Latest Federal Reserve System News

FILE - This Feb. 5, 2018, file photo shows the seal of the Board of Governors of the United States Federal Reserve System at the Marriner S. Eccles Federal Reserve Board Building in Washington. On Thursday, Jan. 16, 2020, President Donald Trump announced he has nominated Judy Shelton and Christopher Waller to serve on the Federal Reserve's influential Board of Governors. Shelton is an economic adviser to Trump's campaign who recently served as the U.S. executive director for the European Bank of Reconstruction and Development. Waller is the director of research at the Federal Reserve Bank of St. Louis. (AP Photo/Andrew Harnik, File)

Trump to nominate Shelton, Waller to Federal Reserve

Jan. 16, 2020 8:38 PM EST

WASHINGTON (AP) — President Donald Trump said Thursday that he intends to nominate two people to serve on the Federal Reserve's Board of Governors, an institution he has repeatedly attacked for not cutting rates deeply enough. Both were first named by Trump on Twitter in July but their nominations hadn't...

Serena Williams to highlight Fed Cup roster for US

Jan. 15, 2020 12:41 PM EST

WHITE PLAINS, N.Y. (AP) — Serena Williams will be part of the U.S. team for its Fed Cup qualifier against Latvia, the U.S. Tennis Association said Wednesday. It will be the first time Williams has participated in the Fed Cup since 2018. Williams has played in 10 previous Fed Cup competitions, and is 13-0...

FILE - In this Oct. 21, 2013, file photo, the JPMorgan Chase logo is displayed at their headquarters in New York. Banking giant JPMorgan Chase said that its fourth-quarter profits jumped 21% from a year earlier, as the bank's trading desks had a blowout quarter. A sharp increase in JPMorgan's trading business made up for declining interest rates, which impacted other parts of the bank. (AP Photo/Seth Wenig, File)

Banks post big profits, but lower interest rates are a worry

Jan. 14, 2020 2:57 PM EST

NEW YORK (AP) — So far, it appears 2019 was another record year for Wall Street. Trading of stocks and bonds rebounded after a terrible end to 2018 and consumers spent tons of money on their credit cards, buoyed by a strong job market and steady economic growth. On Tuesday, JPMorgan Chase reported a...

FILE - In this Jan. 3, 2020, file photo the New York Stock Exchange is framed by the columns at Federal Hall National Memorial in New York. The U.S. stock market opens at 9:30 a.m. EST on Friday, Jan. 10. (AP Photo/Mary Altaffer, File)

US stocks pull back from records following jobs report

Jan. 10, 2020 4:31 PM EST

NEW YORK (AP) — U.S. stocks fell from their record heights on Friday after a report showed hiring was a touch weaker than expected last month. Employers added 145,000 jobs across the country in December, short of the 160,000 that economists forecast. But the growth was solid enough to bolster Wall...

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. In her first year as Federal Reserve chair, Yellen presided over a policy panel divided over the issue of how much longer the central bank could afford to keep its benchmark interest rate at a record low, and how to prepare financial markets for the start of rate hikes. (AP Photo/Andrew Harnik, File)

2014 Fed conundrum: How to alert markets rates were going up

Jan. 10, 2020 4:06 PM EST

WASHINGTON (AP) — In her first year as Federal Reserve chair, Janet Yellen presided over a policy panel divided over the issue of how much longer the central bank could afford to keep its benchmark interest rate at a record low, and how to prepare financial markets for the start of rate hikes. According to...

FILE - In this Aug. 24, 2018, file photo John Williams, left, President and CEO of the Federal Reserve Bank of New York, and Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System walk together after Powell's speech at the Jackson Hole Economic Policy Symposium in Jackson Hole, Wyo. Williams said said Thursday, Jan. 9, 2020, that the Fed needs to re-orient its policies toward fighting inflation that is too low, rather than its historic focus on keeping inflation from getting too high. (AP Photo/Jonathan Crosby, File)

Fed should focus on fighting low inflation, official says

Jan. 9, 2020 2:29 PM EST

WASHINGTON (AP) — A top Federal Reserve official believes that the U.S. central bank needs to re-orient its thinking and policies toward fighting inflation that is too low, rather than its historic focus on keeping inflation from getting too high. John Williams, president of the New York Federal Reserve...

FILE - In this Dec. 11, 2019, file photo Federal Reserve Chair Jerome Powell arrives to speak at a news conference after the Federal Open Market Committee meeting in Washington. On Thursday, Jan. 2, 2020, the Federal Reserve releases minutes from its December meeting when it kept its key interest rate unchanged. (AP Photo/Jacquelyn Martin, File)

Federal Reserve last month saw a declining risk of recession

Jan. 3, 2020 2:55 PM EST

WASHINGTON (AP) — The Federal Reserve’s policymaking committee saw much less risk of recession at its meeting last month, when it kept interest rates steady after three straight cuts and signaled that it expected to keep low rates unchanged through this year. Minutes of the December meeting,...

FILE - In this Dec. 3, 2019, file photo workers erect a building under construction, in Philadelphia. On Friday, Jan. 3, 2020, the Commerce Department reports on U.S. construction spending in November. (AP Photo/Matt Rourke, File)

US construction spending up 0.6% in November, led by housing

Jan. 3, 2020 10:18 AM EST

WASHINGTON (AP) — Spending on U.S. construction projects rose a solid 0.6% in November as gains in home building and government projects offset weakness in nonresidential construction. It was the fifth consecutive monthly gain and a sharp improvement from a tiny 0.1% October advance, according to a...

Stock traders wear New Year's 2020 party glasses at the New York Stock Exchange, Tuesday, Dec. 31, 2019. Stocks slipped globally in quiet New Year's Eve trading Tuesday with many markets closed. Wall Street could close 2019 with back-to-back daily losses in a year that the U.S. posted the largest market gains since 2013. (AP Photo/Mark Lennihan)

Stocks close out best year since 2013; S&P 500 soars 28.9%

Dec. 31, 2019 6:13 PM EST

Wall Street closed the books Tuesday on a blockbuster 2019 for stock investors, with the broader market delivering its best returns in six years. The S&P 500 finished with a gain of 28.9% for the year, or a total return of 31.5%, including dividends. The Nasdaq composite rose 35.3%. For both indexes it was...

FILE - In this Nov. 14, 2019, file photo a pair of specialists work on the floor of the New York Stock Exchange. Investments around the world were all winners in 2019 as central banks unleashed more stimulus to bolster the global economy against the damage created by President Donald Trump’s trade war. (AP Photo/Richard Drew, File)

Markets in 2019: record stocks, lower rates, so-so IPOs

Dec. 26, 2019 4:59 PM EST

NEW YORK (AP) — On January 3, the S&P 500 sank 2.5% when Apple warned of sagging demand for the iPhone, an inauspicious start to 2019 following a 14% drubbing in last year's fourth quarter. On January 4, Federal Reserve Chairman Jay Powell said the central bank would be "patient" with its interest rate...