The Federal Reserve raised its benchmark interest rate Wednesday for the first time since 2023, a move that will ripple into borrowing costs for homeowners, car buyers and credit card holders across Port Richmond, Fishtown, Kensington and the rest of Philadelphia, according to the Philadelphia Patch. Gas prices have climbed 7 percent over the past month amid…
Economic News
The Federal Reserve raised interest rates Wednesday for the first time in three years as inflation continues to dog the economy, largely driven by soaring gas and fuel oil prices while the war in Iran drags on. The central bank's Federal Open Market Committee voted 12-0 to increase its benchmark interest rate by a quarter of a percentage point, reaching the new…
U.S. stocks rose and recovered most of their losses for the week. Falling oil prices and easing pressure from the bond market on Thursday helped Wall Street reverse many of its moves from the prior day, when the Federal Reserve hiked its main interest rate for the first time in years and suggested more may be on the way. The yield on the 10- year Treasury fell to 4.93%.
Higher interest rates tend to make many people antsy. Tracked were 30- year mortgage rates from Freddie Mac, job counts from the Bureau of Labor Statistics, and home prices measured by the Federal Housing Finance Agency. The goal was to see how bosses and house hunters in California and nationwide react when mortgage rates are above 7%.
–The Federal Reserve raised interest rates a quarter point Wednesday, its first increase in three years, a unanimous move that came despite President Donald Trump's demands for cuts, with officials signaling more increases could follow this year. The increase keeps short-term borrowing costs elevated heading into fall for credit cards and auto loans, and can…
—U.S. stocks are rising Thursday and recovering most of their losses for the week. Falling oil prices and easing pressure from the bond market helped Wall Street reverse many of its moves from the prior day, when the Federal Reserve hiked its main interest rate for the first time in years and suggested more may be ahead as it tries to get the nation’ s high inflation…
Federal Reserve Chair Kevin Warsh has recently emphasized the importance of bringing inflation back down to its target of 2%. But the Federal Reserve's decision on Sept. 16, 2026, to hike its baseline interest rate also highlighted an increasingly confounding dilemma: It can raise the price of money across the economy, but it can't determine which sectors are…
The Federal Reserve raised its benchmark interest rate by a quarter percentage point on Wednesday, taking the federal funds target range to 3.75%-4% and raising the costs of taking on debt for consumers. It's the first rate hike under recently appointed Fed Chair Kevin Warsh and the first since 2023, and it comes as inflation remains stubbornly above the Fed' s…
–Sell the GBP/USD pair and set a take-profit at 1.3300. It fell to 1.3393, down more than 2% from its August high as focus shifted to the upcoming Bank of England interest rate decision. Bank of England Decision Ahead.
WASHINGTON- The Federal Reserve raised interest rates on Wednesday and flagged more hikes in the coming months, with new U.S. central bank chief Kevin Warsh joining a unanimous decision that effectively acknowledges the Trump administration's inability so far to control inflation that policymakers worry could worsen. While President Donald Trump had…
The Federal Reserve Wednesday raised its interest rate target by 25 points, to 4.0%, the first hike under new Chairman Kevin Warsh and the first in three years. President Trump later slammed the move, meant to help stem inflation, saying the interest rate should be at the most 1%. "Interest Rates in the United States should be 1%, or less, because we are the Best Credit in…
COLBY S MITH The New York Times. The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday, the first increase in more than three years and a significant step by Kevin Warsh, the central bank’ s chair, to combat elevated inflation. He added that the U.S. economy remained strong and unemployment was low, justifying the Fed removing what…
—President Trump Wednesday praised Federal Reserve Chair Kevin Warsh, blaming the board instead for the interest rate increase. "I'm relying on Kevin, but he's got a very tough board," Trump told reporters after landing in North Carolina. "He's got a board that was put there by a lot of other people."
The move angered Mr. Trump, who has repeatedly pressured the central bank to lower rates and recently threatened to cut off trade with countries that sell heavily to the U.S. market but buy far less from American producers. Mr. Trump wrote on Truth Social. Mr. Warsh said the economy appears to be strengthening overall, but inflation "remains elevated," and that…
US President Donald Trump on Wednesday leveled his most pointed- though still indirect- criticism yet at his hand-picked Federal Reserve chief, fuming on social media over the central bank's move to raise interest rates in a bid to calm persistent inflation. "Interest Rates in the United States should be 1%, or less, because we are the Best Credit in the World- BY FAR,"…
—The Bank of England is expected to keep interest rates unchanged Thursday even though inflation in the United Kingdom has risen to a five-month high as the fallout from the Iran war continues to ratchet up fuel prices. Interest rates in the U.K. had been trending downward from a 15- year high of 5.25% until the U.S. and Israel attacked Iran in late February.
The U.S. Securities and Exchange Commission and Commodity and Futures Trading Commission are expected to use their existing powers to set rules for digital asset market structure after the U.S. Senate failed to vote through the CLARITY Act on 15 September 2026. Ryan VanGrack, vice chairman of crypto exchange and infrastructure provider Coinbase, said: "If…
From mortgages to auto loans to credit cards, borrowing is set to get even pricier. But the Federal Reserve’ s decision on Sept. 16, 2026, to hike its baseline interest rate also highlighted an increasingly confounding dilemma: It can raise the price of money across the economy, but it can’ t determine which sectors are most affected. But the Fed’ s action also…
The Federal Reserve raised interest rates a quarter point Wednesday, its first increase in three years, a unanimous move that came despite President Donald Trump's demands for cuts, with officials signaling more increases could follow this year. The increase keeps short-term borrowing costs elevated heading into fall for credit cards and auto loans, and can…
