Latest Federal Reserve System News

Wyoming crypto bank's Federal Reserve application denied

Jan. 27, 2023 19:07 PM EST

CHEYENNE, Wyo. (AP) — The Federal Reserve Board has denied a Wyoming cryptocurrency bank's application for Federal Reserve System membership, officials announced Friday, dealing a setback to the crypto industry's attempts to build acceptance in mainstream U.S. banking. Many in...

Wall Street adds more to its big January after strong week

Jan. 27, 2023 16:27 PM EST

NEW YORK (AP) — A strong week for Wall Street closed out with modest gains Friday, sending the stock market to its highest level since early December. The S&P 500 rose 0.2% to clinch its third winning week in the last four and was near its highest level since the summer,...

How major US stock indexes fared Friday 1/27/2023

Jan. 27, 2023 16:23 PM EST

Stocks closed higher on Wall Street, marking the market’s third winning week in the last four. The S&P 500 rose 0.2% Friday, having given up much of its afternoon gain. The Nasdaq composite and the Dow also rose. American Express helped lead the way. It jumped after giving a...

US inflation and consumer spending cooled in December

Jan. 27, 2023 11:32 AM EST

WASHINGTON (AP) — The Federal Reserve's preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed's series of interest rate hikes are slowing the economy. Friday’s report from the Commerce Department showed that prices...

An inflation gauge closely tracked by the Federal Reserve slowed in December, and consumer spending fell

Jan. 27, 2023 08:34 AM EST
WASHINGTON (AP) — An inflation gauge closely tracked by the Federal Reserve slowed in December, and consumer spending fell.

Asian shares edge higher, tracking Wall Street rally

Jan. 26, 2023 22:32 PM EST

TOKYO (AP) — Asian shares advanced Friday, tracking a rally on Wall Street following reports suggesting the economy and corporate profits may be doing better than feared. In Tokyo, data showed the core consumer price index was up 4.3%, slightly higher than expected at 4.2%, and...

US economy slowed but still grew at 2.9% rate last quarter

Jan. 26, 2023 16:11 PM EST

WASHINGTON (AP) — The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession. Thursday’s estimate from the Commerce Department showed that the...

Average long-term mortgage rate at lowest level in 4 months

Jan. 26, 2023 12:07 PM EST

The average long-term U.S. mortgage rate fell to its lowest level in more than four months, giving some relief to homebuyers faced with higher prices for just about everything, including homes. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year...

How will we know if the US economy is in a recession?

Jan. 26, 2023 09:49 AM EST

WASHINGTON (AP) — The second consecutive quarter of economic growth that the government reported Thursday underscored that the nation isn't in a recession despite high inflation and the Federal Reserve's fastest pace of interest rate hikes in four decades. Yet the U.S. economy is...

Fewer Americans file for jobless claims last week

Jan. 26, 2023 08:54 AM EST

WASHINGTON (AP) — Fewer Americans filed for unemployment benefits last week as the labor market remains tight, even as the Federal Reserve has tried to cool the economy and inflation by raising interest rates. Applications for jobless aid in the U.S. for the week ending Jan. 21...