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Financial institutions news from around the web: June 3 – 7, 2024

Written on Jun 5, 2024

The personal consumption expenditures index, the Federal Reserve's preferred inflation gauge, was up 0.3% in April from March and 2.7% from a year earlier, according to the Commerce Department. Core PCE, which strips out the food and energy categories, rose 0.2% from the prior month and 2.8% year over year. 

Federal Reserve policymakers continue to expect inflation to fall this year even as the labor market stays strong, leaving them in no hurry to cut the policy rate from the 5.25%-5.5% range they have kept it in since last July. 

FINRA’s COVID-era policies easing banks’ requirement to monitor workplaces are ending. That’s prompting Citi, HSBC, Barclays and others to prod thousands back to the office. 

Reports from 4,568 commercial banks and savings institutions insured by the FDIC report aggregate net income of $64.2 billion in first quarter 2024, an increase of $28.4 billion (79%) from the prior quarter. 

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