as Key Gauge Sees 2nd Biggest Monthly Drop in History
August 16, 2022
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Business & MarketseconomyEmpire State Manufacturing SurveyLocal NewsManufacturing IndustryNew YorkNew York Federal ReserverecessionRegional-Local Newssupply chain issuesUS
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Manufacturing activity in New York state tumbled in August, according to the New York Federal Reserve. The general business conditions index plunged by 42 points, to minus 31.3, data from the Fed’s Empire State Manufacturing Survey results for August show. That’s the second biggest monthly decline in the index’s history and also one of its…
New York Manufacturing Activity Plunges as Key Gauge Sees Second Biggest Monthly Drop in History
August 16, 2022
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Business & MarketseconomyEmpire State Manufacturing SurveyLocal NewsManufacturing IndustryNew YorkNew York Federal ReserverecessionRegional-Local Newssupply chain issuesUS
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Manufacturing activity in the New York area suffered a setback in August, according to the New York Federal Reserve. The general business conditions index declined by 42 points, to minus 31.3 in August, data from the Fed’s Empire State Manufacturing Survey results for August show. This is the second biggest monthly decline in the index’s…
Sentiment Gauge Among New York Manufacturers Drops Below Zero for Only 4th Time In History
July 16, 2022
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Manufacturing activity in New York State is expected to decline over the next six months, according to the the New York Fed’s Empire State Manufacturing Survey released on July 15. Economists rely on the index and other regional manufacturing gauges for an early read on factory activity. Manufacturing in New York rose a modest 12.3 points…
Americans’ Inflation Expectations Hit Record High: New York Fed
July 12, 2022
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Americans’ short-term inflation expectations have reached a new high, according to the latest data from the June 2022 Survey of Consumer Expectations by the Federal Reserve Bank of New York. “Median one-year-ahead inflation expectations increased to 6.8 percent, from 6.6 percent in May, marking a new series high,” the Fed said on July 11, detailing…
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