FRB

The Federal Reserve issued its semi-annual Financial Stability Report which is designed to provide a report on the Fed’s current assessment of the resilience of the U.S. financial system. The report looks at valuation pressures, household and business borrowing, leverage within the financial sector and funding risks as the broad categories for this assessment.

The current report expresses growing uncertainty in U.S. and global financial systems as pandemic outlooks remain uncertain and the Russian invasion of Ukraine continues.

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The Senate voted to confirm Jerome Powell for a second term as chair of the Federal Reserve. Powell, who was first nominated by President Donald Trump in 2018, has been Fed’s acting chair since his first term expired in February.

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Acting Comptroller of the Currency Michael Hsu stated that the Office of the Comptroller of the Currency (OCC) has joined the Department of Justice (DOJ) and other financial regulators in plans to change bank merger rules.

The DOJ’s Antitrust Division, along with the Federal Trade Commission, began soliciting public comment on the topic earlier this year.

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As the Federal Reserve continues its aggressive rate increases to fight decades-high inflation, concerns of an impending recession also continue to grow.

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The Senate has confirmed Lisa Cook, President Joe Biden’s nominee to the Federal Reserve Board of Governors. Cook will become the first Black woman to join the Fed board.

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Since 1977, the Community Reinvestment Act (CRA) has ensured that banks continue to meet the needs of the communities they are meant to serve by promoting lending in lower-income areas. With only one major update in the mid-1990s, the banking regulators have introduced a proposal to update the CRA to better reflect the changes in the banking and lending industries in the past 30 years.

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The Federal Reserve’s Federal Open Market Committee voted to raise interest rates by 0.5 percentage points following the committee’s May 3-4 meeting. The increased interest rates are expected to trigger an increase in mortgage rates which have already passed 5 percent, the highest level in over a decade.

Fed Chair Jerome Powell also addressed concerns over the nature of future interest rates.

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Last month, JPMorgan Chase CEO Jamie Dimon warned a recession was “absolutely” possible in 2022 or 2023. Now Fannie Mae has issued a prediction that a ‘modest’ recession is likely to occur in 2023.

Community bankers have also expressed concerns the Federal Reserve will be unable to avert a recession.

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Federal Reserve Chair Jerome Powell has announced the Federal Open Market Committee (FOMC) is likely to consider and enact a one-half percentage point increase to short-term interest rates during the committee’s May meeting.

St. Louis Federal Reserve President James Bullard is also calling for greater increases to short-term interest rates to reach 3.5 percent by the end of 2022. Cleveland Federal Reserve President Loretta Mester has expressed a desire to take a more methodical approach.

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In JPMorgan Chase CEO Jamie Dimon’s annual letter to shareholders, he warned 2022 may hold a great deal of uncertainty.

Record inflation, global sanctions against Russia and turbulent geopolitics, a continuing pandemic and the growth of fintechs are among the factors Dimon believes will have significant effect on the U.S. and global economy this year.

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