Latest Federal Reserve System News

Long-term mortgage rates ease for third straight week, dipping to just below 7%

May. 23, 2024 17:36 PM EDT

LOS ANGELES (AP) — The average rate on a 30-year mortgage dipped this week to just below 7% for the first time since mid April, a modest boost for home shoppers navigating a housing market dampened by rising prices and relatively few available properties. The rate fell to 6.94%...

Stock market today: Wall Street slumps to worst day since April on worries about interest rates

May. 23, 2024 17:32 PM EDT

NEW YORK (AP) — In the latest example of how good news for the economy can be bad for Wall Street, most U.S. stocks slumped Thursday after strong economic reports raised the possibility of interest rates staying painfully high. The weakness was widespread and overshadowed another blowout profit...

Borrowers, especially the young, struggle with credit card debt in potentially bad sign for economy

May. 23, 2024 12:48 PM EDT

NEW YORK (AP) — Consumers are increasingly struggling to pay their credit card bills, raising concerns about severe delinquencies spiraling and sapping consumer spending. The share of credit card debt that's more than 90 days overdue rose to 10.7% during the first quarter, a...

Stock market today: Asian shares are mixed, with China stocks down, after Wall St retreat

May. 23, 2024 00:49 AM EDT

TOKYO (AP) — Asian shares were trading mixed Thursday, as investor sentiment in Tokyo was boosted by news of soaring Nvidia earnings. Japan's benchmark Nikkei 225 gained 1.1% to 39,054.81. Australia's S&P/ASX 200 sank 0.5% to 7,807.10. South Korea's Kospi added 0.2% to...

U.S. existing home sales drop 1.9% in April, pushed lower by high rates and high prices

May. 22, 2024 17:52 PM EDT

WASHINGTON (AP) — High mortgage rates and rising prices continued to put a damper on the spring homebuying season last month. Existing home sales fell 1.9% to a seasonally adjusted annual rate of 4.14 million in April from a revised 4.22 million in March, the National Association...

Federal Reserve minutes: Policymakers saw a longer path to rate cuts

May. 22, 2024 14:33 PM EDT

WASHINGTON (AP) — After several unexpectedly high inflation readings, Federal Reserve officials concluded at a meeting earlier this month that it would take longer than they previously thought for inflation to cool enough to justify reducing their key interest rate, now at a 23-year high. ...

Stock market today: Asian shares mostly decline after Nasdaq ticks to a record high

May. 20, 2024 23:46 PM EDT

TOKYO (AP) — Asian shares mostly fell Tuesday, even as most U.S. stock indexes finished higher, especially technology issues like Nvidia. Japan's benchmark Nikkei 225 rose 0.2% in early trading to 39,141.08. Australia's S&P/ASX 200 lost 0.2% to 7,851.90. South Korea's Kospi...

This Week: Home sales, Fed meeting minutes and consumer sentiment index

May. 20, 2024 10:07 AM EDT

A look at some of the key business events and economic indicators upcoming this week SPOTLIGHT ON HOUSING The National Association of Realtors releases its monthly snapshot of existing U.S. home sales Wednesday. Economists project that sales of...

Many remember solid economy under Trump, but his record also full of tax cut hype, debt and disease

May. 20, 2024 00:10 AM EDT

WASHINGTON (AP) — It was a time of fear and chaos four years ago. The death count was mounting as COVID-19 spread. Financial markets were panicked. Oil prices briefly went negative. The Federal Reserve slashed its benchmark interest rates to combat the sudden recession. And the...

Stock market today: Dow finishes above 40,000 to cap Wall Street’s latest winning week

May. 17, 2024 17:36 PM EDT

NEW YORK (AP) — The Dow Jones Industrial Average finished a day above the 40,000 level for the first time on Friday as U.S. stock indexes drifted around their records while closing out their latest winning week. The Dow rose 134.21 points, or 0.3%, to 40,003.59, a day after briefly...