Money
Janet Yellen: Adjustment of the Federal Funds Rate May Be Appropriate Later This Month?
Chairman Yellen: The economy has essentially met the employment portion of our mandate and inflation is moving closer to our 2 percent objective. This outcome suggests that our goal-focused, outlook-dependent approach to scaling back accommodation over the past couple of years has served the US economy well... Indeed, at our meeting later this month, the Committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal funds rate would likely be appropriate. more »
Women’s #1 Retirement Priority: Fully Funding Social Security by Implementing Reforms So It Can Continue to Pay Future Generations of Retirees
Findings from the TCRS national survey of working women highlight that few have a high level of confidence about their future retirement. Only one in ten are “very confident” that they will be able to retire comfortably. At the same time, more than half are “guessing” at the amount they will need to save in order to feel secure in retirement. Household retirement savings is $34,000 (estimated median) and more than two-thirds indicate that they have no plan if forced into retirement sooner than expected. more »
Janet Yellen Speaks at a Teachers Town Hall Meeting; The Gender Gap in Economics and the Leaky Pipeline Problem
Fed Reserve Board Chair Janet Yellen addresses educators in Washington and nationwide via webcast. "Very importantly for students, we try to make sure that the job market is strong so that students entering it will have a wealth of job opportunities.. we do work to make sure that unemployment is low and job opportunities plentiful. And we try to keep inflation low and stable. And that's something that is important to savers who are concerned about providing for their retirement." more »
CFPB Orders TransUnion and Equifax to Pay for Deceiving Consumers in Marketing Credit Scores and Credit Products
The Consumer Financial Protection Bureau (CFPB) today took action against Equifax, Inc., TransUnion, and their subsidiaries for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The companies also lured consumers into costly recurring payments for credit-related products with false promises. The CFPB ordered TransUnion and Equifax to truthfully represent the value of the credit scores they provide and the cost of obtaining those credit scores and other services. Between them, TransUnion and Equifax must pay a total of more than $17.6 million in restitution to consumers, and fines totaling $5.5 million to the CFPB. more »
