Latest Federal Reserve System News

Yellen warns delay in raising debt limit will slow economy

Sep. 28, 2021 10:36 AM EDT

WASHINGTON (AP) — Treasury Secretary Janet Yellen is sounding an urgent call for Congress to raise the government's borrowing limit, a day after Senate Republicans blocked consideration of a bill that would have done so. Yellen is testifying Tuesday to the Senate...

2 top Fed officials retire in wake of trading disclosures

Sep. 27, 2021 19:29 PM EDT

WASHINGTON (AP) — In a rare moment of ethical controversy for the Federal Reserve, two top officials resigned Monday in the wake of revelations about their financial trading that exposed potential shortcomings in the Fed's rules on investments. Eric Rosengren, the...

Powell says spike in inflation lasting longer than expected

Sep. 27, 2021 19:03 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell is preparing to tell Congress that the current spike in U.S. inflation has proven to be larger and more long-lasting than expected. But, in remarks prepared for delivery Tuesday, he says that if inflation does...

Boston Fed's Rosengren to retire early citing health

Sep. 27, 2021 11:28 AM EDT

WASHINGTON (AP) — Boston Federal Reserve President Eric Rosengren said Monday that he will retire this week and disclosed that he has qualified for a kidney transplant. Rosengren's announcement comes after investments by him and other Fed officials last year raised...

Stocks end mixed on Wall Street, S&P 500 manages weekly gain

Sep. 24, 2021 16:59 PM EDT

Wall street closed out a choppy week of trading Friday with a mixed finish for the major stock indexes, though the S&P 500 managed its first weekly gain in three weeks. The benchmark index rose 0.1% after spending much of the day wavering between small gains and...

Powell meets a changed economy: Fewer workers, higher prices

Sep. 24, 2021 15:28 PM EDT

WASHINGTON (AP) — Restaurant and hotel owners struggling to fill jobs. Supply-chain delays forcing up prices for small businesses. Unemployed Americans unable to find work even with job openings at a record high. Those and other disruptions to the U.S. economy —...

Asian shares mixed on China developer, virus concerns

Sep. 23, 2021 23:41 PM EDT

TOKYO (AP) — Asian shares were mixed Friday amid concerns over troubled Chinese real estate developer Evergrande and over the pandemic. Japan’s benchmark jumped after reopening from Thursday’s national holiday, but shares were little changed in South Korea and...

Asian shares, Wall Street hold gains after Fed statement

Sep. 22, 2021 21:54 PM EDT

Asian shares were mostly higher on Thursday after the Federal Reserve signaled it may begin easing its extraordinary support measures for the economy later this year. Shares rose in Hong Kong, Shanghai, Australia and Taiwan but fell in South Korea and Malaysia. U.S....

Under pressure, Powell says Fed to revamp its trading rules

Sep. 22, 2021 19:09 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Wednesday that the central bank will overhaul its financial ethics policies in response to growing questions about investing and trading decisions by high-ranking Fed officials that raise potential conflicts of interest. ...

Fed: On track to slow support for economy later this year

Sep. 22, 2021 18:26 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell signaled Wednesday that the Fed plans to announce as early as November that it will start withdrawing the extraordinary support it unleashed after the coronavirus paralyzed the economy 18 months ago. Powell said...