Latest Federal Reserve System News

Federal Reserve, FDIC approve merger of BB&T, SunTrust banks

Nov. 19, 2019 5:21 PM EST

NEW YORK (AP) — The Federal Reserve and the Federal Deposit Insurance Corp. on Tuesday approved the $66 billion merger between BB&T and SunTrust, clearing the last hurdles in creating the sixth-largest bank in the U.S. The combination of BB&T Corp., which is based in Winston-Salem, North Carolina,...

Global shares mostly rise while investors await trade news

Nov. 19, 2019 8:00 AM EST

TOKYO (AP) — Global shares rose Tuesday as investors appeared hopeful for positive news from the trade talks between the United States and China. Strong economic data and better-than-expected corporate earnings have buoyed U.S. shares since early October, while “markets remain convinced that we will...

Trump summons Powell to discuss rates amid WH attacks on Fed

Nov. 18, 2019 2:43 PM EST

WASHINGTON (AP) — President Donald Trump summoned Federal Reserve Chairman Jerome Powell to the White House on Monday to discuss the economy and interest rates — issues on which Trump has repeatedly attacked the Fed. The Fed said in a statement that Powell’s message to Trump during their...

Fed finds resilient financial system despite high debt

Nov. 15, 2019 5:54 PM EST

WASHINGTON (AP) — The Federal Reserve said Friday that corporate debt remains at historically high levels but overall the U.S. financial system is resilient, a view in sharp contrast to the problems that led to the 2008 financial crisis. In its twice-yearly “Financial Stability Report,” the...

Markets Right Now: S&P 500 ekes out a record at the close

Nov. 14, 2019 4:17 PM EST

NEW YORK (AP) — The latest on developments in financial markets (all times local): 4 p.m. The S&P 500 has eked out a new record on an otherwise uneventful day on Wall Street. The benchmark index closed with a gain of 2 points at 3,096, its third straight increase after a decline on Monday....

Powell urges Congress to tackle growing budget deficit

Nov. 14, 2019 3:23 PM EST

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell on Thursday urged Congress to tackle the growing budget deficit but also underscored the current health of the nation’s economy. Powell’s testimony before the House Budget Committee came a day after he told Congress’ Joint...

The Latest: Powell dismisses recession concerns

Nov. 14, 2019 11:30 AM EST

WASHINGTON (AP) — The Latest on Federal Reserve Chairman Jerome Powell’s testimony before the House Budget Committee on Thursday (all times local): ___ 11:30 a.m. Fed Chairman Jerome Powell says the United States has the “star economy” in the world at the moment and there is no reason...

Asian markets mixed after Wall Street high

Nov. 13, 2019 11:20 PM EST

BEIJING (AP) — Asian stock markets were mixed Thursday amid doubts about the status of a U.S.-Chinese trade deal after the U.S. Federal Reserve’s chairman said it is likely to leave its benchmark interest rate unchanged. Investors were wary after The Wall Street Journal reported Chinese negotiators...

Fed’s Powell sees steady growth, signals pause in rate cuts

Nov. 13, 2019 4:27 PM EST

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Wednesday that the Fed is likely to keep its benchmark short-term interest rate unchanged in the coming months, unless the economy shows signs of worsening. But for now, in testimony before a congressional panel, Powell expressed optimism about...

Markets Right Now: S&P 500, Dow at records; Nasdaq falls

Nov. 13, 2019 4:12 PM EST

NEW YORK (AP) — The latest on developments in financial markets (all times local): 4 p.m. Stocks struggled to a mixed finish on Wall Street but with enough lift to set more record highs for the S&P 500 and the Dow Jones industrials. Major indexes had been higher at midday Wednesday but took a stumble...