Latest Central banking News

Slumping technology stocks pull Wall Street lower

May. 24, 2022 16:54 PM EDT

NEW YORK (AP) — Stocks on Wall Street gave up more ground Tuesday amid mounting worries that persistently high inflation will dim corporate profits. The S&P 500 fell 0.8%, while the Nasdaq dropped 2.3%. The Dow Jones Industrial Average eked out a 0.2% gain, thank's primarily...

Powell: 'Soft' economic landing may be out of Fed's control

May. 24, 2022 10:35 AM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell, fresh off winning Senate confirmation for a second term earlier in the day, acknowledged for the first time Thursday that high inflation and economic weakness overseas could thwart his efforts to avoid causing a recession. For...

Official: Nine Lebanese banks to withdraw from Cyprus

May. 24, 2022 09:55 AM EDT

NICOSIA, Cyprus (AP) — Nine Lebanese banks are shutting down their operations on the Mediterranean island of Cyprus, a representative of the Cyprus Central Bank said on Tuesday. The banks will close their branches on the island within a period of time that will allow them to wind...

Davos updates | Urgent need in Afghanistan is saving economy

May. 23, 2022 15:21 PM EDT

DAVOS, Switzerland (AP) — Two high-level speakers at the World Economic Forum gathering say Afghanistan’s most urgent need is saving its economy from complete collapse. Achim Steiner, administrator of the United Nations Development Program, said Monday in Davos that “we cannot...

European Central Bank chief signals possible July rate hike

May. 23, 2022 15:10 PM EDT

FRANKFURT, Germany (AP) — The president of the European Central Bank on Monday gave the clearest sign yet that policymakers will aim to raise interest rates as soon as July to ease surging inflation. In a blog post on the Frankfurt, Germany-based bank's website, President Christine...

This Week: New home sales, Fed minutes, Macy’s results

May. 23, 2022 00:11 AM EDT

A look at some of the key business events and economic indicators upcoming this week: HOUSING MARKET BAROMETER The Commerce Department issues its April tally of new U.S. home sales Tuesday. Economists forecast that sales slowed again last month to a...

Consumers defy inflation to support economy. For how long?

May. 22, 2022 09:43 AM EDT

WASHINGTON (AP) — With prices across the economy — from food, gas and rent to cars, airfares and hotel rooms — soaring at their fastest pace in decades, you might think Americans would tap the brakes on spending. Not so far. Consumers as a whole are showing surprising...

US stocks got close to a bear market. Here’s what that means

May. 20, 2022 16:46 PM EDT

NEW YORK (AP) — The bear came close to Wall Street but then backed off. The stock market’s slump this year briefly pulled the S&P 500 into what's known as a bear market Friday, before a late rally put the index in the green. The prevailing sentiment among investors remains...

Asian stocks rise after Wall St slips closer to bear market

May. 20, 2022 00:34 AM EDT

BEIJING (AP) — Asian stock markets rose Friday after Wall Street fell closer to bear territory, China cut a key interest rate and Japanese inflation edged higher. Market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices fell more than $1 per barrel. ...

Fed nominee Michael Barr calls inflation 'far too high'

May. 19, 2022 13:26 PM EDT

WASHINGTON (AP) — President Joe Biden's pick to be the Federal Reserve's top banking regulator pledged Thursday to help reduce high inflation and provide “clear rules” to govern financial innovation. “I strongly believe that inflation is far too high today and I’m...