In September, the U.S. economy added an impressive 254,000 jobs, significantly exceeding expectations. This strong employment growth contributed to a decline in the unemployment rate to 4.1%, signaling robust labor market health amidst economic uncertainties.
As the Federal Reserve contemplates interest rate adjustments, banks are likely to reconsider their approach to savings account rates. The decision to lower rates in sync with the Fed might delay as institutions prioritize customer retention and competitive offerings.
The Federal Reserve has officially launched its long-awaited 24/7 real-time payments service, FedNow. The service promises to enable a faster, safer, and more reliable way for individuals and businesses to transfer funds.