Old National Bank to sell its health savings account business
The deal, expected to close in the fourth quarter, includes about $500 million in client assets held in about 157,000 accounts associated with more than 3,000 employer groups.
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Crypto hedge fund Three Arrows Capital in default on $665M loan
The loan default comes at a perilous moment for cryptocurrencies, with investors enduring staggering losses. The market value for all cryptocurrencies stood just below $1 trillion on Monday; seven months ago, that figure approached $3 trillion.
All big U.S. banks pass Fed’s annual ‘stress tests’
The tests vary from year to year, but generally involve the Fed testing to see how steep the losses in the banking industry would be if unemployment were to skyrocket and economic activity were to severely contract.
Crypto investors’ hot streak ends as harsh ‘winter’ descends
It’s a dizzying turn of events for investments and companies that at the start of 2022 seemed to be at their financial and cultural apex. The industry’s combined assets back then were estimated to be worth more than $3 trillion; today, they are worth less than a third of that. Maybe.
Fort Wayne-based credit union to enter central Indiana market
Fort Wayne-based 3Rivers Federal Credit Union, which operates 21 branches in northeast and east-central Indiana, plans to spend $7.5 million to construct three branches in central Indiana.
Average U.S. mortgage rates make biggest jump in 35 years
Mortgage applications are down more than 15% from last year and refinancings are down more than 70%, according to the Mortgage Bankers Association.
Here’s how Fed’s rate increase could affect personal finances
The result of the rate hikes is increasingly higher borrowing costs as the Fed fights the most painfully high inflation in four decades and ends a decades-long era of historically low rates.
Coinbase’s layoffs suggest crypto’s problems are spreading
The crypto-exchange giant Coinbase said Tuesday it was laying off nearly one-fifth of its workforce, a sobering sign that the challenges of the once blazingly hot industry go beyond those of troubled bank Celsius to the very heart of the crypto-investment world.
Biggest rate hike since last century expected as Fed tackles inflation
A series of sizable increases would heighten borrowing costs for consumers and businesses, likely leading to an economic slowdown and raising the risk of a recession.
Explainer: What it means for S&P 500 to be in bear market
Wall Street is back in the claws of a bear market as worries about inflation and higher interest rates overwhelm investors.
Bitcoin plunges as major crypto lender halts operations
Crypto lender Celsius halted all withdrawals, citing “extreme market conditions.” It is the second collapse of a part of the crypto world in the last two months.
Mortgage rates jump again, sending homebuyers to the sidelines
The brisk jump in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market.
Accounting-tech firm Decimal lands $9.2M investment
Decimal’s software platform helps customers automate and outsource accounting tasks like bookkeeping and payroll. The company has added 30 employees since February.
Amid crypto turmoil, senators propose sweeping oversight
Wide-ranging bipartisan legislation unveiled Tuesday would regulate cryptocurrencies and other digital assets following a series of high-profile busts and failures.
Fishers tech firm Vibenomics lands $12.3M in growth capital
Fishers-based Vibenomics, which provides in-store music, audio advertising and messaging to retail customers, said the funding will help fuel its growth.
Analysis: U.S. policymakers misjudged inflation threat until it was too late
Prices for just about everything Americans buy have spiked in the past two years. Inflation, which had been scarcely noticeable for decades, is suddenly the top concern most people have about the economy. And it all seemed to catch Washington, D.C., by surprise.
Fed officials signal rates might head to ‘restrictive’ levels
Federal Reserve officials agreed when they met earlier this month that they may have to raise interest rates to levels that would weaken the economy as part of their drive to curb inflation, which is near a four-decade high.
Stock market slump unsettling Americans eying retirement
A stock market slump this year has taken a big bite out of investors’ portfolios, including retirement plans like 401(k)s.
Powell: Fed to keep hiking rates until it controls inflation
Chairman Jerome Powell on Tuesday underscored the Federal Reserve’s determination to keep raising interest rates until there is clear evidence inflation is steadily falling—a high-stakes effort that carries the risk of causing an eventual recession.
Senate confirms Powell for second term as Federal Reserve chief
The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp interest rate hikes that could extend well into next year. The Fed’s goal is to slow borrowing and spending enough to ease the inflation pressures.