Sveriges Riksbank, Sweden’s central bank, said its second phase of testing CBDCs has proven that it would be possible to integrate a state-backed digital currency into the current banking system. The ...
Tag: Banking
Westpac Banking Corporation to Pay $1.5 Million Penalty
One of Australia’s leading financial services providers, Westpac Banking Corporation to pay a $1.5 million penalty for mis-selling consumer credit insurance, the Australian Securities and Investments ...
The Fed’s plan to rapidly slash its balance sheet is out. Here’s what happens to money in the system.
Minutes of the Federal Reserve’s March meeting released on Wednesday detailed plans for shrinking its nearly $9 trillion balance sheet to help cool U.S. inflation running at 40-year highs, but tricky ...
Fed primed to jack up interest rates in 1/2-point steps if inflation stays high
The Federal Reserve signaled its plans to increase a key U.S. interest rate by 1/2 percentage point steps at upcoming meetings if inflation remains high or gets even worse, according to minutes of the...
‘Going to college ruined my life.’ I have $85K in student loan debt for my ‘useless degree’ but only make $16 per hour. How can I cope?
I would give anything to go back and not go to college at all. It wasn’t worth it. iStock Question: I am 32 and got my associates degree in occupational therapy. I owe $25,000 in federal student loans...
Wells Fargo to Pay to Settle Lawsuit Over Its 401(k) Plan
Wells Fargo has agreed to pay $32.5 million to settle a two-year-old case involving alleged self-dealing with the company’s 401(k) plan. Wells Fargo, which had previously sought to dismiss the lawsuit...
Fintech Stocks Look Cheap. Why It Could Be Time to Buy.
Text size Wells Fargo has a strong outlook for the fintech sector. Dreamstime The fintech and digital payments sector has a new fan at Wells Fargo, who says the time to buy them is now. Analyst Jeff C...
Banking Circle Names Nick Tubb as Global Head of FX
The payments bank, Banking Circle has recently announced the expansion of its team with the appointment of Nick Tubb, former European Sales Director at AFEX Ltd, as the company’s new Global Head of fo...
Cardano leads rises as largest cryptocurrencies start mixed
The largest cryptocurrencies were mixed during morning trading on Monday, with Cardano ADAUSD seeing the biggest move, rising 2.96% to $1.21. Polkadot DOTUSD led the decreases with a 2.79% drop to $22...
I’m 41, my partner is 50. We have $800,000 in retirement savings and make $250,000. We want to retire ASAP but know our money won’t last us our lifetimes – what can we do?
I love reading your responses to everyone’s retirement questions, but realized that I haven’t seen one that matches up closely to what I’m hoping to do. I am 41, and my partner is 50. We are both empl...
I have 4 degrees and owe $197K in student loans. What should I do?
How to get out of student loan debt Getty Images/iStockphoto Question: I am 55 and a mental health therapist. I have $197,000 in student loans that were for four degrees, plus some in Parent Plus loa...
‘Only a few’ cryptos should avoid SEC oversight, Chairman Gensler says
The vast majority of crypto tokens in circulation are securities that should be overseen by the Securities and Exchange Commission, Chairman Gary Gensler said in a speech Monday. “The fact is, most cr...
Investment Firm Files Finra Arbitration Demand Against Morgan Stanley
An investor accused Morgan Stanley of leaking information about a large sale of shares of Palantir Technologies Inc., saddling it with millions of dollars in losses. Morgan Stanley is at the center of...
25% of Millennials Banking on Crypto to Fund the Good Life
Retirement may be far off for many Millennials. But a fair chunk of the demographic already seem to be planning for it. A survey asked people from every generation what was going on with their plans f...
U.S. economy will fall into a recession this summer, as inflation eats into consumer spending, former Fed official warns
Higher inflation will force consumers to limit their spending by so much that the economy will slump into a recession by the July-September quarter, former Federal Reserve Governor Lawrence Lindsey sa...
Has the student loan pause done any good?
Two years after the chaos of the pandemic prompted Congress to pause federal student loan payments, new data show many borrowers have used that extra room in the budget to shore up their overall finan...
My wife and I have $750,000 in savings and earn over $144,000 a year. Can we afford to spend $5,000 per month on housing?
Financial advisers recommend spending no more than 30% of take-home pay on housing. I have always lived by this rule and now have $750,000 in cash savings. But now I need to make a big move. Is there ...
‘A plan to protect any excess cash is vital.’ As inflation sits at a 40-year high, here’s who has ‘too much’ in savings right now
Inflation may be your cash’s greatest enemy. Getty Images As inflation hits a 40-year high, you may be asking yourself if you actually have too much money in your traditional savings account. The answ...
Fed’s Williams says could begin reducing balance sheet as soon as May meeting
The Federal Reserve may begin reducing its balance sheet as soon as its May 3-4 policy meeting to address the level of U.S. inflation that have become “particularly acute,” New York Fed chair John Wil...
Want to Add Crypto to Your Retirement Portfolio? Here’s How, and What to Consider.
With many cryptocurrencies surging last year as the overall market surpassed $3 trillion in value, a growing number of retirement savers are looking for ways to tap into the potential. Before joining ...
Is a yield curve inversion a foreboding sign for mortgage rates? Does it really signal a recession? Economists weigh in.
For a moment this week, the bond market flashed a signal that some associate with impending recessions. Home buyers need not worry just yet, according to economists. On Friday, the 2-year rate, which ...
What 10% inflation could look like for junk bonds: BofA
What happens to companies financed in the booming high-yield or “junk-bond” market on the off chance that U.S. inflation pegged at 7.9% in February soars to 10% and stays there? That’s a question Oleg...
Bitcoin and Ether Prices See Worst Day in Weeks. Dogecoin and Shiba Inu Tumble.
Text size Bitcoin falls but holds above the key technical level of $45,000. Dreamstime Bitcoin and other cryptocurrencies fell Friday, with some of the largest digital assets recording their worst per...
Millennials have solved the retirement crisis
Wow. It looks like millennials have totally solved the retirement crisis. And it turns out it was a lot easier than anyone realized. The solution? Cryptocurrencies, of course. A new survey of 4,000 pe...