Latest Federal Reserve System News

Stocks sag on Wall Street after strong data on wages, jobs

Dec. 02, 2022 14:33 PM EST

Worries about inflation are dragging on Wall Street Friday after a report showed wages for U.S. workers are accelerating, which is good news for them but could feed into even higher inflation for the nation. The S&P 500 was 0.6% lower in afternoon trading and on track to erase...

EXPLAINER: 5 key takeaways from the November jobs report

Dec. 02, 2022 14:16 PM EST

WASHINGTON (AP) — For nearly nine months, the Federal Reserve has relentlessly raised interest rates to try to slow the U.S. job market and bring inflation under control. And for just as long, the job market hasn’t seemed to get the message. The November employment...

Rail strike averted: Biden signs bill enforcing agreement

Dec. 02, 2022 11:24 AM EST

WASHINGTON (AP) — President Joe Biden signed a bill Friday to avert a freight rail strike that he said could have plunged the U.S. into a catastrophic recession. At the White House, Biden signed a measure passed Thursday by the Senate and Wednesday by the House. It binds rail...

US hiring stays strong, complicating Fed's inflation fight

Dec. 02, 2022 13:04 PM EST

WASHINGTON (AP) — The nation’s employers kept hiring briskly in November despite high inflation and a slow-growing economy — a sign of resilience in the face of the Federal Reserve’s aggressive interest rate hikes. The economy added 263,000 jobs, while the unemployment rate...

Asian shares sink on revived worries over recession, China

Dec. 02, 2022 00:33 AM EST

BANGKOK (AP) — Shares retreated in Asia on Friday after a mixed day on Wall Street as optimism over signs the Federal Reserve may temper its aggressive interest rate hikes was replaced by worries the economy might be headed for a recession. A U.S. measure of inflation that’s...

How major US stock indexes fared Thursday 12/1/2022

Dec. 01, 2022 16:34 PM EST

Stocks ended mixed after an uneven day of trading and bond yields fell broadly after the government reported that a measure of inflation that’s closely watched by the Federal Reserve eased in October. The S&P 500 ended 0.1% lower Thursday. The benchmark index is coming off its...

Chicago Fed names ex-Obama adviser Goolsbee as next leader

Dec. 01, 2022 15:59 PM EST

WASHINGTON (AP) — Austan Goolsbee, who was a top economic adviser to President Barack Obama, has been chosen as the next president of the Federal Reserve Bank of Chicago, the regional Fed bank announced Thursday. Goolsbee, 53, an economics professor at the University of Chicago...

Average long-term US mortgage rates dip third week in a row

Dec. 01, 2022 12:10 PM EST

WASHINGTON (AP) — The average long-term U.S. mortgage rate ticked down for the third week in a row and have fallen more than a half-point since hitting a 20-year high less than a month ago. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate...

An inflation gauge tracked by the Fed slows to still-high 6%

Dec. 01, 2022 09:19 AM EST

WASHINGTON (AP) — A measure of inflation that is closely monitored by the Federal Reserve eased but remained at an elevated level in October, likely reinforcing the Fed's intent to keep raising interest rates to cool the economy and slow the acceleration of prices. Thursday's...

Applications for jobless benefits declined last week

Dec. 01, 2022 08:41 AM EST

WASHINGTON (AP) — The number of Americans applying for unemployment benefits came back down last week, hovering near levels suggesting the U.S. labor market has been largely unaffected by the Federal Reserve's aggressive interest rate hikes. Applications for jobless aid fell to...