Latest Federal Reserve System News

Ex-regional Fed president: Inflation headed lower, with interest rates likely to follow

Jul. 17, 2024 10:35 AM EDT

WASHINGTON (AP) — Having worked in the Federal Reserve system her entire career, Loretta Mester rose to become president of the Cleveland Fed for a decade until her retirement on June 30. During most of her years on the Fed's interest-rate-setting committee, Mester was likely to...

Stock market today: Asian stocks slip, while Australian index tracks Wall St rally to hit record

Jul. 17, 2024 02:15 AM EDT

Asian stocks were mostly lower Wednesday even as investors wagered that the Federal Reserve will come ahead with a cut to interest rates, while Australia’s benchmark hit a new record. U.S. futures were mixed and oil prices were little changed. In Tokyo, the Nikkei...

Retail sales unchanged in June from May, underscoring shoppers' resilience

Jul. 16, 2024 15:29 PM EDT

NEW YORK (AP) — Shoppers paused their spending in June from May, defying economic forecasts for a pullback and proving their resilience in the face of an uncertain economy Retail sales were unchanged in June from May, after being revised upward to a 0.3% increase in May, according...

Stock market today: Asian stocks are mixed after Dow sets a new record

Jul. 16, 2024 00:30 AM EDT

Asian stocks were mixed on Tuesday as investors grappled with the weak economic data from China and waited to see the outcome of a top Communist Party policy meeting in Beijing. U.S. futures rose while oil prices fell. Japan’s benchmark Nikkei 225 rose 0.6% to...

Powell says Federal Reserve is more confident inflation is slowing to its target

Jul. 15, 2024 18:12 PM EDT

WASHINGTON (AP) — Chair Jerome Powell said Monday that the Federal Reserve is becoming more convinced that inflation is headed back to its 2% target and said the Fed would cut rates before the pace of price increases actually reached that point. “We've had three better readings,...

Stock market today: Wall Street rolls to the edge of records as hopes remain for cuts to rates

Jul. 12, 2024 17:05 PM EDT

NEW YORK (AP) — U.S. stocks rose Friday after some mixed signals on big banks' profits and inflation did little to dent Wall Street's belief that easier interest rates are on the way. The S&P 500 climbed 0.6% to close its fifth winning week in the last six. The Dow Jones...

Big bank quarterly results show signs of consumers slowing down spending

Jul. 12, 2024 11:23 AM EDT

NEW YORK (AP) — Signs of consumers slowing down their spending and falling behind on their bills weighed down shares of the big banks on Friday. JPMorgan Chase and Wells Fargo saw their adjusted profits fall, while Citigroup saw sluggish spending on its credit cards. The major...

US wholesale inflation picked up in June in sign that some price pressures remain elevated

Jul. 12, 2024 10:22 AM EDT

WASHINGTON (AP) — Wholesale prices in the United States rose by a larger-than-expected 2.6% last month from a year earlier, a sign that some inflation pressures remain high. The increase, the sharpest year-over-year increase since March 2023, comes at a time when other price...

Average rate on a 30-year mortgage falls slightly, easing borrowing costs for home shoppers

Jul. 11, 2024 13:42 PM EDT

LOS ANGELES (AP) — The average rate on a 30-year mortgage fell slightly this week, providing modest relief for home shoppers facing record-high home prices. The rate fell to 6.89% from 6.95% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.96%. ...

US inflation cools again, potentially paving way for Fed to cut interest rates soon

Jul. 11, 2024 13:21 PM EDT

WASHINGTON (AP) — Inflation in the United States cooled in June for a third straight month, a sign that the worst price spike in four decades is steadily fading and may soon usher in interest rate cuts by the Federal Reserve. In a better-than-expected report, consumer prices...