Fed Bank-Monitoring System Experienced Outage in August
episodeTranscript
jump: chapters · speakers · find in transcriptTranscript
Transcript generated automatically by AI and may contain errors.
What is the Fed’s National Information Center outage and why does it matter?
The questions that matter most are about what happens next. Will the Fed cut rates, or how far does Bitcoin run? Polymarket is the world's largest prediction market where you can trade on elections, the economy, finance, crypto, sports, tech, culture, and more. Each market asks a simple question will this outcome happen or not? As sentiment shifts, markets move, giving you real time information on where the market believes things are heading. Download Polymarket and use code W twenty for a twenty dollar bonus on your first trade. That's code W two zero.
How did the outage raise concerns about Fed staffing cuts and oversight?
eighteen plus trading involves risk of loss, terms apply, not available in all jurisdictions.
Here is your midday brief for Tuesday, September fifteenth. I'm Alex Ossela for the Wall Street Journal. A Federal Reserve database that monitors banks experienced a temporary outage last month. The system, known as the National Information Center, is used by regulators to track and share information about banks with each other. A Fed spokesperson confirmed the outage and said it temporarily impacted the NIC's public website, while critical functions remained operational. But people familiar with the matter said the internal system was affected as well.
Why are mortgage rates climbing toward 7% and what could it mean for homebuyers?
It couldn't be determined what caused the outage. In a letter to Fed Governor Michelle Bowman, Senator Elizabeth Warren wrote that the outage raised concerns that personnel cuts had interfered with the Fed's maintenance of the NIC system. Mortgage rates are closing in on 7% for the first time since the beginning of last year. According to Freddie Mack, last week 30-year fixed rates averaged around six and three-quarters of a percent. But according to Mortgage News Daily, which uses a different methodology, daily rates have jumped since then and already surpassed seven percent. Economists say that the milestone will likely spook prospective home buyers even further. This year's run-up in mortgage rates, driven primarily by the war in Iran, has kneecapped the housing market that is now well into its fourth year of stagnant sales.
How is Binance allegedly being used to move money for Iranian oil sales?
And the DOJ says that some companies have used Binance to relay payments from Chinese buyers for black market oil from Iran. The crypto company's role was disclosed by federal prosecutors in a complaint to seize $61 million of cryptocurrency related to Iran oil proceeds. Prosecutors said around $1.5 billion in total was sent to Iran through a series of interrelated digital wallets. A Binance spokesperson said the civil forfeiture case isn't against Binance and doesn't allege any wrongdoing by the exchange. We have a lot more coverage on the WSJ's What's News. Listen and subscribe wherever you get your podcasts.
The questions that matter most are about what happens next.
What are the key takeaways and where can listeners find more WSJ coverage?
Will the Fed cut rates or how far does Bitcoin run? Polymarket is the world's largest prediction market where you can trade on elections, the economy, finance, crypto, sports, tech, culture, and more. Each market asks a simple question will this outcome happen or not? As sentiment shifts, markets move, giving you real time information on where the market believes things are heading. Download Polymarket and use code W twenty for a twenty dollar bonus on your first trade. That's code W two zero. 18 plus trading involves risk of loss, terms apply, not available in all jurisdictions.
No segments match your search.
Select any passage to copy it with its citation or turn it into a shareable card.
Chapters
5 chapters
1
What is the Fed’s National Information Center outage and why does it matter?
0:00–0:26
2
How did the outage raise concerns about Fed staffing cuts and oversight?
0:26–1:04
3
Why are mortgage rates climbing toward 7% and what could it mean for homebuyers?
1:04–1:49
4
How is Binance allegedly being used to move money for Iranian oil sales?
1:49–2:27
5
What are the key takeaways and where can listeners find more WSJ coverage?
2:27–2:54