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The Fed Waits — But Banks Cannot Wait on Building Core Deposit Funding

As expected after a dismal jobs report, the “data-dependent” Federal Reserve at its Federal Open Market Committee meeting today held its short-term Fed Funds Target rate flat, and offered guidance on a reduced pace of future rate increases — more like two one-quarter point increases per year. While most bank CFOs and ALM committees are pining for market rate increases to expand net interest margin, many deposit bankers may be breathing a sigh of relief — as a rate increase would have imposed more challenges on their deposit gathering efforts. This sense of temporary relief is seriously misguided, as recent ...

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