Big banks have long complained about the costs of holding large pools of inactive deposits, especially in countries where interest rates have turned negative. Increasingly, they are charging customers to look after their cash.
After arguing earlier this year the Federal Reserve needs to modernize how it is structured, a former top central bank adviser and activists are now laying out exactly how they believe the overhaul needs to happen.
For much of the post-financial crisis era, Federal Reserve officials have held to a belief they could get back to their old way of doing things. As they prepare to gather at their annual retreat in Jackson Hole, Wyo., officials are grimly coming to a view it isn’t going to happen that way.
Spending on single-family home construction in the U.S. remains 40% below the levels of a decade ago, but new forecasts project that investment in residential remodeling and repairs this year will surpass records set during the housing boom.