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Markets expect the surge in consumer prices will soon peak and central banks will become less hawkish, but there’s a high risk that global cost pressures will remain elevated.

Fed Chairman Jerome Powell brushed off concerns that rapidly tightening monetary policy could disrupt the financial system. Some economists and policy experts beg to differ, raising concerns about loan defaults or even the collapse of a key institution or counterparty.

The yield on the two-year Treasury moved to be as much as 32 basis points higher than the 10-year yield, which slid in the wake of the Fed’s announcement that it was raising its overnight benchmark by 75 basis points.

The McLean, Virginia, company is starting to “trim around the edges” of its auto portfolio, CEO Richard Fairbank said. That move stands in contrast with Capital One's leaning into its credit card business, which helped push marketing spending above $1 billion.

New single-family home mortgage applications, housing starts and industry sentiment all came in at their lowest since 2020.

The slowdown in new single-family construction is one of several headwinds homebuilders find themselves facing this summer.

Following their largest drop in over a decade one week ago, averages rapidly swung upward as recession talk receded.

In an internal memo to staff, Deputy CFPB Director Zixta Q. Martinez announced a realignment of the bureau’s legal and student loan offices with an expanded strategy team.  

The Class A note coupon initially will be linked to the USD Compounded Secured Overnight Financing Rate Index, a relatively new interest rate index. Royal Bank of Canada is the seller, servicer and administrative agent.

Average purchase-loan amounts shrank for the second week in a row and are currently 12% below their record size in March.

The move builds on the government-sponsored enterprise’s previous program that facilitated the collection of more rent payment records from tenants who work with its multifamily borrowers.

The Consumer Financial Protection Bureau’s unified agenda was quietly released this week, and it shows that rules on consumer access to financial records and small-business data collection are top priorities. 

Pushes for transparency on charitable donations and ghost guns, among others, were voted down.

Recent remarks from Federal Reserve Chair Powell suggest more upward movement is ahead.

The latest Federal Reserve move to combat inflation led to a weekly increase of more than 50 basis points.

The evidence of the Fed’s loss of control has multiplied uncomfortably in recent weeks. For its sake and that of both the domestic and global economy, the central bank desperately needs to regain control of the inflation narrative.

But a slower-than-anticipated rate of repossessions suggest distressed homeowners are finding solutions.

A positive employment report, robust consumer spending and Fed comments on inflation counter measures drove rates upward.

Elevated prices coupled with higher mortgage rates are leading to affordability challenges that have reduced borrowing volumes.

With anticipated Federal Reserve moves already factored in, inflation and jobs data could play a bigger role in driving movement over the near term.