Latest Central bank interest rates News

Wall Street drops back to lowest since 2020 as fear returns

Sep. 29, 2022 16:35 PM EDT

NEW YORK (AP) — Stocks fell broadly on Wall Street Thursday as worries about a possible recession and rising bond yields put the squeeze back on markets. The S&P 500 fell 2.1%, reaching its lowest level since late 2020. The washout erased the index’s gains in a big rally the...

EXPLAINER: How do we know when a recession has begun?

Sep. 29, 2022 13:25 PM EDT

WASHINGTON (AP) — The economy shrank in the first half of this year, the government confirmed in a report Thursday, underscoring fears of a broad-based slowdown that could lead to a recession. At the same time, the number of people seeking unemployment benefits — a figure that...

US economy drops at 0.6% annual rate from April through June

Sep. 29, 2022 10:44 AM EDT

WASHINGTON (AP) — Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through June, the government announced Thursday, unchanged from its previous second-quarter estimate. It marked the second consecutive quarter...

Fewer people seek US unemployment aid amid solid hiring

Sep. 29, 2022 09:26 AM EDT

WASHINGTON (AP) — The number of Americans filing for jobless benefits dropped last week, a sign that few companies are cutting jobs despite high inflation and a weak economy. Applications for unemployment benefits for the week ending Sept. 24 fell by 16,000 to 193,000, the Labor...

Asian stocks follow Wall St higher after UK calms markets

Sep. 28, 2022 23:56 PM EDT

BEIJING (AP) — Asian stock markets followed Wall Street higher Thursday after Britain's central bank moved forcefully to stop a budding financial crisis. Market benchmarks in Hong Kong, Seoul and Sydney added more than 1%. Shanghai and Tokyo also rose. Oil prices edged lower after...

China's yuan slides to 14-year low after US rate hikes

Sep. 28, 2022 06:53 AM EDT

BEIJING (AP) — China’s yuan fell to a 14-year low against the dollar Wednesday despite central bank efforts to stem the slide after U.S. interest rate hikes prompted traders to convert money into dollars in search of higher returns. A weaker yuan helps Chinese exporters by making...

Asian shares sharply lower after wobbly day on Wall Street

Sep. 27, 2022 23:45 PM EDT

TOKYO (AP) — Asian shares tumbled Wednesday after a wobbly day ended with mixed results on Wall Street as markets churn over the prospect of a possible recession. Tokyo's Nikkei 225 index sank 2.2% to 25,984.51 while the Kospi in Seoul lost 2.8% to 2,161.86. In Sydney, the...

US consumers gaining confidence as gas prices keep falling

Sep. 27, 2022 11:46 AM EDT

WASHINGTON (AP) — U.S. consumers grew more confident for the second month in a row as gas prices continued to fall. The Conference Board said Tuesday that its consumer confidence index rose to 108 in September, from 103.6 in August. The back-to-back monthly increases follow three...

Asian shares mixed after Dow falls into bear market

Sep. 26, 2022 23:14 PM EDT

Stocks were mixed in Asia on Tuesday after closing broadly lower on Wall Street, where the Dow Jones Industrial Average fell into what’s known as a bear market. Tokyo, Sydney and Shanghai advanced while Hong Kong and Seoul declined. U.S. futures rose and oil prices also were...

Fed officials call for more rate hikes to fight inflation

Sep. 26, 2022 18:16 PM EDT

WASHINGTON (AP) — The Federal Reserve will have to keep boosting its benchmark interest rate to a point that raises unemployment and gets inflation down from unusually high levels, two officials said in separate remarks Monday. Susan Collins, the new president of the Federal...