Week in review: October 16, 2026
6 releases this week ending October 16, 2026: Cleveland Fed's Hammack; Bowman says global regulators copied incomplete SVB reports; review counted 54 findings that missed core risks; Effective federal funds rate held at 3.88 percent on October 15; and 3 more. 25 figures below, each with the source it came from and whether it was found there.
On their own pages
- Effective federal funds rate held at 3.88 percent on October 15
The New York Fed's effective federal funds rate for October 15 was 3.88 percent, unchanged from October 14. The target range stayed at 3.75 to 4.00 percent. The 1st percentile was 3.85 percent, up from 3.80 percent; the 25th percentile was 3.87 percent, the 75th percentile 3.88 percent, and the 99th percentile 3.89 percent, all unchanged. Volume was 118 billion dollars, after 111 billion dollars on October 14.
- Secured overnight financing rate rose to 3.89 percent on October 15
The New York Fed's secured overnight financing rate for October 15 was 3.89 percent, up 1 basis point from 3.88 percent on October 14. The 1st percentile was 3.85 percent, the 25th percentile 3.87 percent, the 75th percentile 3.94 percent, and the 99th percentile 3.97 percent. Volume was 3,025 billion dollars, after 2,974 billion dollars on October 14.
Cleveland Fed's Hammack: restrictive policy needed for timely 2% inflation
Cleveland Fed President Beth Hammack said in remarks on October 12 that a restrictive monetary policy stance is appropriate to return inflation to the 2% objective in a timely fashion. She cited August headline PCE inflation at 3.4% and unemployment at 4.2%, near her estimate of maximum employment. She prefers smaller, quicker adjustments over waiting for larger corrections.
- Headline PCE inflation, year over year
- 3.4%
- Unemployment rate
- 4.2%
Source: Trimming the Sails: Communicating My Reaction Function — Federal Reserve Bank of Cleveland.
all 2 figures found at the source
- found Headline PCE inflation, year over year = 3.4% — at Federal Reserve Bank of Cleveland
- found Unemployment rate = 4.2% — at Federal Reserve Bank of Cleveland
Bowman says global regulators copied incomplete SVB reports; review counted 54 findings that missed core risks
Vice Chair for Supervision Michelle W. Bowman, speaking October 14, 2026 at the Bangkok Economic Festival, said the independent review she commissioned found the Basel Committee on Banking Supervision and the Financial Stability Board took language nearly verbatim from incomplete U.S. reports on Silicon Valley Bank's 2023 failure, and that international work built on those reports, including then-Vice Chair Barr's April 2023 report, was not justified. She said SVB had 54 matters requiring attention or immediate attention between 2019 and its failure, yet none required the bank to address its core financial risks. She said the Fed is considering clearer decision rights, accountability and escalation channels for examiners. The remarks do not address the economic or policy outlook. Earlier Starling findings were filed September 18 under a separate id.
- Supervisory matters requiring attention or immediate attention at SVB, 2019 to failure
- 54
Source: Supervisory Modernization After Silicon Valley Bank — Board of Governors of the Federal Reserve System. Also: Speech by Vice Chair for Supervision Bowman on supervisory modernization after Silicon Valley Bank.
all 1 figure found at the source
- found Supervisory matters requiring attention or immediate attention at SVB, 2019 to failure = 54 — at Board of Governors of the Federal Reserve System
Federal deficit reached $1.99 trillion in fiscal 2026, up from $1.78 trillion
Treasury's final Monthly Treasury Statement for September put the federal deficit for fiscal year 2026, which ended September 30, at $1.992 trillion, up from $1.775 trillion in fiscal 2025. Receipts were $5.403 trillion and outlays $7.396 trillion for the year. September alone ran a deficit of about $26.9 billion, against a surplus of about $197.9 billion in September 2025. Receipts grew over the year, but outlays grew faster.
- Federal budget deficit, fiscal year 2026
- $2.0T
- Federal receipts, fiscal year 2026
- $5.4T
- Federal outlays, fiscal year 2026
- $7.4T
Source: Monthly Treasury Statement, Table 1, September 2026 — U.S. Department of the Treasury. Also: Final Monthly Treasury Statement for September 2026.
all 3 figures found at the source
- found Federal budget deficit, fiscal year 2026 = $2.0T — at U.S. Department of the Treasury
- found Federal receipts, fiscal year 2026 = $5.4T — at U.S. Department of the Treasury
- found Federal outlays, fiscal year 2026 = $7.4T — at U.S. Department of the Treasury
Treasury hits Bank of America with $1.21 billion in money-laundering and sanctions penalties
Treasury announced on October 13, 2026 enforcement actions imposing more than $1.21 billion in penalties on Bank of America for anti-money-laundering and sanctions violations, which it calls the third-largest penalty in Treasury history. FinCEN assessed $1.2 billion, crediting the OCC's $750 million civil money penalty (the largest in OCC history), after the bank failed to report more than $5 billion in suspicious transactions on time; the bank admits willful Bank Secrecy Act violations. OFAC settled 475 apparent sanctions violations for $11,662,930. The bank remains under a December 2024 OCC cease-and-desist order.
- Total Treasury penalties announced against Bank of America
- $1.21B
- FinCEN civil money penalty (credits the OCC penalty)
- $1.2B
- OCC civil money penalty
- $750,000,000
- Suspicious transactions not timely reported to FinCEN
- $5B
- Apparent OFAC sanctions violations settled
- 475
Source: U.S. Treasury Announces Record Enforcement Actions Against Bank of America — U.S. Department of the Treasury. Also: OCC Imposes $750 Million Assessment Against Bank of America for Deficient BSA/AML Compliance, Settlement Agreement between OFAC and Bank of America, N.A..
all 5 figures found at the source
- found Total Treasury penalties announced against Bank of America = $1.21B — at U.S. Department of the Treasury
- found FinCEN civil money penalty (credits the OCC penalty) = $1.2B — at U.S. Department of the Treasury
- found OCC civil money penalty = $750,000,000 — at U.S. Department of the Treasury
- found Suspicious transactions not timely reported to FinCEN = $5B — at U.S. Department of the Treasury
- found Apparent OFAC sanctions violations settled = 475 — at U.S. Department of the Treasury
3 further items were researched for this week and held back: their figures could not be found at the named source by the automated pass, so they are not published here.
Items report what the named sources published in the window; they are not this site's own findings, and a source's framing is not a verdict on who owns the money supply. Figures are as those sources printed them. The methodology says how this page is made and what is checked.