Latest Economic policy News

Text of the Federal Reserve's policy statement Wednesday

Feb. 01, 2023 15:17 PM EST

WASHINGTON (AP) — Below is the statement the Fed released Wednesday after its policy meeting ended: Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation has eased...

Will Europe's ban on Russian diesel hike global fuel prices?

Jan. 30, 2023 04:24 AM EST

FRANKFURT, Germany (AP) — Europe is taking another big step toward cutting its energy ties with Russia, banning imports of diesel fuel and other products made from crude oil in Russian refineries. The European Union ban takes effect Feb. 5 following its embargo on coal and most...

Report: Oil price cap takes small slice of Russia's revenue

Jan. 11, 2023 10:22 AM EST

FRANKFURT, Germany (AP) — A price cap and European Union embargo on most Russian oil have cut into Moscow's revenue from fossil fuels, but the Kremlin is still earning substantial cash to fund its action in Ukraine because the $60-per-barrel cap was “too lenient," researchers said Wednesday. ...

Egypt: Central Bank hikes interest rates to limit inflation

Dec. 22, 2022 18:30 PM EST

CAIRO (AP) — The Central Bank of Egypt raised interest rates Thursday as the country continues to battle double-digit inflation amid a sharp currency devaluation. In a statement, the bank's monetary policy committee announced that the most basic lending rate, the overnight deposit...

How to make holiday returns with buy now, pay later

Dec. 21, 2022 09:15 AM EST

Shoppers who used “buy now, pay later” to help finance gifts this holiday season may soon encounter an unwelcome surprise: Returns can be more challenging than when buying from the store with cash or a credit card. Returns and disputes are a common concern among buy now, pay...

Union Pacific railroad puts its shipping limits on hold

Dec. 18, 2022 13:46 PM EST

OMAHA, Neb. (AP) — Union Pacific says it will stop imposing temporary limits on certain businesses' shipments while it reviews the policy that federal regulators and shippers criticized at a hearing last week. Union Pacific has put more than 1,000 of these embargoes in place this...

Union Pacific railroad shipping limits generate complaints

Dec. 14, 2022 19:41 PM EST

OMAHA, Neb. (AP) — Federal regulators and shippers are questioning Union Pacific's decision to temporarily limit some businesses' shipments as part of its effort to clear up congestion across the railroad. The head of the U.S. Surface Transportation Board, Martin Oberman, said...

Audit calls for transparency on Evers' COVID relief spending

Dec. 14, 2022 16:33 PM EST

MADISON, Wis. (AP) — A nonpartisan audit released Wednesday called on Wisconsin Democratic Gov. Tony Evers to be more transparent about how he distributes billions of dollars in federal COVID-19 relief funds. The Legislative Audit Bureau said that Evers' Department of...

Text of the Federal Reserve's policy statement Wednesday

Dec. 14, 2022 14:27 PM EST

WASHINGTON (AP) — Below is the statement the Fed released Wednesday after its policy meeting ended: Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains...

China's Xi visits Saudi Arabia to cement Gulf Arab ties

Dec. 07, 2022 10:12 AM EST

DUBAI, United Arab Emirates (AP) — Chinese leader Xi Jinping arrived in Saudi Arabia on Wednesday to attend meetings with oil-rich Gulf Arab nations crucial to his country's energy supplies as Beijing tries to revive an economy battered by its strict coronavirus measures. Saudi...