Federal Reserve Bank of Minneapolis President Neel Kashkari said recession risks have risen “quite a bit” and the central bank should be ready to cut interest rates again to protect the U.S. economy.
Bank of America’s customers spent $1.9 trillion this year through Aug. 12, an increase of 5.9% from a year earlier — a sign that the economy, driven by the consumer, remains strong, Brian Moynihan said.
The debate over yield curve inversion continued, as a summer Friday yielded little economic data, but the market waits to parse the minutes of the most recent Federal Open Market Committee and then eyes will turn to the Federal Reserve Bank of Kansas City’s annual Jackson Hole retreat.
The market is undergoing a generational transformation and, absent investment in technology, attracting and retaining talent will be a significant challenge.
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