The Federal Reserve, OCC, FDIC and NCUA on Friday proposed guidance to help banks and credit unions "better align and tailor their third-party risk management practices to the risk of individual third‑party relationships." Fed staff said the proposal responds to rising outsourcing as banks rely more on third parties to boost efficiency and cut costs. The guidance is non-binding, principle-based and open for public comment. Fed Governor BARR dissented, citing concerns about the clarity of the sta

BESSENT downplayed market concern after Thursday’s Treasury buyback fell short of the announced maximum and after a recent rise in U.S. Treasury yields, saying the market is “in very good shape.” Two-year yields hit their highest levels since 2024 and 10-year yields rose to highs not seen since 2023. He cited strong results at two recent Treasury auctions and repeated that the correlation between bond and energy prices is unusually high. He said the sell-off was driven by a surge in oil prices and by the Treasury repurchasing fewer securities than planned: the Treasury had announced buybacks of up to $6.0 bln but bought $5.19 bln on Thursday. “We only buy when prices are cheap,” he said, adding that holders preferred to keep long-dated paper; the Treasury typically receives about $20.0 bln of offers to sell but this time received roughly $10.0 bln.

Amazon (AMZN.O) said Whole Foods Market employees will be eligible for Amazon benefits starting Jan. 1, 2027.