Latest Federal Reserve System News

State of the Union: Biden sees economic glow, GOP sees gloom

Feb. 04, 2023 08:12 AM EST

WASHINGTON (AP) — Going into Tuesday's State of the Union address, President Joe Biden sees a nation with its future aglow. Republicans take a far bleaker view — that the country is beset by crushing debt and that Biden is largely responsible for inflation. And the GOP now holds...

Wall Street rally hits wall of hot jobs, cold earnings data

Feb. 03, 2023 16:22 PM EST

NEW YORK (AP) — Wall Street’s big rally to start the year wilted on Friday after a surprisingly strong jobs report fueled worries about inflation and higher interest rates. The S&P 500 fell 1% for its first drop in four days, though it took an up-and-down route to get there....

An unexpected job surge confounds the Fed's economic models

Feb. 03, 2023 12:47 PM EST

WASHINGTON (AP) — Does the Federal Reserve have it wrong? For months, the Fed has been warily watching the U.S. economy's robust job gains out of concern that employers, desperate to hire, would keep boosting pay and, in turn, keep inflation high. But January’s blowout job...

A surprising burst of US hiring in January: 517,000 jobs

Feb. 03, 2023 12:15 PM EST

WASHINGTON (AP) — For nearly a year, the Federal Reserve has been on a mission to cool down the job market to help curb the nation's worst inflation bout in four decades. The job market hasn't been cooperating. Consider what happened in January: The government said...

US employers added a robust 517,000 jobs in January in sign of a still-strong labor market despite Fed rate hikes

Feb. 03, 2023 08:41 AM EST
WASHINGTON (AP) — US employers added a robust 517,000 jobs in January in sign of a still-strong labor market despite Fed rate hikes.

Asian shares trade mixed ahead of US jobs report

Feb. 02, 2023 23:18 PM EST

TOKYO (AP) — Asian shares were trading mixed Friday ahead of a closely watched U.S. jobs report that may affect global interest rates. Weaker than expected earnings reports from U.S. technology companies, announced after Wall Street trading ended, pulled Chinese benchmarks lower. ...

Bank of England rate hike says 'too soon to declare victory'

Feb. 02, 2023 12:24 PM EST

LONDON (AP) — The Bank of England announced another “forceful” increase in interest rates Thursday, saying it was too soon to declare victory against inflation that has slowed slightly but is still fueling a cost-of-living crisis, public-sector strikes and fears of recession. ...

Average long-term mortgage rate falls a fourth straight week

Feb. 02, 2023 12:03 PM EST

The average long-term U.S. mortgage rate declined for the fourth week in a row, a sign of relative stability that could potentially open the door for some prospective homebuyers to get back in the market. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark...

European Central Bank hikes rates, vows 'we are not done'

Feb. 02, 2023 11:15 AM EST

FRANKFURT, Germany (AP) — The European Central Bank chugged ahead with another outsized interest rate hike Thursday and vowed more will follow, underlining its drive to subdue inflation even as the economy slows and the U.S. Federal Reserve eases its pace of increases. The...

US filings for jobless aid lowest since April

Feb. 02, 2023 09:42 AM EST

U.S. applications for jobless aid fell again last week to their lowest level since April, further evidence that the job market has withstood aggressive rate hikes by the Federal Reserve as it attempts to cool the economy and bring down inflation. Applications for jobless aid in the...