Latest Federal Reserve System News

Retail sales surge 0.7% in March as Americans seem unfazed by higher prices with jobs plentiful

Apr. 15, 2024 10:24 AM EDT

NEW YORK (AP) — Americans boosted spending at a hotter-than-expected pace in March, underscoring how shoppers remain resilient despite inflationary pressures and other economic challenges. Retail sales rose 0.7% last month — almost double what economists had forecast — after...

Stock market today: Wall Street falls sharply to close out its worst week since October

Apr. 12, 2024 16:39 PM EDT

NEW YORK (AP) — U.S. stocks tumbled Friday following a mixed start to earnings reporting season. Worries about potentially escalating tensions in the Middle East rattled financial markets, pushing investors to look for safer places for their money. The S&P 500 sank 1.5% to...

US consumer sentiment falls slightly as outlook for inflation worsens

Apr. 12, 2024 11:10 AM EDT

WASHINGTON (AP) — Consumer sentiment about the U.S. economy has ticked down but remains near a recent high, with Americans' outlook largely unchanged this year. The University of Michigan’s consumer sentiment index, released Friday in a preliminary version, slipped to 77.9 this...

How immigrant workers in US have helped boost job growth and stave off a recession

Apr. 12, 2024 10:12 AM EDT

MIAMI (AP) — Having fled economic and political chaos in Venezuela, Luisana Silva now loads carpets for a South Carolina rug company. She earns enough to pay rent, buy groceries, gas up her car — and send money home to her parents. Reaching the United States was a harrowing...

Ex-Fed chair Ben Bernanke finds 'significant shortcomings' in Bank of England's economic forecasting

Apr. 12, 2024 08:38 AM EDT

LONDON (AP) — A review of the Bank of England's economic forecasting that was published Friday and undertaken by Ben Bernanke, the former chair of the U.S. Federal Reserve, has found “significant shortcomings” that should be addressed to better inform future interest rate decisions. ...

Average long-term US mortgage rate edges closer to 7%, rising to highest level since early March

Apr. 11, 2024 16:31 PM EDT

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose to its highest level in five weeks, a setback for prospective homebuyers during what's traditionally the busiest time of the year for home sales. The average rate on a 30-year mortgage rose to 6.88% from 6.82% last...

Fewer Americans file for jobless claims as labor market continues to shrug off higher interest rates

Apr. 11, 2024 14:33 PM EDT

WASHINGTON (AP) — Fewer Americans applied for jobless benefits last week as the labor market continues to thrive despite the Federal Reserve's efforts to cool it. The Labor Department reported Thursday that filings for unemployment claims for the week ending April 6 fell by 11,000...

Homebuyers’ quandary: to wait or not to wait for lower mortgage rates

Apr. 11, 2024 12:31 PM EDT

LOS ANGELES (AP) — Shop for a home now or hold out for the possibility of lower mortgage rates? That question is confronting many home shoppers this spring homebuying season. Lower rates give home shoppers more financial breathing room, so holding out for a more attractive rate can...

As world's central banks wrestle with when to cut rates, Europe signals it's ready to move

Apr. 11, 2024 11:11 AM EDT

FRANKFURT, Germany (AP) — The European Central Bank signalled Thursday it could cut interest rates at its next meeting in June, a big step as the rich world's central banks, including the U.S. Federal Reserve, wrestle with how soon declining inflation will let them lower credit costs for business...

US producer prices rose 2.1% from last year, most since April, but less than forecasters expected

Apr. 11, 2024 09:20 AM EDT

WASHINGTON (AP) — U.S. producer prices rose rose in March from a year earlier at the fastest pace in nearly a year, but the gain was less than economists expected. And wholesale inflation eased on a month to month basis. The Labor Department said Thursday that its producer price...