Monday, February 3, 2014 – 09:30 a.m.
Here’s some news flowing across the transom both Monday morning, and last week, in case you missed it.
Yellen takes over at Fed
Janet Yellen officially replaced Ben Bernanke as Chair of the Federal Reserve on Monday. Expect the continued reduction in stimulus to continue. There really is no choice.
The Fed balance sheet is over $4 trillion in printed money. A number not included in the nation’s $17 trillion debt.
Economic numbers point to weakness
Two readings on the economy weren’t too impressive Monday morning.
The Institute for Supply Management (ISM) manufacturing index fell to 51.3 in January from a reading of 56.5 in December. Also, the Commerce Department reported construction spending rose a meager 0.1% in December, after rising 0.8% in the previous month.
CVB Financial profits climb
CVB Financial (NASDAQ: CVBF), parent of Citizen’s Business Bank, reported strong profits for its fourth quarter and 2013 as a whole.
To read the entire release click here.
Pacific Premier Bancorp reports strong earnings, assets climb to $1.7 billion
Pacific Premier Bancorp (NASDAQ:PPBI). parent Pacific Premier Bank, reported strong earnings for its latest quarter. Assets of the bank climbed to a record $1.7 billion.
To read the entire release, click here.
First-Time jobless claims rise
First-time claims for jobless benefits climbed to 348,000 last week. A jump of 19,000 from the prior week.
The numbers give rise to questions about the falling unemployment rate. Can the monthly number of 6.7% be trusted?