Breaking News: Economy
Payrolls rose 390,000 in May, better than expected as companies keep hiring
The U.S. economy added 390,000 jobs in May, better than expected despite fears of an economic slowdown and with a roaring pace of inflation, the Bureau of Labor Statistics reported Friday. At the same time, the unemployment rate held at 3.6%, just above the lowest level since December 1969. Economists surveyed by Dow Jones had […]
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Fed Vice Chair Lael Brainard says it’s ‘very hard to see the case’ for the Fed pausing rate hikes
Federal Reserve Vice Chair Lael Brainard said Thursday that it’s unlikely the central bank will be taking a break from its current rate-hiking cycle anytime soon. Though she stressed that Fed policymakers will remain data-dependent, Brainard said the most likely path will be that the increases will continue until inflation is tamed. “Right now, it’s […]
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The Fed’s Mary Daly says rate hikes should continue until inflation is tamed
San Francisco Federal Reserve President Mary Daly said Wednesday she backs raising interest rates aggressively until inflation comes down to a reasonable level. Those moves likely would entail multiple 50 basis point hikes at coming meetings, then a possible rest to see how the central bank policy tightening is combining with other factors in addressing […]
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Yellen says the administration is fighting inflation, admits she was wrong that it was ‘transitory’
Treasury Secretary Janet Yellen emphasized that the White House has several strategies ready to go that will reduce an inflation burden she conceded is too high on Americans. In an interview Tuesday with CNBC’s Becky Quick, Yellen listed efforts aimed at prescription drug costs, the budget deficit and oil production that could bring down prices […]
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Fed Governor Christopher Waller says he’s prepared to take rates past ‘neutral’ to fight inflation
Christopher Waller, U.S. President Donald Trump’s nominee for governor of the Federal Reserve, listens during a Senate Banking Committee confirmation hearing in Washington, D.C., on Thursday, Feb. 13, 2020. Andrew Harrer | Bloomberg | Getty Images Federal Reserve Governor Christopher Waller said Monday he sees interest rate increases continuing through the rest of the year […]
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The Fed’s favorite inflation measure rose 4.9% in April in a sign that price increases could be slowing
People shop in a supermarket in Washington, DC, on May 26, 2022, as Americans brace for summer sticker shock as inflation continues to grow. Nicholas Kamm | AFP | Getty Images The Federal Reserve’s preferred inflation gauge rose 4.9% in April from a year ago, a still-elevated level that nonetheless indicated that price pressures could […]
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First-quarter GDP declined 1.5%, worse than thought; jobless claims edge lower
A ‘We’re Hiring!’ sign is posted at a Starbucks in Los Angeles, California. Mario Tama | Getty Images The U.S. economic contraction to start the year was worse than expected as weak business and private investment failed to offset strong consumer spending, the Commerce Department reported Thursday. First-quarter gross domestic product declined at a 1.5% […]
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Mortgage demand slides further, even as interest rates pull back slightly
Mortgage rates turned lower for the second straight week, but it wasn’t enough to boost demand for either new purchase loans or refinances, according to a weekly report from the Mortgage Bankers Association. Rates are still much higher than they were for the past two years. Last week the average contract interest rate for 30-year […]
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Fed minutes point to more rate hikes that go further than the market anticipates
Federal Reserve officials earlier this month stressed the need to raise interest rates quickly and possibly more than markets anticipate to tackle a burgeoning inflation problem, meeting minutes released Wednesday showed. Not only did policymakers see the need to raise benchmark borrowing rates by 50 points, but they also said similar hikes likely would be […]
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Inflation-fighting Fed isn’t focused on impact of rates on stocks, Esther George Says
Kansas City Federal Reserve President Esther George said Thursday that higher interest rates are needed now to bring down inflation and that policymakers are not focused on the impact that is having on the stock market. In a CNBC interview, the central bank official noted that the Fed is looking to tighten financial conditions, of […]
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