Federal Reserve Bank of New York

Household debt falls for first time since 2014


Credit card balances declined most sharply as consumers cut back their spending due to the coronavirus pandemic and associated shutdown orders, the New York Fed said Thursday. But delinquencies also fell across all debt categories, thanks to government and lender relief efforts.


Banks can ill afford to get complacent about coronavirus


Business continuity plans should be used constantly, not just when the crisis is at its peak, says the New York Fed’s head of financial services.


U.S. household debt hit yet another record in 1Q, despite pandemic


A surge in demand for home loans drove the increase, but the second quarter could see a slowdown in borrowing and more delinquencies as consumers contend with the economic fallout of the coronavirus pandemic.


Fed announces aggressive actions to boost liquidity amid virus turmoil


The Federal Reserve committed Monday to conducting more asset purchases of Treasury securities and mortgage-backed securities and announced $300 billion in new financing for credit facilities.


Fed announces launch of second facility to support credit markets


The establishment of the Primary Dealer Credit Facility is among a flurry of recent actions by the central bank to limit the economic impact of the coronavirus.


Fed to create emergency backstop for commercial debt market


The central bank said it was establishing the Commercial Paper Funding Facility to "support the flow of credit to households and businesses."


JPM’s boffo earnings; N.Y. Fed says cyberattack could be ‘devastating’


Bank beats estimates as earning soar 21%; a cyberattack on the American banking system could create havoc on financial stability.


Will earnings season bring surprises?; Wells Fargo’s tech troubles


Profits at big banks are expected to be up versus a year ago but down from the third quarter; add antiquated systems to the bank’s many problems.


Rate cuts have put U.S. economy on ‘strong footing’: N.Y. Fed's Williams


John Williams said Friday that the Federal Reserve's three interest rate cuts this year have bolstered the housing market and consumer spending.


What ongoing repo turmoil means for banks


Federal Reserve officials said they contained fallout from the rate spike in the repurchase agreement market, but the episode poses longer-term repercussions for liquidity rules, the transition to a new interest rate benchmark and other issues.