After the Fed released minutes of its last meeting, the bond market signaled it fears the Fed will not be aggressive enough with its rate cutting.Market Insiderread more
The Fed minutes also note that "a couple" members wanted a 50 basis point cut, based primarily on the weak inflation readings.The Fedread more
The inversion is seen by many veteran traders as an important recession omen, though the timing on the eventual downturn is less predictable.Bondsread more
Here's what Nordstrom reported for its fiscal second-quarter earnings.Retailread more
The sexy image that once boosted Victoria's Secret has been haunting L Brands more recently, as women are steering clear of the brand's hot pink, lacy and bejeweled lingerie.Retailread more
See which stocks are posting big moves after the bell.Market Insiderread more
"I'd love to say that the optimistic universe is most likely to prevail, but the talking heads talk endlessly about how a recession is inevitable," CNBC's Jim Cramer says.Mad Money with Jim Cramerread more
Read the fine print in your Apple Card contract — one clause means you give up your right to be heard in court.Technologyread more
Federal Reserve members worried over future growth are highly concerned about the U.S.-China tariff battleThe Fedread more
President Donald Trump signed a memorandum on Wednesday to automatically cancel the student loan debt of disabled veterans. More than 25,000 service members will have their...Personal Financeread more
President Trump and Apple CEO Tim Cook have had a rocky relationship in recent years, but Trump is now complimenting the executive publicly.Technologyread more
European banks have transferred 21.4 billion euros ($24.2 billion) in revenues to the European Central Bank (ECB) in the five years since negative interest rates were introduced.
The ECB introduced negative interest rates on June 11 2014, lowering its deposit rate to -0.1% in a bid to stimulate the economy, and negative interest rates are currently at -0.4% on central bank deposits for 17 eurozone countries.
The negative rates were intended to discourage banks from parking cash with the ECB rather than lending it out or investing it.
European banks paid a record 7.5 billion euros on their surplus deposits in 2018 alone, amounting to 21 million euros being paid to the ECB daily, according to a report from open banking platform Deposit Solutions.
German banks account for a third (33%) of all eurozone deposit charges from 2016 to 2018, with French banks accounting for a further 24% and Dutch banks paying 13% of total charges.
The report, which analyses ECB data, also shows charges having a considerable impact on banks' profitability, equating to a 4% decline in profits in 2018. German banks again bore the heaviest burden among major economies, losing 9% of profits.
The costs are also increasing, Deposit Solutions' analysis suggested, with German banks' interest payments almost doubling over the past three years.
In comments within the report, Deposit Solutions CEO Tim Sievers said banks should position themselves as platforms and offer customers a choice of third-party savings deposit products in order to reduce the negative rate burden.
"If you make open banking a part of your business strategy, you can use third-party products to do more business with your existing customers and win new ones," said Sievers.
"Instead of placing money with the ECB at a cost they can pass on excess liquidity to other institutions in a customer and balance-sheet-friendly way."