Posted 3/1/2024, 10:08:00 AM
NYCB Plunges 25% as Loan Issues Prompt CEO Exit, Fed Data and Speeches Eyed for Rate Cut Hopes
- Core PCE price index rose 0.4% month-over-month in January but slowed to 2.8% year-over-year, raising hopes for Fed rate cuts
- NYCB stock plunged 25% premarket after revealing "material weaknesses" in loan review process and replacing CEO
- NYCB took $500M loan loss provision as volume of bad debts soared
- Key inflation and manufacturing data due later today
- Regional Fed presidents Daly and Bostic scheduled to speak, potentially moving markets