The Fed’s preferred inflation measure rose at a 4.1% annual pace in May, the fastest since April 2023, as energy prices climbed. Consumer spending and incomes still increased after adjusting for inflation.
Posts tagged as “Bank of America’”
Kevin Warsh chairs his first Federal Reserve rate meeting as inflation rises and energy prices remain elevated after the U.S.-Iran conflict. Investors will watch the policy statement, news conference and dot plot for signs of the new chairman’s approach.
The S&P 500 and Nasdaq hit record highs Wednesday as investors remain optimistic despite ongoing Iran conflict and rising energy prices. Strong corporate earnings and expectations of de-escalation in the Middle East have fueled the rally.
U.S. stocks fell sharply and oil prices surged after President Trump pledged continued strikes on Iran without outlining a ceasefire plan or reopening the Strait of Hormuz. The Dow dropped over 600 points as energy prices and inflation concerns rose.
Bank of America has agreed to a $72.5 million settlement in a lawsuit alleging the bank facilitated Jeffrey Epstein’s sex trafficking operation by providing banking services while ignoring warning signs and regulatory duties. The lawsuit, filed on behalf of Epstein’s alleged victims, accuses the bank of enabling Epstein’s control over victims and highlights the involvement of billionaire Leon Black, who allegedly transferred funds used to finance Epstein’s activities. This settlement is part of a broader legal effort targeting financial institutions that supported Epstein, following similar settlements by JPMorgan Chase and Deutsche Bank.
Key takeaways: Financial firms on Zelle have begun reversing transfers their customers made to scammers. The reversal of transfers is being handled by Early Warning…
Bank of America, the second-largest bank in the United States, has been ordered to pay more than $100 million in penalties and restitution to customers for illegally double-dipping on fees, withholding reward bonuses, and opening accounts without customer consent. The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced the penalties on Tuesday, and Bank of America has agreed to the terms.
Key takeaways: The banks’ joint statement reinforces confidence in the banking system and their cash infusion of $30 billion is a sign of their commitment…