Latest Federal Reserve System News

Trump offers CEOs a cut to corporate taxes. Biden's team touts his support for global alliances

Jun. 13, 2024 17:16 PM EDT

WASHINGTON (AP) — Former President Donald Trump told an influential group of CEOs that he wants to further cut the corporate tax rate he lowered while in office, while President Joe Biden's chief of staff separately told them that the Democratic incumbent’s emphasis on global alliances would...

Stock market today: Hopes for AI and rates nudge Wall Street to records, even as most stocks fall

Jun. 13, 2024 17:08 PM EDT

NEW YORK (AP) — Most U.S. stocks slipped Thursday, but hopes for coming cuts to interest rates and Wall Street’s continued frenzy around artificial-intelligence technology nudged indexes to more records. The S&P 500 added 0.2% to its all-time high set the day before, even...

How major US stock indexes fared Thursday, 6/13/2024

Jun. 13, 2024 16:44 PM EDT

Most U.S. stocks fell, but hopes for coming cuts to interest rates and Wall Street’s continued frenzy around artificial-intelligence technology sent indexes to more record highs. The S&P 500 rose 0.2% Thursday after a day of drifting between shallow gains and losses, beating...

Mortgage rates ease for second straight week, leaving average rate on a 30-year home loan at 6.95%

Jun. 13, 2024 15:24 PM EDT

LOS ANGELES (AP) — Mortgage rates eased again this week, though the latest pullback leaves the average rate on a 30-year home loan at close to 7%, where it's been much of this year. The rate fell to 6.95% from 6.99% last week, mortgage buyer Freddie Mac said Thursday. A year ago,...

The number of Americans filing for jobless benefits jumps to the highest level in 10 months

Jun. 13, 2024 10:46 AM EDT

The number of Americans filing for jobless benefits jumped to the highest level in 10 months last week, a sign that the labor market is likely cooling under the weight of high interest rates. Unemployment benefit applications for the week ending June 8 rose by 13,000 to 242,000, up...

US wholesale prices dropped in May, adding to evidence that inflation pressures are cooling

Jun. 13, 2024 09:39 AM EDT

WASHINGTON (AP) — Wholesale price increases fell in May, the latest sign that inflation pressures in the United States may be easing as the Federal Reserve considers a timetable for cutting interest rates. The Labor Department reported Thursday that its producer price index —...

Stock market today: Asia shares rise amid Bank of Japan focus after the Fed stands pat

Jun. 12, 2024 23:56 PM EDT

TOKYO (AP) — Asian shares mostly rose Thursday, as investors turned their attention to what the Bank of Japan might decide on monetary policy later this week. The Bank of Japan is not expected to raise its benchmark rate when it wraps up its meeting on Friday, but the economy is...

Federal Reserve sees some progress on inflation but envisions just one rate cut this year

Jun. 12, 2024 17:40 PM EDT

WASHINGTON (AP) — Federal Reserve officials said Wednesday that inflation has fallen further toward their target level in recent months but signaled that they expect to cut their benchmark interest rate just once this year. The policymakers' forecast for one rate cut was down from...

US inflation cooled in May in a sign that price pressures may be easing

Jun. 12, 2024 15:56 PM EDT

WASHINGTON (AP) — Inflation in the United States eased in May for a second straight month, a hopeful sign that an acceleration of prices that occurred early this year may have passed. The trend, if it holds, could move the Federal Reserve closer to cutting its benchmark interest rate from its...

Text of the policy statement the Federal Reserve released Wednesday

Jun. 12, 2024 14:44 PM EDT

WASHINGTON (AP) — Below is the statement the Federal Reserve released Wednesday after its latest policy meeting ended: Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained...