The Federal Reserve is expected to leave the interest rate unchanged as Fed Chair Jerome Powell has said the economy would need to show signs of weakening before the rates would be lowered again. The Fed will wrap up a two-day meeting today. The Wall Street Journal
The Federal Open Market Committee was more positive about the US economic outlook at an October meeting than at a September meeting, minutes show. Officials discussed the economy’s resilience amid challenges and agreed taking the benchmark interest rate into negative territory would be a bad idea. MarketWatch
Analysts project US GDP growth of 1.7% next year, prompting economists to discuss the long-held belief that a recession is inevitable when growth falls below 2%. Some economists suggest the economy could limp along at 1% to 1.5% growth without slipping into a recession. BNN Bloomberg (Canada)
The Independent Insurance Agents & Brokers of New York is appealing a decision by acting Albany County Supreme Court Justice Henry Zwack that upholds a state best-interest standard for the sale of annuities and life insurance. Some major insurers have stopped selling annuities in New York as a result of…
Seven states and the District of Columbia have asked a US court to strike down a rule from the Securities and Exchange Commission that lets brokers recommend products that benefit the broker as long as conflicts of interest are disclosed to clients. The plaintiffs say in their court filing the…
A New York judge has upheld the legality of an annuity sales rule, which was challenged in a lawsuit brought by the New York chapter of the National Association of Insurance and Financial Advisors and the Independent Insurance Agents and Brokers of New York. Following the ruling, Gary Sanders, vice…
Markets and observers expect the Federal Reserve to reduce its benchmark interest rate by one-quarter percentage point today. This would mark the first cut since 2008 and the fifth time in 25 years the central bank has switched from increasing to decreasing rates. The Wall Street Journal
Investment banks remain skeptical that the Federal Reserve will reduce interest rates this summer, despite markets having priced one in. Goldman Sachs says the “hurdle for such [rate] cuts is likely to be higher than widely believed,” while UBS says a decrease is contingent on the unlikely event the US…
New Jersey, Massachusetts and Nevada are proceeding with proposals for a fiduciary standard, despite passage of the Securities and Exchange Commission’s Regulation Best Interest. Industry groups continue to oppose state fiduciary rules, citing concern that the rules would limit investor access to advice, particularly for low- and middle-income investors. Financial…
The Securities and Exchange Commission has approved Regulation Best Interest, but Tom Nally, president of TD Ameritrade Institutional, says he is worried states will try to impose a higher fiduciary standard on advisors. “We’re concerned about there being 52 standards out there,” Nally says.
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