federal reserve
Inflation worsened last month to 3.7% in sign that prices remain elevated as midterm elections near
WASHINGTON | U.S. inflation accelerated last month as gas, clothes, and air fares got more expensive, evidence that rising prices remain an economic challenge just a few weeks before the midterm elections. The consumer price index rose 3.7% in September compared with a year ago, the Labor Department said Wednesday, up from 3.4% in August. […]
Americans 75 and older are wealthiest age group, Fed survey finds
WASHINGTON | Bolstered by steady gains in the stock market, families headed by someone aged 75 or older are now America’s wealthiest, while the youngest families saw their wealth decline in the past three years, a government report released Friday said. The finding from the Federal Reserve’s Survey of Consumer Finances underscores how robust stock […]
Trump establishes committee to investigate Federal Reserve’s Lisa Cook in latest effort to fire her
WASHINGTON | President Donald Trump opened another chapter in his effort to fire Federal Reserve Governor Lisa Cook Friday by establishing a “committee of inquiry” to investigate allegations that she made false statements in mortgage applications. The inquiry will include a hearing at the White House Nov. 5, Trump said in a written memo, that […]
Americans are using buy now, pay later more than ever. Here’s what to know if you’re one of them
NEW YORK | Americans spent more than $160 billion last year using buy now, pay later plans, according to research published by Federal Reserve economists. Experts say they’re increasingly seeing people use the plans for everyday expenses like groceries, bills, transportation and, sometimes rent. “It has been very hard out there for a lot of […]
Struggling US home buyers, and market, face new hurdles as mortgage rates near 7%
Home shoppers holding out for relief from rising mortgage rates may be in for a long wait. The weekly average rate on a 30-year fixed-rate home loan has been rising for months and reached its highest level in over 14 months last week at 6.76%, according to mortgage buyer Freddie Mac. This week’s snapshot, due […]
Federal Reserve hikes key rate for 1st time in 3 years, defying Trump demands for a cut
WASHINGTON | The Federal Reserve raised its benchmark interest rate Wednesday for the first time since 2023 in an effort to quell stubbornly-high inflation, a move that could spur a sharp response from the White House. The quarter-point increase lifts the Fed’s key rate to about 3.9% and, over time, could result in higher borrowing […]
Federal Reserve is expected to raise its benchmark rate, defying Trump’s demands
WASHINGTON | The Federal Reserve is widely expected to lift its short-term interest rate Wednesday for the first time in three years to fight stubbornly high inflation, a move that would put the central bank at odds with President Donald Trump’s support for a cut. A quarter-point increase in the Fed’s rate, currently about 3.6%, […]
US inflation accelerated last month as gas prices spiked, squeezing Americans’ finances
WASHINGTON | U.S. inflation accelerated last month as gas prices spiked in the wake of renewed fighting in the Middle East, underscoring the affordability challenges that are top of mind for many voters with midterm elections now just seven weeks away. The consumer price index rose 3.4% last month compared with a year ago, the […]
United States likely added 65,000 jobs last month, but jobseekers struggle and pay gains are meager
WASHINGTON | The U.S. Labor Department is expected to report Friday that the American job market bounced back last month from a dismal July, even though jobseekers continue to struggle and pay gains are slight. And the employment outlook remains clouded by a shortage of workers – the result of President Donald Trump’s immigration crackdown […]
Fed’s Waller says central bank’s next rate move depends on upcoming inflation report
WASHINGTON | Federal Reserve governor Christopher Waller said Thursday that an inflation report next week will largely determine whether he supports an interest rate hike later this month or not. The government will release August inflation figures Sept. 11, and if that report shows inflation continues to cool, then Waller said he would be willing […]