BREAKING NEWS - FedNow is live. The Federal Reserve Board announced today that its new instant payments system FedNow is live, allowing banks and credit unions to sign up for the real-time payments service. The long-awaited system will give consumers and businesses a new route for speedier transactions. Federal Reserve Chair Jerome H. Powell said: "Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck or a company to access funds when an invoice is paid instantly."
We have kept you in the loop since this was announced and will keep bringing you news as this unfolds. We expect that banks and credit unions will adopt this system as market demand increases.
Student Loans payments - We will closely monitor consumer spending as customers need to restart paying their student loans. The current administration has decided not to extend the restart of student loan payments put on hold during the pandemic. Consumers will need to factor that into their budgets which, as we have reported in the past, have been stretched tremendously because of inflation and higher interest rates. We expect a slowdown in consumer spending. We will keep you in the loop as student loan payments become due and the effects that will have on the economy.
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