Money Issues Links

"With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have improved in recent months, but the rise in COVID-19 cases has slowed their recovery. Inflation is elevated, largely reflecting transitory factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses... The path of the economy continues to depend on the course of the virus. Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain." more »

The Department of Justice announced today that the Western Union Remission Fund began its third distribution of approximately $66 million in funds forfeited to the United States from the Western Union Company (Western Union) to approximately 6,000 victims located in the United States and abroad... According to court documents, in the scheme, fraudsters targeted consumers, including seniors, through multiple scams. Three specific scams directed towards seniors included the so-called grandparent scam, where the fraudster would pose as the victim’s relative in purported need of immediate money to avoid personal harm; lottery or sweepstakes scams, where the fraudster would tell the victim that he or she had won a large cash prize but had to pay fees, such as taxes, to claim the prize; and romance scams, where the fraudster would pose as an online love interest and request funds for a visit or for another purpose. In each of these scams, the fraudsters convinced their victims to send money through Western Union. more »

"Technology is driving dramatic change in the US payments system, which is a vital infrastructure that touches everyone. The pandemic accelerated the migration to contactless transactions and highlighted the importance of access to safe, timely, and low-cost payments for all. With technology platforms introducing digital private money into the US payments system, and foreign authorities exploring the potential for central bank digital currencies (CBDCs) in cross-border payments, the Federal Reserve is stepping up its research and public engagement on CBDCs. more »

14.2% of U.S. Small Businesses experienced an increase in operating revenues/sales/receipts in the last week, marking the fifth consecutive week of reported increases. 21.9% of U.S. Small Businesses have experienced little or no effect from the coronavirus pandemic, making it the largest estimate ever reported for this statistic. 9.5% of U.S. Small Businesses experienced an increase in the number of hours worked by paid employees in the last week. For responses collected 3/22 - 3/28, this statistic was 9.0%. 13.9% of U.S. Small Businesses have returned to their normal level of operations. 22.9% of U.S. Retail Trade small businesses experienced an increase in operating revenues in the last week, marking the first time on the SBPS that more companies reported an increase over a decrease, based on responses collected 3/29 – 4/4 more »