Latest Federal Reserve System News

Stock market today: Asian stocks fall after a torrent of profit reports leaves Wall Street mixed

Jul. 24, 2024 00:32 AM EDT

Asian stocks mostly fell on Wednesday as markets digested Japanese and Australian business data, after U.S. stocks held relatively steady as earnings reporting season ramped up for big companies. U.S. futures fell while oil prices were higher. Japan’s benchmark...

Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March

Jul. 18, 2024 16:12 PM EDT

LOS ANGELES (AP) — The average rate on a 30-year mortgage dropped this week to a four-month low, a welcome decline in borrowing costs for prospective homebuyers grappling with the challenge of record-high home prices and a dearth of properties on the market. The rate fell to 6.77%...

More Americans apply for jobless benefits as layoffs settle at higher levels in recent weeks

Jul. 18, 2024 11:23 AM EDT

U.S. filings for unemployment benefits rose again last week and appear to be settling consistently at a slightly higher though still healthy level that the Federal Reserve has been aiming for. Jobless claims for the week ending July 13 rose by 20,000 to 243,000 from 223,000 the...

European Central Bank leaves key interest rate at 3.75%, waits for signs inflation is under control

Jul. 18, 2024 10:20 AM EDT

FRANKFURT, Germany (AP) — The European Central Bank left its key interest rate benchmark unchanged Thursday as its rate-setting council and President Christine Lagarde take their time to make sure stubborn inflation is firmly under control before lowering rates again. The decision...

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...