By Nick Stoico President Biden has nominated former Boston mayor Martin J. Walsh to serve on the United States Postal Service’s board of governors, the White House said Thursday. Walsh, a Dorchester native, served in Biden’s cabinet as labor secretary until he left last year to become executive director of the National Hockey League Players’ […]
By Andrew Brinker A high-profile push by Boston Mayor Michelle Wu and some housing advocates to end the state’s three-decade-old ban on rent control has gained little traction with state lawmakers this year. So now supporters are considering another approach: taking the matter to the voters. Cambridge StateRepresentative Mike Connolly — “acting in my personal […]
By Ramsey Al-Rikabi Federal Reserve Governor Michelle Bowman said US banks need better supervision rather than higher capital requirements because they could stunt lending and competition, and she repeated her calls for an independent review of recent bank failures. “We need to consider whether examiners have the appropriate tools and support to identify important issues […]
By Ashley Fahey Although loans backing office properties are the most scrutinized these days, a wall of debt is also maturing within the multifamily sector in the coming years. And while multifamily continues to be seen as one of the safer asset classes, already, there’ve been recent examples of loan defaults on multifamily portfolios, including four […]
By Andy Medici A growing number of Americans have used artificial intelligence tools like ChatGPT at work — but won’t tell their bosses because they are afraid of being replaced by the emerging technology. As business owners across America experiment with the new wave of AI tools in hopes of boosting productivity and cutting costs, workers […]
By Andy Medici – Senior Reporter, The Playbook, The Business Journals Small-business owners are worried about how long they could survive a potential recession, but many believe AI tools like ChatGPT could help them weather an economic downturn. A survey of 700 business owners by B2B Reviews found about 25% of businesses believe they couldn’t last more than […]
Josh Schafer – Reporter Wed, May 24, 2023 Wall Street has been waiting for a recession that hasn’t materialized roughly five months into the year. Executives at S&P 500 companies are talking about recessions less on earnings calls for the third straight quarter, per FactSet. S&P Global’s flash US composite PMI showed US economic output reached a 13-month high […]
By Steve Matthews and Matthew Boesler Two Federal Reserve officials signaled they favored pausing interest-rate increases, while a third policymaker said the central bank’s task in subduing inflation was not complete. “We at the Federal Reserve probably have more work to do on our end to try to bring inflation back down,” Minneapolis Fed President […]
By Richard Berger Amid the backdrop of economic uncertainty and high-interest rates, Keyway released a new report on how commercial real estate sectors have performed historically during an economic downturn. Looking back at the Great Recession of 2008, Keyway uncovered trendlines about commercial real estate sub-sectors that performed best then and how they could again […]
By Erik Sherman In the closing of First Republic Bank by the Federal Deposit Insurance Corporation and its sale to JPMorgan Chase, there was mention of a loss-share transaction for loans. Both the FDIC and JPMorgan Chase will share costs and potential recoveries from single family, residential, and commercial loans that the bank bought from First Republic. […]
