With interest rate hikes already contributing to three bank failures in as many days and persistent inflation continuing, the Federal Reserve’s next interest rate decision has become much more complicated.
Americans, notoriously apathetic about moving money to find better interest rates, lost $42 billion in the last quarter of 2022 by keeping their money at big-five banks that pay almost no interest. The big five might be the safest banks around — but savvy shoppers can do much better, and still play it safe.
A Wyoming digital bank — the 2nd in the nation that was given approval to open — is suing the Federal Reserve for refusing to act for 19 months on its application for a master account.
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A controversial Biden plan would mandate banks report every citizen’s transactions over $600 to the IRS.
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The nation’s second bank dedicated to handling digital assets and easing transactions between digital assets and the American dollar has won approval to operate in Wyoming.
