U.S. Economic News

July 21, 2017

 

U.S. News

According to the Wall Street Journal, a Federal Reserve-sponsored task force is releasing a report that identifies new ways to improve U.S. electronic payment transfer systems.  Many of the recommendations center around enabling the instant transfer of funds and bypassing some financial intermediaries, both of which can reduce processing costs. WSJ

The Washington Post reports that the share of Americans working past the traditional retirement age of 65 has reached a new high of 19% and is expected to continue rising.  Employers are reportedly offering older, experienced employees the option to work part time in order to retain their valuable skills even as they pass retirement age. WaPo

The Wall Street Journal reports that the International Monetary Fund (“IMF”) is failing to meet its own internal rules meant to encourage transparency.  IMF rules require that minutes be released within five years of most board meetings; however, IMF archives only have minutes through 2010, which has brought criticism from outside groups who wish to see more accountability for IMF decisions. WSJ

According to the Wall Street Journal, Chinese officials say that bilateral trade talks with the U.S. have been positive and that both parties were working together to narrow the U.S. trade deficit.  The officials said that the two sides would work together to boost U.S. service exports and to reduce excess industrial capacity in China, among other things. WSJ

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