G20 Ministerial Ends in Disarray
The G20 finance ministerial yesterday was chaotic in ways not captured even by the public walk-out to protest Russia’s invasion well highlighted in recent media coverage. In fact, the ministerial failed to result in even the usual bland communique that summarizes discussions and details agenda items in increasingly general and non-binding terms.
CFPB Pursues Another “Repeat Offender” with Court Action
Continuing the CFPB’s commitment to tackle “repeat offenders”, the Bureau and New York Attorney General today filed a suit against MoneyGram alleging that the company – despite prior enforcement actions – stranded customers waiting for their money, botched error-resolution instructions, and lacked policies and procedures to ensure compliance.
Powell Ducks Globalization Debate
At a debate session today during the IMF annual meeting, Chairman Powell reiterated prior statements on monetary policy, for example that a fifty basis point rate hike may be appropriate, a point reinforced by his comment that the U.S faces higher core inflation than the E.U. even though the E.U. has higher price increases in food and energy costs.