Average rate on a 30-year mortgage falls to lowest level in nearly a year
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell.
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Buy-now-pay-later company Klarna goes public in largest IPO of 2025
Klarna sold 34.3 million shares to investors at $40 a share late Tuesday. That’s above the forecasted range of $35 to $37 a share and values the company at more than $15 billion.
PNC to expand westward with $4.1B acquisition of FirstBank
PNC has been on an acquisition streak in the last few years to make the bank one of the biggest players in retail banking in the country.
Business owners express optimism amid economic challenges, PNC survey shows
PNC Chief Economist Gus Faucher said business owners nationally and in the Indianapolis area are optimistic about their prospects despite ongoing concerns about inflation and possible recession.
Indiana maintains top mark from major credit-rating agencies
Just 14 states have top marks from the trio of major credit-rating agencies: S&P Global Ratings, Moody’s Investors Service and Fitch Ratings.
IBJ Podcast: Pete the Planner on whether buying a home is always a smart investment
It’s not at all necessary to get started right away, and there’s a navigable path for renters in the 40s to end up in a very comfortable situation by retirement.
Federal Reserve official sues Trump over attempt to fire her
The case could become a turning point for the 112-year old Federal Reserve, which was designed by Congress to be insulated from day-to-day political influence.
Trump says he’s firing Federal Reserve’s Lisa Cook, opening new front in fight for control
President Trump said in a letter posted on his Truth Social platform that he is removing Cook effective immediately because of allegations that she committed mortgage fraud.
To keep up with growing car prices, many borrowers turn to 7-year loans
Six-year loans, at one time considered the upper end of the range, are now the most common, accounting for 36.1% of loans in the second quarter.
IBJ Podcast: ‘It all comes back to relationships,’ says banker turned small-biz owner
Something was missing from her career as a commercial lender, and Cindy Schum found it in a small firm that sold janitorial and cleaning supplies. After early trepidation, she realized she already had the key to entrepreneurship.
Powell signals Fed may cut rates soon even as inflation risks remain
Federal Reserve Chair Jerome Powell opened the door ever so slightly to lowering a key interest rate in the coming months but suggested the central bank will proceed cautiously as it continues to evaluate the impact of tariffs and other policies on the economy.
Consumer groups, debt collectors clash in Indiana medical debt hearing
Testimony on Monday set the stage for an interim committee to find a balance between growing medical debt weighing down Hoosiers and allowing health care providers to collect what’s owed.
A top Federal Reserve official says dour jobs data backs case for 3 rate cuts
The jobs report that arrived last week, only a couple of days after the Fed voted on interest rates, showed that employers hired far fewer workers last month than economists expected.
CEO Cindy Konich stepping down after 41 years at Federal Home Loan Bank
Brendan McGrath, executive vice president and chief risk and compliance officer, will succeed Konich on Oct. 1.
Trump opens the door for private equity, crypto as 401(k) retirement plan options
Millions of Americans saving for retirement could have the option of putting their money in higher-risk investments, according to an executive order signed Thursday by President Donald Trump.
Former credit union manager indicted on fraud charges
The former manager of a credit union branch in Indianapolis has been charged after investigators say she stole more than $350,000 from customer accounts.
Lessons from college basketball influence Muncie bank executive’s leadership today
During his career there, the Muncie-based bank has grown considerably, from a couple of hundred employees and $1 billion in assets to more than 2,000 employees and nearly $19 billion in assets.
Financial Center announces CEO Cameron Minges will retire
Minges, who has been with the company for more than a decade, was named CEO in 2022. During the transition, a former Financial Center executive has been appointed to serve as interim.
Federal Reserve leaves interest rates unchanged even as Trump demands cuts
The choice to hold off on a rate cut will almost certainly result in further conflict between the Fed and White House, as Trump has repeatedly demanded that the central bank reduce borrowing costs.
Millionaires multiply, but most find it’s not all mansions and champagne
Inflation, ballooning home values and a decades-long push into stock markets by average investors have lifted millions into millionairehood.