Federal Reserve Chair JanetYellen's word choice reveals her concerns, Bank of America stays away from theterm "Brexit" and a new virtual currency promises a blockchain forexecuting rather than only recording transactions.
BloombergNews tracked the occurrence of certain words in Fed Chair Janet Yellen's March29 speech and foundthat global economic concerns played a big role in her remarks. The word "global"appeared more than 10 times, but was barely mentioned during a Dec. 2, 2015,address.
has boughtoffice space equal to 10 football fields in Midtown Manhattan to house what ithopes will become a capital markets business to rival the largest investmentbanks, Reuters reported. The move could be incongruous with the folksy attitudeof CEO John Stumpf, who often says he prefers kitchen tables to league tables.
"Brexit"is off-limits for managers of Bankof America Corp., theFinancial Times reported. U.K. voters will decide June 23 whether to leavethe European Union, and the bank has decided to stay away from thecontroversial proposal. Other major American banks, including , andMorgan Stanley haveor are planning to donate to the campaign to keep Great Britain in the EU.
Marketingexecutive Donald Trump's presidential campaign paid just under $300,000 for aninsurance policy with Aon plc,the Washington Free Beacon reported.Pamela Newman, who is president and CEO of the Newman Team at Aon, was thefirst person to donate to Trump's campaign. Newman works from the same officeaddress the funds were sent to, the publication wrote.
There'sa new blockchain-based virtual currency in town, The New York Times reported. Ethereum's key difference is that itssoftware provides a way to conduct transactions without a middleman in additionto providing a seamless record of transactions, which is the key attribute of ablockchain or distributed ledger. With Ethereum a farmer could sell producedirectly to consumers and receive a payment with no intermediary.
Youngand lower-income Americans were behind the bump in consumer spending at the endof 2015, according to The Wall StreetJournal. Consumers under 35 years of age accounted for more than half ofthe gain in spending. The bottom income quintile produced the most spending,while the top quintile dragged down consumption growth.