Latest Federal Reserve System News

Bank failures and rescue test Yellen's decades of experience

Mar. 25, 2023 00:24 AM EDT

WASHINGTON (AP) — Working against the clock to stop a developing banking crisis, Treasury Secretary Janet Yellen had until sunset on Sunday, March 12, to come up with a plan to calm the U.S. economy. She quickly turned to someone who had been through the fire before, and on a much...

Wall Street ends higher, marking 2nd winning week in a row

Mar. 24, 2023 16:27 PM EDT

A late-afternoon turnaround on Wall Street left stocks higher Friday as the market shook off a weak start amid worries about banks on both sides of the Atlantic. The S&P 500 rose 0.6% after slipping for most of the morning. The benchmark index marked its second straight weekly...

Asian shares fall on banking turmoil, recession worries

Mar. 24, 2023 00:54 AM EDT

BANGKOK (AP) — Shares fell Friday in Asia as worries over turmoil in the banking sector and recession risks overshadowed gains on Wall Street. Benchmarks declined in most major markets, while U.S. futures were higher. Oil prices fell. Investors are worried that more...

Fed's unwanted ally in bid to tame inflation: Credit crunch

Mar. 23, 2023 17:50 PM EDT

WASHINGTON (AP) — The Federal Reserve is getting some unwanted help in its drive to slow the U.S. economy and defeat the worst bout of inflation in four decades: a cutback in bank lending. The upheaval in the financial system that's followed the collapse of two major U.S. banks is...

Average long-term US mortgage rate falls to 6.42% this week

Mar. 23, 2023 12:02 PM EDT

The average long-term U.S. mortgage fell for the second straight week which, combined with moderating home prices, could give house hunters a break and the housing market a boost as the spring buying season begins. Mortgage buyer Freddie Mac reported Thursday that the average on the...

UK central bank hikes rates like Fed amid financial turmoil

Mar. 23, 2023 11:57 AM EDT

LONDON (AP) — The Bank of England extended its battle against inflation Thursday, announcing an 11th consecutive interest rate increase despite concerns about the economic fallout from troubles in the global financial system. Britain’s central bank boosted its key rate by a...

US jobless claims inch down as labor market remains tight

Mar. 23, 2023 08:45 AM EDT

The labor market continues to defy Federal Reserve attempts at loosening it, with U.S. applications for unemployment benefits down again last week and remaining at historically low levels. Jobless claims in the U.S. for the week ending March 18 fell by 1,000 to 191,000 from the...

Bank of England hikes rates by quarter-point, following US Federal Reserve in focusing on inflation despite bank turmoil

Mar. 23, 2023 08:06 AM EDT
LONDON (AP) — Bank of England hikes rates by quarter-point, following US Federal Reserve in focusing on inflation despite bank turmoil.

Asian shares decline after Fed hints rate hikes may end soon

Mar. 23, 2023 00:11 AM EDT

TOKYO (AP) — Asian shares were mostly lower Thursday after the Federal Reserve raised a key interest rate, while noting the end may be near for its economy-crunching hikes to interest rates. The Fed raised its key overnight rate by a quarter of a percentage point, the same size as...

Fed raises key rate by quarter-point despite bank turmoil

Mar. 22, 2023 18:51 PM EDT

WASHINGTON (AP) — The Federal Reserve extended its year-long fight against high inflation Wednesday by raising its key interest rate by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system. At a news conference,...