Economy
Fed members predict more hikes with the benchmark rate above 3% by year-end
U.S. Federal Reserve Chairman Jerome Powell testifies during the Senate Banking Committee hearing titled “The Semiannual Monetary Policy Report to the Congress”, in Washington, U.S., March 3, 2022. Tom Williams | Reuters The Federal Reserve said Wednesday it expects the fed funds rate to increase by another roughly 1.75 percentage points over the next four […]
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Watch Fed Chair Powell discuss the central bank’s biggest rate hike in nearly three decades
Stocks climbed higher after Powell leaves the door open for another 75 basis point rate hike The major indexes jumped higher after Federal Reserve Chair Jerome Powell indicated that another 0.75 percentage point rate hike could be possible. Investors cheered central bank officials taking a tougher stance on inflation. At 3:10 p.m. ET, the S&P […]
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Fed hikes its benchmark interest rate by three-quarters of a point, the biggest increase since 1994
The Federal Reserve on Wednesday launched its biggest broadside yet against inflation, raising benchmark interest rates three-quarters of a percentage point in a move that equates to the most aggressive hike since 1994. Ending weeks of speculation, the rate-setting Federal Open Market Committee took the level of its benchmark funds rate to a range of […]
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Here’s what changed in the new Fed statement
This is a comparison of Wednesday’s Federal Open Market Committee statement with the one issued after the Fed’s previous policymaking meeting on May 4. Text removed from the May statement is in red with a horizontal line through the middle. Text appearing for the first time in the new statement is in red and underlined. Black text appears in both […]
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Ford CFO says inflation has erased Mustang Mach-E profits, but isn’t hurting demand for new vehicles
The Mustang Mach-E is Ford’s first new all-electric vehicle under an $11 billion investment plan in electrified vehicles through 2022. Michael Wayland | CNBC Ford Motor’s CFO said Wednesday that the company isn’t yet seeing consumer demand for new vehicles drop off – but rising commodity costs have wiped out the profit it initially expected […]
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Millionaires are raising cash on fears that the Fed can’t tame inflation and stave off recession
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 9, 2022. Brendan Mcdermid | Reuters American millionaires are raising cash in response to lingering inflation fears, according to CNBC’s Millionaire Survey. Millionaires surveyed by CNBC ranked inflation as the top risk to both the economy and […]
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American Airlines CEO vows to improve pilot pay as wages at other carriers rise
FILE – American Airlines President Robert Isom speaks at a news conference about the company’s new partnership with Alaska Airlines, Thursday, Feb. 13, 2020, in Seattle. American Airlines CEO Doug Parker will retire next March and be replaced by the airline’s current president, Robert Isom. Elaine Thompson | AP American Airlines CEO Robert Isom said […]
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Here’s everything the Fed is expected to announce, including the biggest rate hike in 28 years
US Federal Reserve Chairman Jerome Powell speaks during a news conference in Washington, DC, on May 4, 2022. Jim Watson | AFP | Getty Images The Federal Reserve on Wednesday is expected to do something it hasn’t done in 28 years — increase interest rates by three-quarters of a percentage point. In response to soaring […]
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Retail sales posted unexpected 0.3% decline in May as inflation hammers consumers
Retail sales turned negative in May as consumers pulled back spending while inflation surged, the Commerce Department reported Wednesday. Advance retail and food service spending fell 0.3% for the month, below the Dow Jones estimate for a 0.1% gain. Excluding autos, sales were up 0.5%, which fell short of expectations for a 0.8% increase. The […]
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5 things to know before the stock market opens Wednesday
Here are the most important news, trends and analysis that investors need to start their trading day: 1. Stocks set to bounce at the open ahead of the Fed’s big rate decision Traders on the floor of the NYSE, June 14, 2022. Source: NYSE U.S. stock futures rose Wednesday as Wall Street prepares for what […]
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