The Federal Reserve Thursday officially launched its long-awaited instant payment service FedNow, which allows consumers and businesses to send and receive money in seconds. The system lets Americans pay for groceries instantly, businesses pay their suppliers, or people pay each other. It will be available 24 hours a day, every day of the year, with full access to funds immediately. FedNow isn’t offered directly to individuals and businesses, but it will serve as the basis of infrastructure...

The World Bank projected global growth will slow in 2023 to its lowest level since the 2008 financial crisis due to higher interest rates, inflation, and more restrictive credit conditions. “The world economy is in a precarious position,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President. Global growth is projected to decelerate to 2.1% this year from 3.1% in 2022, according to the World Bank’s new Global Economic Prospects report released Tuesday, with a...

Federal Reserve Governor Philip Jefferson and Philadelphia Federal Reserve President Patrick Harker suggested Wednesday that the central bank could pause rate hikes at its next policy meeting. Jefferson, President Biden's nominee to be vice chair of the Fed's Board of Governors, noted that such a decision wouldn't necessarily mean the Fed was done hiking rates. “A decision to hold our policy rate constant at a coming meeting should not be interpreted to mean that we have reached the peak rate...

The FDIC on Monday proposed increasing deposit insurance limits for business payment accounts at banks in light of Silicon Valley Bank's failure, something that would require Congressional action. The recommendation comes as technology companies and venture capital firms that kept deposits at Silicon Valley Bank far in excess of FDIC's $250,000 limit risked not having cash available to pay employees or suppliers when the Santa Clara bank failed. Regulators invoked special authorities to...

Consumer Financial Protection Bureau Director Rohit Chopra said Friday he's open to raising the limit on deposit insurance and suggested community banks could be exempt from having to pay for the failure of Silicon Valley Bank. "I don't have any firm conclusions on that, but I'm certainly very open to that," Chopra, who also sits on the board of the FDIC, told Yahoo Finance when asked whether the level on deposit insurance should be raised. "Ultimately this is gonna be a decision for Congress...