Latest Federal Reserve System News

The Latest: China tariffs to cost average US household $831

May. 23, 2019 8:03 PM EDT

NEW YORK (AP) — The Latest on trade tensions between the United States and China (all times local): 8 p.m. The New York Federal Reserve estimates that the Trump administration's latest round of tariff hikes on Chinese goods will cost the typical U.S. household $831 a year. President Donald Trump has...

Asian shares slip as US-China spat takes center stage

May. 22, 2019 11:36 PM EDT

SINGAPORE (AP) — Asian markets were broadly lower on Thursday as traders focused on tensions between the U.S. and China and braced for the impact of their tariff hikes. The Shanghai Composite index retreated 0.6% to 2,873.70 and Hong Kong's Hang Seng tumbled 1.2% to 27,376.69. The Kospi in South Korea was...

Minutes show some on Fed still think rate hikes possible

May. 22, 2019 3:31 PM EDT

WASHINGTON (AP) — Federal Reserve officials at their recent meeting believed the central bank could remain "patient" in deciding when to adjust interest rates, though some officials thought future rate hikes might still be needed. In minutes of the April 30-May 1 discussions released Wednesday, Fed...

Powell says he sees 'moderate' risk from corporate debt

May. 20, 2019 8:47 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Monday that the central bank is closely monitoring a sharp rise in corporate debt but currently does not see the types of threats that triggered the 2008 financial crisis. In remarks to a banking conference in Fernandina Beach, Florida, Powell...

US consumer prices rose 0.3% on higher gas, housing costs

May. 10, 2019 9:07 AM EDT

WASHINGTON (AP) — U.S. consumer prices increased 0.3% in April, led by more expensive gasoline, apartment rents and appliances. The Labor Department said Friday that the consumer price index climbed 2% in the year ending in April. Excluding the volatile food and energy categories, core prices increased...

Powell: Policies needed to address slowdown in income growth

May. 9, 2019 1:24 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Thursday the United States needs to find ways to address a decades-long slowdown in income growth and upward economic mobility. In a speech at a Fed research conference, Powell said that incomes have grown more slowly for middle-class families...

Unemployment hits 49-year low as US employers step up hiring

May. 3, 2019 5:13 PM EDT

WASHINGTON (AP) — Hiring accelerated and pay rose at a solid pace in April, setting the stage for healthy U.S. economic growth to endure despite fears of a slowdown earlier this year. Employers added 263,000 jobs, with the unemployment rate dropping to a five-decade low of 3.6% from 3.8%, though that drop...

Asian markets mixed following losses on Wall Street

May. 2, 2019 11:36 PM EDT

SINGAPORE (AP) — Benchmarks in Asia were mixed with thin trading on Friday after a discouraging day on Wall Street. News reports highlighting obstacles in the way of a China-U.S. trade deal also weighed on sentiment. The Kospi in South Korea dropped 0.6% to 2,199.58 while Australia's S&P ASX 200 was...

Trump Fed choice Stephen Moore withdraws amid controversy

May. 2, 2019 9:07 PM EDT

WASHINGTON (AP) — Stephen Moore, a conservative commentator whom President Donald Trump had tapped for the Federal Reserve board, withdrew from consideration Thursday after losing Republican support in the Senate, largely over his past inflammatory writings about women. Trump tweeted the news of Moore's...

A Trump dilemma: Finding a dovish GOP ally to serve on Fed

May. 2, 2019 1:43 PM EDT

WASHINGTON (AP) — The withdrawal Thursday of Stephen Moore, President Donald Trump's choice for the Federal Reserve board, has thrown a spotlight on the tough task Trump has set for himself: Finding a rare conservative ally who both favors cutting interest rates and is respected enough to win Senate...