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News
Wall Street week ahead: Federal Reserve decision on interest rates, retail sales update
8+ hour, 50+ min ago (260+ words) NEW YORK – The Federal Reserve and its interest rate policy will be the main focus for Wall Street this week. The central bank will close out its two-day meeting on Wednesday and could raise its benchmark interest rate in an…...
US wholesale prices rise in latest sign of stubborn inflation as oil prices continue to climb
2+ day, 12+ hour ago (267+ words) Excluding the volatile food and energy categories, core prices rose 0.2% from July to August, the same as the previous month. Compared with a year ago, core prices rose 4.6%, up from 4.2% in July. Other items that jumped in price include airfares,…...
European Central Bank raises interest rates a quarter point to quell energy-fueled inflation
2+ day, 14+ hour ago (242+ words) FRANKFURT – The European Central Bank raised interest rates Thursday to cool inflation that is being fed by high oil prices from the Iran war. The decision was supported by a stronger-than-expected economy that suggests businesses can weather the higher borrowing…...
Average rate on a 30-year mortgage climbs to highest level in 13 months
1+ week, 2+ day ago (580+ words) Mortgage rates rose again this week, driving the average long-term U.S. home loan rate to its highest level in more than a year. The benchmark 30-year fixed rate mortgage rate rose 6.71% from 6.66% last week, mortgage buyer Freddie Mac said Thursday. One…...
Fed's Waller says central bank's next rate move depends on upcoming inflation report
1+ week, 2+ day ago (427+ words) 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…...
Warsh raises stakes for Fed's next meeting and other takeaways from Jackson Hole conference
2+ week, 4+ hour ago (955+ words) In doing so, Warsh has put more pressure on the central bank to increase interest rates when it next meets in mid-September if inflation doesn't improve. The government's next price report, to be released just days before the meeting, could…...
All eyes on Fed Chair Warsh during the central bank’s annual conclave in Jackson Hole
2+ week, 1+ day ago (488+ words) WASHINGTON – New Federal Reserve Chair Kevin Warsh has sought a lower profile than his predecessors, yet his speech Friday at the central bank's annual conclave in Jackson Hole will be one of the most closely watched in years. When Warsh…...
US economy expanded at sluggish 1.5% pace in second quarter, on par with earlier estimate
2+ week, 3+ day ago (193+ words) WASHINGTON – The U.S. economy grew at a sluggish 1.5% pace from April through June. But consumer spending stayed strong. The Commerce Department reported Wednesday that growth in gross domestic product — the nation's output of a goods and services — decelerated from a…...
Key inflation gauge remains elevated during Iran war and ongoing US trade fights
2+ week, 3+ day ago (251+ words) WASHINGTON – An inflation measure closely watched by the Federal Reserve was unchanged last month in the latest sign that many Americans are still struggling with higher costs. The Commerce Department's Wednesday report showed that prices rose 3.7% in July compared with…...
US consumer confidence falls to lowest level in 7 months with gas stuck above $4
2+ week, 4+ day ago (359+ words) WASHINGTON – Americans’ confidence in the economy declined again this month as the ongoing conflict in Iran continued to push U.S. gasoline prices above $4 per gallon. The Conference Board said Tuesday that its consumer confidence index dipped to 89.4 in August…...