Economic news

Federal Reserve chair Jerome Powell said the central bank will remain aggressive in fighting inflation despite promising economic data.

Wealthier Americans cut their credit card spending for a third straight month in July as inflation and market volatility weighed on sentiment, according to a study by Bank of America Institute. 

Directors at two of the Federal Reserve's 12 regional branches favored a 100-basis-point increase in the discount rate in July, minutes of discount-rate meetings show.

The COVID-19 pandemic revealed the fragility of complex global supply chains. Bankers say they are hearing from more U.S. clients who want to change that by moving manufacturing and supplier operations closer to home.

An account of the debate at the Federal Reserve's July policy meeting, set to be published after two weeks of whiplash on Wall Street, will probably offer clues as to what would push the central bank to go big with tightening yet again in September.

An alternative metric might have led the Federal Reserve to take earlier action against rising prices.

Inflation and rising rates are some of the biggest issues industry executives and leaders are focusing on this year.

The three-month London interbank offered rate for dollars climbed to a nearly 14-year high as traders brace for steady interest rate hikes from the Federal Reserve, backing away from speculation the central bank will ease up as the economy shows signs of cooling. 

The report from Senate Homeland Security Committee ranking member Rob Portman, R-Ohio, details China's campaign to infiltrate the Federal Reserve. But even amid rising tensions between the U.S. and China, response to the report has been muted.

The day after the Federal Open Market Committee's next meeting we will analyze the increase and the signals about what rate hikes may be coming.

As the Federal Reserve implemented its second 0.75% rate hike in two months, the chair said the system is able to withstand any financial stability risks that rising rates might create. 

More central bank communication leads to more trust and more accurate inflation expectations among the public, a study from the National Bureau of Economic Research concludes. But while other central banks have found creative ways to get their message across, the Federal Reserve has not.

The Federal Reserve has aggressively ratcheted up interest rates to tame inflation. But that swift turnaround after more than a decade of accommodative monetary policy could create new risks to the financial system.

Even with another annual surge of over 20%, the pace of home-price growth eased in May and experts anticipate even further moderation over the next year.

Barclays said it will give a £1,200 ($1,460) pay raise to 35,000 of its U.K..-based staff, the latest lender to boost wages as the cost-of-living crisis deepens.

Canadian banks fell more than 20% from their record high set in early February as recession fears send investors fleeing.

The Federal Reserve has started a hiking cycle that's expected to continue with half-point increases in June and July, Marvin Loh, senior macro strategist at State Street Global Markets, will assess the June Federal Open Market Committee meeting and tell what he expects the panel to do in the future.

If the inflation figures begin to move lower, then there is a reasonable chance of working through this cycle of rising rates without experiencing a recession.

The crypto lender Celsius Network’s shock announcement that it’s freezing withdrawals sparked a rush by companies in the digital-assets sector to reassure markets about the health of their operations.

The American Bankers Association’s credit conditions index fell sharply, as economists foresaw dampening loan demand. The weaker outlook lines up with major bank CEOs’ increased worries over a possible recession.