Economic News

Federal Reserve cuts key rate by a quarter-point. WASHINGTON— The Federal Reserve cut its key interest rate Wednesday by a quarter-point to 4.3%— its third cut this year— but also signaled it expects to reduce rates more slowly next year than it previously envisioned, largely because of still-elevated inflation. WASHINGTON— The Supreme Court said Wednesday it…

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NEW YORK— U.S. stocks tumbled to one of their worst days of the year after the Federal Reserve hinted Wednesday it may deliver fewer shots of adrenaline for the U.S. economy in 2025 than earlier thought. Wall Street loves easier interest rates, but that cut was already widely expected. A lot is riding on it, particularly after expectations for a series of cuts in 2025…

As he enters the final month of his first and only presidential term, Joe Biden is speaking to history, emphasizing the positive side of his legacy while he can still command an audience. Inflation is under control, gas is down to $3 a gallon and the Federal Reserve has already sliced interest rates twice this fall. Biden hands that economy over to Donald Trump, a man…

An early rebound for U.S. stocks petered out by the end of the day, leaving indexes close to flat. The S&P 500 edged down by 0.1% Thursday, coming off one of its worst days of the year after the Federal Reserve said it may deliver fewer cuts to interest rates in 2025 than earlier thought. Treasury yields were mixed in the bond market following reports showing the U.S….

The Federal Reserve cut its key interest rate Wednesday, providing some help for consumers. In California, sales of existing homes in October were up from September. The median price was $888,740, up 2.4% from September.

The average rate on a 30- year mortgage in the U.S. rose this week to its highest level since late November, reflecting a recent uptick in the bond yields that lenders use as a guide to price home loans. The rate rose to 6.72% from 6.6% last week, mortgage buyer Freddie Mac said Thursday. Mortgage rates are influenced by several factors, including the moves in the yield…

Continued Softness in Industrial Macro Environment. Source: S&P Global, Haver Analytics, Goldman Sachs Global Investment Research. Source: Board of Governors of the Federal Reserve System.

WASHINGTON- Americans hoping for lower borrowing costs for homes, credit cards and cars may be disappointed after this week's Federal Reserve meeting. The Fed's policymakers are likely to signal fewer interest rate cuts next year than were previously expected. "We're on the cusp of a transition to them not cutting every meeting," said David Wilcox, a former…

WASHINGTON– The Federal Reserve lowered its key interest rate by another quarter percentage point Wednesday but forecast a significantly slower pace of rate cuts next year following a recent inflation pickup and strong economic growth. Beth Hammack, head of the Federal Reserve Bank of Cleveland, dissented to Wednesday's decision, preferring to keep rates…

WASHINGTON- The U.S. central bank cut interest rates on Wednesday, as expected, but Federal Reserve Chair Jerome Powell said more reductions in borrowing costs now hinge on further progress in lowering stubbornly high inflation, remarks that showed policymakers are starting to reckon with the prospects for sweeping economic changes under a Trump…

—An early rebound for U.S. stocks on Thursday petered out by the end of the day, leaving indexes close to flat. The S&P 500 edged down by 0.1% following Wednesday’ s tumble of 2.9% when the Federal Reserve said it may deliver fewer cuts to interest rates next year than earlier thought. Traders are now expecting the Federal Reserve to deliver just one or maybe two cuts to…

U.S. stocks sank to their second-worst loss of the year after the Federal Reserve signaled that it may deliver fewer interest rates cuts in 2025 than earlier thought. The S&P 500 dropped 2.9% Wednesday to pull further from its all-time high set a couple weeks ago. Treasury yields ramped higher to add pressure on the stock market.

Retail sales rose 0.7% in November, the Commerce Department said Tuesday, a solid increase and higher than October's 0.5% gain. The boost in spending underscores that the economy is still growing at a healthy pace even with higher interest rates, a trend that could cause the Federal Reserve to lower borrowing costs more slowly next year than they have…

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—Below is the statement the Federal Reserve released Wednesday after its latest policy meeting ended:. Recent indicators suggest that economic activity has continued to expand at a solid pace. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑ backed securities.

—The Federal Reserve's third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses. But with inflation pressures still elevated and with concern that President-elect Donald Trump's policies could fuel inflation, the Fed indicated Wednesday that it's…

The second day of the Fed's rate-setting meeting began at 9:00 am time in Washington, the US central bank announced in a statement. "I'm dubious that another cut is necessary," Citigroup global chief economist Nathan Sheets told AFP, but it is "very much baked in" at this point, he said. This is the final planned interest rate decision before Democratic President Joe…

The past couple of years have been tough on consumers' wallets. Inflation has affected groceries, gas and lots of other everyday expenses— and auto insurance is no exception. At inflation's peak in 2022, high vehicle repair and medical costs, along with natural disaster losses, resulted in auto insurers spending more in claims than they earned through premiums,…