Major revamp to fair housing rules
Federal regulators proposed significant changes to the "Community Reinvestment Act", which in part addresses fair housing practices. This proposal seeks public comment through to 05 August 2022.
The changes look to offer clearer guidelines and public benchmarks for evaluation while allowing smaller banks to continue operating under the former rules. This is the first major revamp to the fair housing rules since 1995.
With such a controversial law aimed at increasing lending to low and moderate income communities, the proposal aims to make sure that banks are not engaging in "redlining", or refusing to put money in areas often populated by minorities and lower wage earners.
50 Basis points, largest in 20 years
The Federal Reserve just raised its benchmark interest rate by half a percentage point, its largest such move in more than two decades, as it seeks to tame inflation.
Depositors aren’t likely to reap the benefits of rising rates anytime soon. That’s because the steps taken to avert economic disaster in 2020 left the U.S. banking industry awash in deposits, and most lenders have little reason to attract more, according to analysts.
Record level job openings
Job openings hit a record-high 11.55 million in March, according to the Labor Department’s JOLTS report.
Quits totaled 4.54 million, also a record and indicative that the labor market remains historically tight.
The report adds to an inflationary picture that is expected to push the Federal Reserve into a series of aggressive rate hikes, starting with a half-percentage point (50bp).
British pound plummets
This comes after Bank of England policymakers voted for a fourth consecutive rate hike since December at a time when millions of U.K. households are grappling with skyrocketing living costs.
Policymakers warned that GDP growth is expected to slow sharply and inflation could peak at 10% this year.
In its updated forecasts, the Bank said it now expects GDP to slump in the final three months of this year. Bailey said the U.K. was set for a “very sharp slowdown” but added that it might not meet the criteria for a technical recession — two straight quarters of contraction.
OPEC+ agrees to another modest production increase
The influential energy alliance of OPEC and non-OPEC partners decided to raise production targets by 432,000 barrels per day for next month, sticking to an existing strategy of gradually unwinding record supply cuts.
The group agreed to rubber-stamp another small production increase for June, amid persistent concerns over weaker Chinese demand.
Led by OPEC kingpin Saudi Arabia, the group swiftly agreed in late March to raise its output targets for May.
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Monday, 09 May
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Tuesday, 10 May
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Wednesday, 11 May
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Thursday, 12 May
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Friday, 13 May
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