Latest Federal Reserve System News

Stock market today: Wall Street rolls to the edge of records as hopes remain for cuts to rates

Jul. 12, 2024 17:05 PM EDT

NEW YORK (AP) — U.S. stocks rose Friday after some mixed signals on big banks' profits and inflation did little to dent Wall Street's belief that easier interest rates are on the way. The S&P 500 climbed 0.6% to close its fifth winning week in the last six. The Dow Jones...

Big bank quarterly results show signs of consumers slowing down spending

Jul. 12, 2024 11:23 AM EDT

NEW YORK (AP) — Signs of consumers slowing down their spending and falling behind on their bills weighed down shares of the big banks on Friday. JPMorgan Chase and Wells Fargo saw their adjusted profits fall, while Citigroup saw sluggish spending on its credit cards. The major...

US wholesale inflation picked up in June in sign that some price pressures remain elevated

Jul. 12, 2024 10:22 AM EDT

WASHINGTON (AP) — Wholesale prices in the United States rose by a larger-than-expected 2.6% last month from a year earlier, a sign that some inflation pressures remain high. The increase, the sharpest year-over-year increase since March 2023, comes at a time when other price...

Average rate on a 30-year mortgage falls slightly, easing borrowing costs for home shoppers

Jul. 11, 2024 13:42 PM EDT

LOS ANGELES (AP) — The average rate on a 30-year mortgage fell slightly this week, providing modest relief for home shoppers facing record-high home prices. The rate fell to 6.89% from 6.95% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.96%. ...

US inflation cools again, potentially paving way for Fed to cut interest rates soon

Jul. 11, 2024 13:21 PM EDT

WASHINGTON (AP) — Inflation in the United States cooled in June for a third straight month, a sign that the worst price spike in four decades is steadily fading and may soon usher in interest rate cuts by the Federal Reserve. In a better-than-expected report, consumer prices...

Stock market today: Asian shares zoom higher, with Nikkei over 42,000 after Wall St sets new records

Jul. 10, 2024 23:55 PM EDT

Asian shares advanced Thursday, tracking a blistering rally on Wall Street, with Japan’s Nikkei 225 index surging over 42,000 for the first time. On Wednesday, the U.S. stock market vaulted to more all-time highs, led by big technology companies whose shares have been soaring...

Government fines Citigroup $136 million for failing to fix longstanding internal control issues

Jul. 10, 2024 17:42 PM EDT

NEW YORK (AP) — A pair of government regulators slapped Citigroup with a $135.6 million fine on Wednesday, saying the bank has made insufficient progress in resolving longstanding internal control and risk issues. It's a major blow to Jane Fraser, the bank's CEO, who has staked her career on...

Powell stresses message that US job market is cooling, a possible signal of coming rate cut

Jul. 10, 2024 12:48 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell on Wednesday reinforced a message that the Fed is paying growing attention to a slowing job market and not only to taming inflation, a shift that signals it's likely to begin cutting interest rates soon. “We’re not just an...

Stock market today: Asian shares are mixed after Fed chair's comments give scant clues on rate cuts

Jul. 10, 2024 00:15 AM EDT

Shares were mixed Wednesday in Asia after remarks by Federal Reserve Chair Jerome Powell in front of Congress did little to change investors' expectations for the timing of a Fed interest rate cut. Tokyo's Nikkei 225 index touched a fresh intraday trading high but fell back, edging...

Target will stop accepting personal checks next week. Are the days of the payment method numbered?

Jul. 09, 2024 17:22 PM EDT

NEW YORK (AP) — Target will no longer accept personal checks from shoppers as of July 15, another sign of how a once ubiquitous payment method is going the way of outmoded objects like floppy disks and the Rolodex. The Minneapolis-based discounter confirmed the move in a statement...