Latest Federal Reserve System News

Stocks open mostly higher as earnings reports stream in

Jan. 31, 2023 09:39 AM EST

NEW YORK (AP) — Stocks are mostly higher in early trading on Wall Street as a deluge of major corporate earnings poured in ahead of Wednesday’s Federal Reserve interest rate meeting. The S&P 500 was up 0.2% in the first few minutes of trading Tuesday and the the Dow Jones Industrial Average...

GM quarterly profit jumps 16% as sales rebound late in 2022

Jan. 31, 2023 09:10 AM EST

DETROIT (AP) — Rising factory output led to strong U.S. sales at the end of last year, pushing General Motors' fourth-quarter net income up 16% over the same period a year ago. The Detroit automaker made $1.99 billion from October through December, or an adjusted $2.12 per share,...

US wage growth slowed in the final quarter of 2022

Jan. 31, 2023 08:45 AM EST

WASHINGTON (AP) — Pay and benefits for America's workers grew at a healthy but more gradual pace in the final three months of 2022, a third straight slowdown, which could help reassure the Federal Reserve that wage gains won't fuel higher inflation. Wages and benefits, such as...

Asian shares fall in muted trading ahead of Fed meeting

Jan. 30, 2023 23:05 PM EST

TOKYO (AP) — Asian shares mostly fell in muted trading Tuesday as investors awaited decisions on interest rates and earnings reports from around the world. Traders were awaiting the U.S. Federal Reserve’s decision on interest rates, expected on Wednesday. They are also watching...

This Week: Fed rates, Alphabet earnings, employment update

Jan. 30, 2023 13:31 PM EST

A look at some of the key business events and economic indicators upcoming this week: WATCHING THE FED The Federal Reserve will meet this week and announce its latest interest rate decision on Wednesday. The central bank is expected to raise its...

Fed, set to impose smaller hike, may hint of fewer increases

Jan. 30, 2023 11:02 AM EST

WASHINGTON (AP) — The Federal Reserve is poised this week to raise its benchmark interest rate for an eighth time since March. But the Fed will likely announce a smaller hike for a second straight time, and it could change some key wording in its post-meeting statement about future rate...

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...