For the seventh consecutive quarter, the Business Roundtable, which comprises CEOs from US corporations, predicts companies will hire fewer people and invest less capital during the coming six months. The group's index on the economy has fallen 2.5 points, to 76.7, which is slightly below the historical average.
The US budget deficit increased 2% in November to $209 billion as the government headed back toward a trillion-dollar annual deficit, according to the Treasury Department. The deficit is expected to reach $1 trillion next year and remain above that amount during the next 10 years, the Congressional Budget Office says.
Truist Financial Corp. is purchasing the 47-story Hearst Tower building in uptown Charlotte, which will now be called Truist Center and be home to about 2,000 of its employees. The bank is paying $455.5 million to purchase the site and will lease some of the space to other companies.
Online lender Upstart is offering a personal loan that will allow borrowers to apply the loan directly to their credit card balances. Upstart currently has partnerships with banks in offering unsecured personal loans to consumers.
Bank of America's Erica has attracted 10 million users since its debut in June 2018 and more than 100 million client requests have been completed. The AI personal assistant can help consumers with balance inquires and money transfers.
Sen. Elizabeth Warren would meet with banks regularly before she was elected to Senate but that has changed now, CBA President and CEO Richard Hunt said about the 2020 presidential candidate. Warren and banks used to be able to discuss issues even though they disagreed, Hunt said.
Enforcement of the California Consumer Privacy Act, set to take effect on Jan. 1, will be based on companies' level of effort toward compliance, state Attorney General Xavier Becerra said. Becerra plans to "make an example of" companies that make insufficient efforts to comply with the law, he said.
Mentally strong people carry themselves differently when they're affected by a negative state of mind, and it's possible for anyone to do so, says Christina DesMarais. To move through frustration or anxiety quickly and smoothly, get over the issue rather than ruminate on it, avoid dramatic people when possible, and let things go rather than hold a grudge, she writes.
The Federal Reserve is expected to leave the interest rate unchanged as Fed Chair Jerome Powell has said the economy would need to show signs of weakening before the rates would be lowered again. The Fed will wrap up a two-day meeting today with the interest rate announcement expected around 2 p.m.
The Consumer Financial Protection Bureau is reviewing 190,000 comments made about possible changes to its small-dollar lending rule and will issue a final rule in April 2020, according to CFPB Director Kathy Kraninger. The agency also will release a supplemental debt collection rule early next year relating to disclosures of debt when the statute of limitations has expired.