Latest Central banking News

Correction: CNS-Student Debt story

Dec. 7, 2019 11:15 AM EST

A Dec. 5 correction to a Capital News Service story that ran Dec. 3 about student loan debt incorrectly said the interest rate for federal student loans increased by 10.3% in 2019. The interest rate decreased by 10.3%. The correction also said federal student loans are usually based on financial need. While...

US firms keep hiring, easing worries of weakening economy

Dec. 6, 2019 5:45 PM EST

WASHINGTON (AP) — American businesses have complained for years that they can’t find the workers they need to fill available jobs. November’s robust hiring gain suggests that at least some have found a way to do so. With the unemployment rate now at a half-century low of 3.5%, many economists...

Lebanese central bank slashes interest rates amid crisis

Dec. 4, 2019 1:27 PM EST

BEIRUT (AP) — Lebanon’s central bank on Wednesday dramatically lowered interest rates on dollar and Lebanese pound deposits and loans — the latest measure to shore up the country’s banking system amid a burgeoning economic crisis. Banque de Liban also announced that for the next six...

Brazil’s Bolsonaro under fire after Trump slaps tariffs

Dec. 2, 2019 4:27 PM EST

SAO PAULO (AP) — Brazilian President Jair Bolsonaro’s U.S.-focused foreign policy efforts suffered a severe setback on Monday when his American counterpart Donald Trump pledged to impose tariffs on steel and aluminum on the South American nation. Trump initially leveled the threat by Twitter while...

Lagarde: Eurozone growth is weak, stimulus working

Dec. 2, 2019 11:59 AM EST

FRANKFURT, Germany (AP) — New European Central Bank President Christine Lagarde said Monday that economic growth “remains weak” in the 19 countries that use the euro but gave no indication she is contemplating adding to the stimulus enacted by her predecessor, Mario Draghi. Lagarde said in...

Gas station strike paralyzes Lebanon as crisis deepens

Nov. 29, 2019 1:06 PM EST

BEIRUT (AP) — Angry motorists blocked roads with their vehicles in Beirut and other parts of Lebanon on Friday, creating traffic jams to protest a strike by owners of gas stations demanding an increase in gasoline prices as the local currency drops and the nation slides deeper into a financial crisis. The...

How a central banker’s low-rate shift showed the way for Fed

Nov. 29, 2019 11:17 AM EST

RICHMOND, Virginia (AP) — In mid-2016, even with unemployment falling and the economy growing modestly, James Bullard, head of the St. Louis Federal Reserve Bank, was concerned. Months earlier, with Bullard’s support, the Fed had raised rates for the first time in seven years. Panicky financial...

Eurozone unemployment’s falls to lowest rate since July 2008

Nov. 29, 2019 5:50 AM EST

LONDON (AP) — Unemployment across the 19-country eurozone has fallen to its lowest rate since July 2008 even though growth is cooling in the face of headwinds like the U.S.-China trade war and uncertainty related to Britain’s departure from the European Union. The European Union’s statistics...

Lebanon pays back $1.5 billion Eurobond amid economic crisis

Nov. 28, 2019 2:13 PM EST

BEIRUT (AP) — Lebanon paid back a Eurobond worth $1.5 billion that was scheduled to mature Thursday, a Finance Ministry official said, pacifying concerns of a first-ever default on its debt amid the worst financial crisis in three decades. The tiny Mediterranean country’s economic emergency has...

Pope taps former Bank of Italy exec to head watchdog agency

Nov. 28, 2019 1:00 AM EST

VATICAN CITY (AP) — Pope Francis has tapped a Bank of Italy executive to take over the Vatican’s financial intelligence unit following a scandal that resulted in the Vatican being suspended from an international anti-money laundering network. Carmelo Barbagallo has been head of the Italian central...