Latest Central banking News

S&P 500 notches another record after a muted, mixed day

Jul. 15, 2019 4:39 PM EDT

NEW YORK (AP) — A wobbly day of trading ended with meager gains for U.S. stock indexes on Monday, enough to nudge them further into record territory, as the curtain rose on what's expected to be the weakest earnings reporting season in years. Financial stocks fell even though Citigroup said it made more...

Treasury chief: Facebook currency plan ripe for illicit use

Jul. 15, 2019 4:17 PM EDT

WASHINGTON (AP) — The Trump administration came out strongly Monday against Facebook's ambitious plan to create a new digital currency, as the Treasury chief warned it could be used for illicit activity such as money laundering, human trafficking and financing terrorism. Treasury Secretary Steven Mnuchin...

Stocks edge lower as bank losses offset technology gains

Jul. 15, 2019 10:22 AM EDT

NEW YORK (AP) — Stocks edged lower in early trading Monday on Wall Street as a decline in banks offset solid gains in technology companies. The losses follow record high finishes for every major stock index last week. The S&P 500 index also pushed above 3,000 for the first time. Citi led banks lower,...

Citigroup profits rise 7%, helped by higher interest rates

Jul. 15, 2019 9:09 AM EDT

NEW YORK (AP) — Banking conglomerate Citigroup said its second quarter profits rose by 7% from a year ago, helped by higher interest rates, a lower tax rate and a strong economy. Citigroup is the first of the big Wall Street banks to report results this week. All the major banks are expected to report...

Stocks climb to records on hopes for lower interest rates

Jul. 12, 2019 4:30 PM EDT

NEW YORK (AP) — The major U.S. stock indexes closed at record highs on Friday, with the S&P 500 ending above 3,000 for the first time. The market was driven higher by technology, consumer discretionary and industrial company stocks, which more than offset the drop in drugmakers. Investors continued to...

World shares mostly higher after Wall St sets new records

Jul. 12, 2019 6:58 AM EDT

BANGKOK (AP) — World shares were mostly higher on Friday after Wall Street ended overnight with the Dow Jones Industrial Average closing above 27,000 for the first time. Germany's DAX edged 5.68 points higher to 12,337.80 while the CAC 40 in France surged 0.6% to 5,585.27. Britain's FTSE climbed 0.3% to...

Asian shares mostly higher after Wall St sets new records

Jul. 12, 2019 12:19 AM EDT

BANGKOK (AP) — Shares in Asia are mostly higher after a turbulent day on Wall Street ended with the Dow Jones Industrial Average closing above 27,000 for the first time. Japan's Nikkei 225 index edged 0.1% higher to 21,674.14 and the Hang Seng in Hong Kong added 0.5% to 28,575.96. The Shanghai Composite...

Powell sends further signals of future rate cuts

Jul. 11, 2019 5:52 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell, testifying for a second day before Congress, said Thursday that the economy is in a "very good place" despite headwinds and that the Fed is prepared to do what it can to "keep it there." Powell's comments before the Senate Banking Committee...

One reason for a Fed cut: Powell now fears too-low inflation

Jul. 11, 2019 5:16 PM EDT

WASHINGTON (AP) — In a shift from just a few months ago, Federal Reserve Chairman Jerome Powell is worried that too-low inflation could persist for a while — and undercut the U.S. economy. Powell's concern is a key reason why the Fed will likely cut short-term interest rates late this month for the...

US long-term mortgage rates little changed, 30-year at 3.75%

Jul. 11, 2019 5:14 PM EDT

WASHINGTON (AP) — U.S. long-term mortgage rates were mostly unchanged this week amid signals from the Federal Reserve that it is preparing to cut interest rates soon. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year mortgage stood at 3.75%, the same as the previous...