Banks see economy as ‘resilient’ but warn about rising energy prices
The nation’s biggest banks posted another quarter of strong profits, helped by a resilient economy and a flurry of dealmaking for their investment banking units.
Banking & Finance
More Americans are millionaires, but they don’t feel rich
For American millionaires, the truth of the achievement is less about cash and more about amassing assets that bump up their overall net worth.
IEDC commits $15M to VC fund with goal of bringing Israeli startups to Indiana
Israel-based Iron Nation aims to raise at least $60 million for the fund and invest in about 20 high-tech startups.
NYC-based Wealthspire acquires Indianapolis financial firm, eyes future local growth
Indianapolis-based financial firm Axia Advisory has been acquired by a New York City-based firm that says it plans to use the acquisition as the basis for expansion in this market.
More Federal Reserve officials see possible rate hikes this year, minutes show
The minutes underscore the Fed’s dilemma as it seeks to fill its congressional mandates of low inflation and maximum employment.
Key Fed official sees possible rate hike amid higher gas prices, inflation concerns
Rate increases by the Federal Reserve would be a sharp shift from late last year, when the central bank cut its key rate three times.
Employees could use 401(k)s to invest in crypto, private equity under Trump plan
The plan is a victory for Wall Street, which has lobbied for wider access to such products.
US stocks fall in another shaky day as oil prices keep climbing
Caution was prevalent throughout financial markets because of uncertainty about when the war with Iran could end.
Credit problems jump after sports betting is legalized, Fed study finds
Since the 2018 Supreme Court decision that allowed states to legalize sports betting, Americans have wagered more than $520 billion on sports, researchers estimated.
Credit union selling former south-side HQ property
Indiana Members Credit Union, which moved its headquarters to Bottleworks District earlier this year, is selling a portion of its former south-side campus on Madison Avenue.
Federal Reserve could signal no interest rate cuts this year in wake of Iran war
The Fed will release a set of quarterly projections on Wednesday, and they could alter their forecast of one rate cut this year to zero.
Retirement plans are treading cautiously into cryptocurrency; many employers aren’t taking the leap at all
Worries about the volatility of digital currencies and a plan-sponsor’s duty to protect its participants are among the concerns experts see, even as state and federal officials work to improve access.
Economy’s 4Q performance downgraded sharply from initial estimate
The U.S. economy, hobbled by last fall’s 43-day government shutdown, advanced at an unexpectedly sluggish rate from October through December, the Commerce Department reported Friday.
Elevate Ventures says it’s proceeding with launch of long-planned growth fund
The Indianapolis-based nonprofit wants to invest $150 million in young Indiana companies who need help to scale their businesses.
White House formally nominates Warsh to be Federal Reserve chair
Warsh’s nomination, which was initially announced Jan. 30, was forwarded Wednesday to the Senate, where it will be taken up by the Senate Banking Committee.
Trump expects his Fed pick and AI to deliver replay of the ’90s boom, but economists have doubts
The story the Trump team is telling — that a visionary Federal Reserve chair, Alan Greenspan, fueled the 1990s boom by keeping interest rates low — is incomplete at best.
New law aims to ease CPA talent crunch
Starting next year, certified public accountant candidates will have an optional pathway to licensure that requires less schooling.
For first time since 2022, average long-term mortgage rate dips below 6%
The latest dip, its third decline in a row, brings it closer to its lowest level since Sept. 8, 2022, when it was 5.89%.
Indy investment firm sues ex-employees, alleges they solicited clients, stole trade secrets
The company accuses the employees of converting confidential business records, such as client information, for personal use and transmitting client information to their new employer.
Trump administration considers requiring banks to collect citizenship information
Bank executives fear the potential new documentation requirements would create new impediments to obtaining financial services in the United States.