Latest Federal Reserve System News

Consumers are increasingly pushing back against price increases — and winning

Feb. 25, 2024 12:06 PM EST

WASHINGTON (AP) — Inflation has changed the way many Americans shop. Now, those changes in consumer habits are helping bring down inflation. Fed up with prices that remain about 19%, on average, above where they were before the pandemic, consumers are fighting back. In grocery...

Stock market today: Wall Street clings to modest gains and marks another winning week

Feb. 23, 2024 16:40 PM EST

NEW YORK (AP) — Stocks clung to modest gains on Wall Street Friday, giving the market another record high and a winning week. The listless day for stocks capped off a mostly solid week of earnings where the technology sector once again powered the market higher. The sector has been...

Stock market today: Asian stocks are mixed after Nvidia sets off a rally on Wall Street

Feb. 22, 2024 23:16 PM EST

HONG KONG (AP) — Asian markets were mixed on Friday after Nvidia delivered stunning results, setting off a rally in other technology companies that carried Wall Street to another record high. Tokyo’s markets were closed for a holiday, a day after they surged to an all-time high....

Federal Reserve officials caution against cutting US interest rates too soon or too much

Feb. 22, 2024 19:48 PM EST

WASHINGTON (AP) — Several Federal Reserve policymakers warned Thursday against cutting U.S. interest rates too soon or by too much in the wake of recent data showing inflation stayed unexpectedly high in January. Their comments echoed the minutes from the Fed's last meeting in...

Applications for US jobless benefits fall again as labor market powers on

Feb. 22, 2024 16:56 PM EST

The number of Americans applying for jobless benefits fell to its lowest level in five weeks, even as more high-profile companies announce layoffs. Applications for unemployment benefits fell by 12,000 to 201,000 for the week ending Feb. 17, the Labor Department reported Thursday. ...

Average long-term US mortgage rose again this week to highest level since mid December

Feb. 22, 2024 12:26 PM EST

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose this week for the third time in as many weeks, driving up home loan borrowing costs in just as the spring homebuying season ramps up. The average rate on a 30-year mortgage rose to 6.90% from 6.77% last week, mortgage...

Federal Reserve minutes: Officials worried that progress on inflation could stall in coming months

Feb. 21, 2024 14:42 PM EST

WASHINGTON (AP) — Federal Reserve officials acknowledged at their most recent meeting in January that there had been “significant progress” in reducing U.S. inflation. But some of the policymakers expressed concern that strong growth in spending and hiring could disrupt that progress. ...

Robots and happy workers: Productivity surge helps explain US economy's surprising resilience

Feb. 21, 2024 12:22 PM EST

WASHINGTON (AP) — Trying to keep up with customer demand, Batesville Tool & Die began seeking 70 people to hire last year. It wasn't easy. Attracting factory workers to a community of 7,300 in the Indiana countryside was a tough sell, especially having to compete with big-name manufacturers...

Robots and happy workers: Productivity surge helps explain US economy's surprising resilience

Feb. 21, 2024 07:47 AM EST

WASHINGTON (AP) — Trying to keep up with customer demand, Batesville Tool & Die began seeking 70 people to hire last year. It wasn't easy. Attracting factory workers to a community of 7,300 in the Indiana countryside was a tough sell, especially having to compete with big-name manufacturers...

Americans' reliance on credit cards is the key to Capital One's bid for Discover

Feb. 20, 2024 16:31 PM EST

NEW YORK (AP) — Americans have become increasingly reliant on their credit cards since the pandemic. So much so that Capital One is willing to bet more than $30 billion that they won't break the habit. Capital One Financial announced Monday that it would buy Discover Financial...