New York Fed uh President John Williams met last week with banks uh that underwrite the government's debt about and he met about a key short-term lending facility. Williams asked for feedback on the use of the Fed's standing uh repo facility which allows institutions to borrow cash from the Fed in return for highquality collateral like treasury bonds. Central bank officials view the tool as helpful in keeping short-term borrowing costs within their intended range.The news uh comes amid some concern about st ...

Group 1 - Block has laid off 8% of its workforce, impacting 931 employees, as part of a strategic restructuring effort [1][2] - The layoffs include 391 employees for strategic reasons and 460 for performance issues, along with 80 managerial positions to flatten the organization [1][3] - The company is also closing several hundred open positions, focusing on crucial operations and key leadership roles [2] Group 2 - The layoffs are not aimed at achieving specific financial targets or replacing staff with AI, but rather to enhance strategy and performance [3] - Block had previously eliminated 112 positions in a cost-cutting effort early last year [3] - As of December 2024, Block had 11,300 staff members worldwide, with a cap set at 12,000 until business growth significantly outpaces company growth [4] Group 3 - Block is expanding into direct lending with Square Financial Services receiving FDIC approval to make consumer loans directly through Cash App Borrow [5] - This shift allows Block to retain revenue streams associated with lending, previously done through external banking partners [5] - The move into short-term lending comes as traditional credit access avenues are narrowing, with 29% of subprime consumers facing credit card application denials [6]