Fed's Powell: Rate cuts likely this year, but more evidence is needed that inflation is tamed
Chair Jerome Powell reinforced his belief that the Federal Reserve will cut its key interest rate this year but said it first wants to see more evidence that inflation is falling sustainably back to the Fedโs 2% target.
Congressional Budget Office projects lower inflation and higher unemployment into 2025
The Congressional Budget Office says it expects inflation to nearly hit the Federal Reserveโs 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.
Stock market today: Asian shares are mostly higher after the Dow hits a record high, US dollar falls
Shares are mostly higher in Asia after a powerful rally across Wall Street sent the Dow Jones Industrial Average to a record high as the Federal Reserve indicated that interest rate cuts are likely next year.
Speculation about eventual rate cuts is rising, but Fed is set to leave interest rates unchanged
With inflation edging closer to the Federal Reserveโs 2% target, its policymakers are facing โ and in some cases fueling โ hopes that they will make a decisive shift in policy and cut interest rates next year, possibly as soon as spring.
Federal Reserve minutes: Officials saw inflation slowing but will monitor data to ensure progress
Federal Reserve officials concluded earlier this month that inflation was steadily falling and agreed to closely monitor incoming data to ensure that the pace of price increases would continue slowing toward their 2% target, according to the minutes of the meeting.
US employers pulled back on hiring in October, adding 150,000 jobs in face of higher borrowing rates
The nationโs employers slowed their hiring in October, adding a modest but still decent 150,000 jobs, a sign that the labor market may be cooling but remains resilient despite high interest rates that have made borrowing much costlier for companies and consumers.
US applications for jobless benefits inch higher but remain at historically healthy levels
The number of Americans applying for jobless benefits inched up last week but remains low by historical standards, even with the Federal Reserveโs aggressive interest rate hikes meant to cool the economy and taper lingering inflation.
Surge in interest rates and a cloudier economic picture to keep Federal Reserve on sidelines
The Federal Reserve is poised to leave its key interest rate unchanged at a time when the Fed faces an economy that has proved resilient but is nevertheless under pressure from surging interest rates, overseas turmoil and anxious investors.
US jobless claims remain at historically low 209,000, a sign of continuing labor market strength
The number of Americans applying for unemployment benefits was unchanged last week, remaining at historically low levels in another sign that the U.S. job market remains strong in the face of higher interest rates.
Federal Reserve minutes: Officials signal cautious approach to rates amid heightened uncertainty
Federal Reserve officials regarded the U.S. economyโs outlook as particularly uncertain last month, according to minutes released Wednesday, and said they would โproceed carefullyโ in deciding whether to further raise their benchmark interest rate.
The average long-term US mortgage rate surges to 7.49%, its highest level since December 2000
The cost of financing a home surged again this week as the average long-term U.S. mortgage rate climbed to its highest level since December 2000, further dimming the affordability outlook for many would-be homebuyers.
Slightly fewer number of Americans apply for jobless benefits as layoffs remain rare
U.S. applications for unemployment benefits inched up modestly this week after reaching their lowest level in eight months the previous week, as the labor market continues to defy the Federal Reserveโs interest rate hikes meant to cool it.