Latest Federal Reserve System News

Stocks sway on Wall Street, cool off after winning week

Jun. 27, 2022 14:41 PM EDT

Stocks swayed in afternoon trading on Wall Street Monday as the market cools off following a rare winning week. The S&P 500 edged down 0.2% as of 2:19 p.m. Eastern. The benchmark index has been shifting between small gains and losses throughout the day. The Dow Jones Industrial...

Did corporate greed fuel inflation? It's not biggest culprit

Jun. 26, 2022 09:27 AM EDT

WASHINGTON (AP) — Furious about surging prices at the gasoline station and the supermarket, many consumers feel they know just where to cast blame: On greedy companies that relentlessly jack up prices and pocket the profits. Responding to that sentiment, the Democratic-led House of...

Stocks rally, driving Wall Street to a rare winning week

Jun. 24, 2022 16:48 PM EDT

Stocks racked up more gains on Wall Street Friday, as the S&P 500 had its best day in two years and just its second winning week in the last 12 to provide a bit of relief from the market's brutal sell-off this year. The benchmark index rose 3.1%, with technology and banks leading...

Asian shares gain, tracking Wall Street advance

Jun. 24, 2022 00:36 AM EDT

BANGKOK (AP) — Shares were higher in Asia on Friday, tracking gains on Wall Street, where the market is headed for its first weekly gain after three weeks of punishing losses. Tokyo's Nikkei 225 index added 0.9% to 26,411.64 and the Kospi in Seoul jumped 1.8% to 2,356.38. Hong...

All big US banks pass Fed's annual 'stress tests'

Jun. 23, 2022 17:15 PM EDT

NEW YORK (AP) — The nation’s 33 biggest banks have enough capital to withstand a severe economic contraction, the Federal Reserve said Thursday. In its latest annual “stress tests” of the U.S. financial system, the Fed built a scenario under which the nation’s unemployment...

How major US stock indexes fared Thursday 6/23/2022

Jun. 23, 2022 16:34 PM EDT

Stocks shook off a midday slump and ended higher, keeping major indexes on track for weekly gains. Trading was wobbly throughout the day as investors remained focused on another day of testimony before Congress by Federal Reserve Chair Jerome Powell. The S&P 500, the Dow Jones...

Powell: Fed must convince public it can tame inflation

Jun. 23, 2022 13:45 PM EDT

WASHINGTON (AP) — As if their job weren't hard enough at a time of raging inflation, Chair Jerome Powell and his Federal Reserve colleagues have to do more these days than decide just how much to raise interest rates without triggering a recession. They also have a sales job on...

Average long-term US mortgage rates inch up to 5.81%

Jun. 23, 2022 11:00 AM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates inched up this week following last week's mammoth jump, the biggest in 35 years. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate ticked up to 5.81% this week, from last week's 5.78%. Last week's average —...

Asian stocks mixed after Wall St declines on growth worries

Jun. 23, 2022 00:14 AM EDT

BEIJING (AP) — Asian stock markets were mixed Thursday after Wall Street edged lower amid fears higher interest rates will chill global economic growth. Shanghai and Hong Kong advanced, while Tokyo and Seoul declined. Oil prices fell more than $2 per barrel to near $100. ...

Powell: Fed aims to avoid recession but says it's possible

Jun. 22, 2022 15:11 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell sought Wednesday to reassure the public that the Fed will raise interest rates high and fast enough to quell inflation, without tightening credit so much as to throttle the economy and cause a recession. Testifying to the...