NTD Business (July 20): US Leading Indicators Point to Recession; Federal Reserve Launches Instant Payments Service

Don Ma
By Don Ma
July 20, 2023NTD Businessshare

An index designed to track turns in U.S. business cycles fell for the 15th straight month in June. This is the longest streak of decreases since the lead-up to the 2007–2009 recession. The Conference Board on Thursday said its Leading Economic Index suggests economic activity will continue to decelerate in the months ahead and forecasts that the U.S. economy is likely to be in recession from the current third quarter to the first quarter of 2024.

The U.S. Federal Reserve has launched a long-awaited service that will aim to allow everyday Americans to send and receive funds in seconds, 24 hours a day, seven days a week. The service is called “FedNow” and will seek to eliminate the several-day lag it commonly takes cash transfers to settle.

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