Stubbornness of high inflation divides Federal Reserve on managing interest rates
Rhys Mendes will become Bank of Canada deputy governor in July while Biden has made two Federal Reserve nominations
Consumer prices rose by 0.4% from March to April, up by 4.9% from April 2022.
The Fed describes the banking system as 'sound and resilient' but notes the impact of a pullback in bank lending remains uncertain
Slowdown reflects impact of Federal Reserve's aggressive drive to tame inflation
Plunging energy prices pulled the producer price index down 0.5%
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Potential changes include greater capital requirements and more aggressive regulatory supervision
Barr anticipates higher capital, liquidity standards needed for American banks with more than $100B
Official nonetheless pledged that the Federal Reserve and other agencies would take whatever steps deemed necessary to protect the banking system