Latest Federal Reserve System News

Dow sinks to 2022 low as recession fears roil world markets

Sep. 23, 2022 17:19 PM EDT

Stocks fell sharply worldwide Friday on worries an already slowing global economy could fall into recession as central banks raise the pressure with additional interest rate hikes. The Dow Jones Industrial Average fell 1.6%, closing at its lowest level since late 2020. The S&P...

Asian stocks slide for 3rd day on economic growth fears

Sep. 22, 2022 23:26 PM EDT

BEIJING (AP) — Asian stocks fell for a third day Friday after more rate hikes by the Federal Reserve and other central banks to control persistent inflation spurred fears of a possible global recession. Shanghai, Hong Kong, Seoul and Sydney declined. Oil prices edged lower....

Average US long-term mortgage rates climb to 6.29% this week

Sep. 22, 2022 14:55 PM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates jumped by more than a quarter-point this week to their highest level since 2008 as the Federal Reserve intensified its effort to tamp down decades-high inflation and cool the economy. Mortgage buyer Freddie Mac reported...

Powell's stark message: Inflation fight may cause recession

Sep. 22, 2022 11:42 AM EDT

WASHINGTON (AP) — The Federal Reserve delivered its bluntest reckoning Wednesday of what it will take to finally tame painfully high inflation: Slower growth, higher unemployment and potentially a recession. Speaking at a news conference, Chair Jerome Powell acknowledged what many...

Rare bear market in bonds strips investors of safe haven

Sep. 22, 2022 11:11 AM EDT

NEW YORK (AP) — A rare bear market in bonds hasn't gotten much attention, but it may be inflicting more pain on investors than the downturns for stocks, cryptocurrencies and other investments. Investment-grade bonds — those issued by governments and corporations with good credit...

Bank of England raises rates but avoids bolder hike like Fed

Sep. 22, 2022 10:54 AM EDT

LONDON (AP) — The Bank of England raised its key interest rate Thursday by another half-percentage point to the highest level in 14 years, but despite facing inflation that outpaces other major economies, it avoided more aggressive hikes made by the U.S. Federal Reserve and other central banks. ...

Central banks worldwide tighten policies to cool inflation

Sep. 22, 2022 10:23 AM EDT

The U.S. Federal Reserve has been the most aggressive in using interest rate hikes to cool inflation that is battering both households and businesses this year. This week, central banks from Asia to England followed suit to varying degrees and using different economic tools to tame rising prices...

More Americans apply for jobless aid last week

Sep. 22, 2022 08:59 AM EDT

WASHINGTON (AP) — The number of Americans filing for jobless benefits rose slightly last week with the Federal Reserve pushing hard to cool the economy and tamp down inflation. Applications for unemployment benefits for the week ending Sept. 17 rose by 5,000 to 213,000, the Labor...

Asia stocks follow Wall St down as Fed fights inflation

Sep. 21, 2022 23:07 PM EDT

BEIJING (AP) — Asian stock markets followed Wall Street lower on Thursday after the Federal Reserve delivered another big interest rate hike to cool galloping inflation and raised its outlook for more. Shanghai, Tokyo, Hong Kong and Sydney declined. Oil prices gained. ...

Bank CEOs warn that US economy faces 'daunting' challenges

Sep. 21, 2022 18:26 PM EDT

WASHINGTON (AP) — The CEOs of the nation's biggest banks appeared in front of Congress Wednesday and gave a dim view of the U.S. economy, reflecting the financial and economic distress many Americans are facing. JPMorgan Chase's Jamie Dimon, Citigroup's Jane Fraser and other chief...