Federal Reserve Vice Chair For Supervision Michael Barr Says It Will Take A Long Time For Financial Firms To Take Up FedNow Payments System
Portfolio Pulse from Benzinga Newsdesk
Federal Reserve Vice Chair for Supervision Michael Barr indicated that the adoption of the FedNow Payments System by financial firms will be a lengthy process. His remarks were made at The Clearing House Annual Conference 2023.
November 17, 2023 | 1:55 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) may experience indirect impact due to the slow adoption of the FedNow Payments System, as it reflects the performance of the financial sector among others.
While the FedNow Payments System is a significant development for financial transactions, the slow adoption rate mentioned by Michael Barr is not likely to have a direct immediate impact on the broad market index that SPY represents. However, it could have a longer-term influence on the efficiency and competitiveness of financial firms within the ETF.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30