Ken Tumin
12K posts
@KenTumin
Latest venture: https://t.co/cTbM6dKyH7 • Sold DepositAccounts to LendingTree • Former LendingTree Senior Analyst • Interests: banks, saving, investing & walking pup
American Express increased the rate on its 10-month CD by 25 bps to 4.25% APY. It’s now a CD rate leader among the Big 5 of online banks. It’s rare when this happens. Highest CD rates (special or standard) at the Big 5 Online Banks: APYs as of 7/28/2026 4.25% 10mo at AMEX 4.15% 14mo at Synchrony 4.10% 14mo at Marcus 4.00% 12mo at CapOne 3.85% 14mo at Ally Highest CD rate from an online bank: 4.35% 36mo & 60mo at E*TRADE from Morgan Stanley
The FOMC held rates steady, and the vote was 9-3. Three bank presidents dissented in favor of a quarter-point rate increase. It was the first time since 2016 that there were three dissents in the same direction over a policy change.
Fed holds rates steady. Three Fed officials dissent, voting for a 25bp rate hike! "Voting against the monetary policy action were Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting." federalreserve.gov/newsevents/pre…
With interest-rate futures markets pricing in a one-third chance of a Fed hike today, whatever the Fed does will be the largest "surprise" at a non-rate-cut meeting since 1997, according to Goldman Sachs. A hike would be "the largest meeting-day surprise outside of cuts since the Fed started releasing statements to announce policy-rate changes."
Claudia Sahm, chief economist at New Century Advisors, says uncertainty about the Federal Reserve’s interest rate decision comes from “a Fed Chair who was gone really low information on how he’s thinking about policy" bloom.bg/4fIbN1U
American Express is becoming Gen Z’s go-to bank | @eMarketer "American Express is not content with being Gen Z’s favorite card. Now, it wants to be Gen Z’s favorite bank." Per AMEX Q2 earnings "about 60% of all consumer deposit accounts were held by millennials and Gen Zers"
BOFA: JULY FED RATE HIKE WOULD BE UNPRECEDENTED BofA expects the Fed to hold rates in July, despite markets pricing a small chance of a hike. The bank says a July increase would be unprecedented, noting the Fed has never hiked since 1994 with less than 60% odds priced in. BofA sees higher oil prices as the main inflation risk and remains bullish on the U.S. dollar.
NEW: At dinner after day one of his first meeting as Fed chair, Kevin Warsh told his 18 colleagues he was launching five task forces to rethink how the Fed reads the economy. Chris Waller asked what the point was. Name who's on them, he said, and I'll tell you what they'll say.
