Latest Federal Reserve System News
Retail sales rise a meager 0.1% in May from April as still high inflation curbs spending
NEW YORK (AP) — Consumers barely increased spending in May from April as still high prices on groceries and other necessities and high interest rates curbed spending. Retail sales rose 0.1% in May, below the pace that economists projected, the Commerce Department said Tuesday. And...
Stock market today: Asian shares mostly gain after Wall St rallies to new records
BANGKOK (AP) — Shares were mostly higher in Asia on Tuesday after U.S. stocks rallied to more records, with gains for technology companies pushing the benchmarks higher. U.S. futures were flat and oil prices declined. This week has few top-tier economic reports...
Stock market today: Wall Street hangs around its records after European stocks slump
NEW YORK (AP) — U.S. stocks hung around their record levels on Friday as Wall Street remained relatively quiet following another slide in Europe. The S&P 500 edged down by less than 0.1%, marking the first time this week where it did not set an all-time high. The Dow Jones...
Trump offers CEOs a cut to corporate taxes. Biden's team touts his support for global alliances
WASHINGTON (AP) — Former President Donald Trump told an influential group of CEOs that he wants to further cut the corporate tax rate he lowered while in office, while President Joe Biden's chief of staff separately told them that the Democratic incumbent’s emphasis on global alliances would...
How major US stock indexes fared Thursday, 6/13/2024
Most U.S. stocks fell, but hopes for coming cuts to interest rates and Wall Street’s continued frenzy around artificial-intelligence technology sent indexes to more record highs. The S&P 500 rose 0.2% Thursday after a day of drifting between shallow gains and losses, beating...
Mortgage rates ease for second straight week, leaving average rate on a 30-year home loan at 6.95%
LOS ANGELES (AP) — Mortgage rates eased again this week, though the latest pullback leaves the average rate on a 30-year home loan at close to 7%, where it's been much of this year. The rate fell to 6.95% from 6.99% last week, mortgage buyer Freddie Mac said Thursday. A year ago,...
The number of Americans filing for jobless benefits jumps to the highest level in 10 months
The number of Americans filing for jobless benefits jumped to the highest level in 10 months last week, a sign that the labor market is likely cooling under the weight of high interest rates. Unemployment benefit applications for the week ending June 8 rose by 13,000 to 242,000, up...
US wholesale prices dropped in May, adding to evidence that inflation pressures are cooling
WASHINGTON (AP) — Wholesale price increases fell in May, the latest sign that inflation pressures in the United States may be easing as the Federal Reserve considers a timetable for cutting interest rates. The Labor Department reported Thursday that its producer price index —...
Stock market today: Asia shares rise amid Bank of Japan focus after the Fed stands pat
TOKYO (AP) — Asian shares mostly rose Thursday, as investors turned their attention to what the Bank of Japan might decide on monetary policy later this week. The Bank of Japan is not expected to raise its benchmark rate when it wraps up its meeting on Friday, but the economy is...
Federal Reserve sees some progress on inflation but envisions just one rate cut this year
WASHINGTON (AP) — Federal Reserve officials said Wednesday that inflation has fallen further toward their target level in recent months but signaled that they expect to cut their benchmark interest rate just once this year. The policymakers' forecast for one rate cut was down from...
