Federal Reserve

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More Market Turmoil? Inflation Higher Than Expected

Investors may not be happy because it could lead to a hike in interest rates

(Newser) - Given the markets' recent volatility, investors were keeping a closer eye than usual on Wednesday's new inflation report—and they may not be thrilled with the data. The consumer price index showed that prices for everyday goods rose slightly higher than expected in January, reports the Wall Street Journal ... More »

US Fed Caps Wells Fargo's Assets in 'Unprecedented' Move

Bank can't grow until it proves widespread misconduct is in the past

(Newser) - In what CNN calls an "unprecedented" punishment, the US Federal Reserve on Friday ordered Wells Fargo to halt all growth until "it sufficiently improves its governance and controls" in the wake of "pervasive and persistent misconduct." The bank admitted in 2016 to opening 3.5 million... More »

Here Is the New Fed Chief

Senate confirms Jerome Powell, who isn't expected to break from Janet Yellen's policies

(Newser) - The Senate has approved President Trump's selection of Jerome Powell to be the next chairman of the Federal Reserve beginning next month. Senators voted 85-12 to confirm Powell to lead the nation's central bank, a post that's considered the most powerful economic position in government, per the... More »

Fed Makes Rate Hike Despite Lack of Inflation

Federal Reserve boosts key short-term interest rate

(Newser) - As expected, the Federal Reserve has boosted a key short-term interest rate at the last US central bank meeting that Janet Yellen is expected to lead, the AP reports. Fed officials ended their two-day meeting by hiking the federal funds rate—what banks charge each other for short-term loans—to... More »

Federal Reserve Chair Submits Resignation

Janet Yellen will depart board when term ends

(Newser) - Janet Yellen submitted her resignation from the Federal Reserve board to President Trump on Monday, announcing that she will leave when her successor is sworn in as Fed chairman. In a letter to the president, Yellen said she would do her "utmost" to ensure a smooth transition to Jerome... More »

Fed Move Signals a Stronger Economy

Federal Reserve will begin shrinking portfolio of bonds

(Newser) - The Federal Reserve will begin shrinking the enormous portfolio of bonds it amassed after the 2008 financial crisis to try to sustain a frail economy. The move reflects a strengthened economy and could mean higher rates on mortgages and other loans over time, the AP reports. The Fed announced Wednesday... More »

Cohn's Trump Criticism May Cost Him Fed Chief Post

'Wall Street Journal' reports the president is unlikely to appoint him

(Newser) - White House adviser Gary Cohn delivered a public rebuke of President Trump after the violence in Charlottesville, and the Wall Street Journal reports that it might have cost him his chance at becoming the next Federal Reserve chief. The newspaper says the president is now unlikely to appoint Cohn to... More »

Yellen's Defense of Post-Crisis Regulations May Cost Her

The White House isn't going to like it

(Newser) - Federal Reserve Chair Janet Yellen on Friday emphatically defended the web of regulations the Fed helped enact after the 2008 financial crisis, saying it helped restore the banking system's health and disputing criticism that the rules have hurt lending, the AP reports. Yellen said the Fed is prepared to... More »

There's Gold in Them Thar Fed Vaults. We Think

Some suspect there isn't as much gold as the Fed claims

(Newser) - The New York headquarters of the Federal Reserve is either home to 6,200 tons of gold, a bunch of fake gold bars, or next to no gold, depending on whom you ask. The Fed has long claimed its vaults hold the world's largest gold stockpile worth as much... More »

Interest Rates Hit a Milestone for First Time Since 2008

Fed signals belief in strong economy

(Newser) - The Federal Reserve signaled confidence in a strong economy Wednesday with its second interest rate hike of 2017, bringing its benchmark rate up a quarter-point to push it over 1% for the first time since the 2008 financial crisis. The move, which brings the range to between 1% and 1.... More »

Fed Jacks Key Rate for 2nd Time in 3 Months

And signals more hikes are ahead in 2017

(Newser) - The Federal Reserve has raised its benchmark interest rate for the second time in three months and signaled that any further hikes this year will be gradual. The move Wednesday reflects a consistently solid US economy and will likely mean higher rates on some consumer and business loans. The Fed'... More »

The Fed Likely to Raise Interest Rates This Month

Janet Yellen signaled as much in a speech Friday

(Newser) - Janet Yellen signaled Friday that the Fed will likely resume raising interest rates later this month to reflect a strengthening job market and inflation edging toward the central bank's 2% target rate, the AP reports. The Federal Reserve chair also said that the Fed expects steady economic improvement to... More »

Yellen Could Stay Mum on One Big Question Today

Congress sure to ask about Fed's possible reaction to Trump's economic plan

(Newser) - Federal Reserve Chair Janet Yellen faces two tasks when she delivers her semiannual testimony to Congress starting Tuesday: As always, she'll sketch a picture of how she expects the economy to fare in coming months and how the Fed's interest rate policy may unfold. (In December, the Fed... More »

Fed Raises Key Interest Rate, Suggests More Hikes Coming

It's the first increase in a year

(Newser) - The Federal Reserve is raising a key interest rate for the first time in a year, reflecting a resilient US economy and expectations of higher inflation. The move will mean modestly higher rates on some loans, reports AP . The Fed signaled in a statement Wednesday that additional rate increases will... More »

With Fed Set to Hike Rates, Look for This One Word

'Roughly'

(Newser) - The Federal Reserve's first policy meeting since Donald Trump won the election wraps up Wednesday, and analysts say the Fed is almost certain to raise interest rates for just the second time in a decade—though they also said Trump was almost certain to lose the election. Beyond the... More »

Fed Hints at Upcoming Rate Hike

But leaves interest rates unchanged for now

(Newser) - The Federal Reserve is leaving interest rates unchanged just days before Americans choose a new president, but hints again that it will likely raise rates at an upcoming meeting, the AP reports. The Fed says that the case for rate hike has "continued to strengthen" but that the panel... More »

Fed Keeps Key Interest Rate Unchanged

But hints at rate increase before end of year

(Newser) - The Federal Reserve is keeping a key interest rate unchanged but sending a strong signal that it will likely boost rates before the end of the year, the AP reports. The Fed said in a statement Wednesday that the US job market has continued to strengthen and economic activity has... More »

Rate Debate Reaches Fever Pitch Ahead of Fed Meeting

Chair Janet Yellen has said there's a strong case for a rate hike—but pushback continues

(Newser) - "Let's get on with it already." That's the opinion of one investment strategist ahead of the Federal Reserve's two-day rate meeting starting Tuesday, calling for Chair Janet Yellen to push for a rate increase that many are still wary of implementing. Per Reuters , a good... More »

Yellen Doesn't Tip Her Hand on Rate Hike

Case is stronger, says Fed chief, without offering timetable

(Newser) - Federal Reserve Chair Janet Yellen said Friday that the case for raising interest rates has strengthened in light of a solid job market and an improved outlook for the US economy and inflation, reports the AP . So does that mean rates are going up? We'll have to stay tuned,... More »

Brexit, Jobs Report Sink Likelihood of Fed Rate Hike

Interest rate may not go up until at least December

(Newser) - Experts say the US Federal Reserve may wait until after Britain votes on whether it will leave the European Union before it raises the interest rate, Reuters reports. The Fed is meeting June 14, but the so-called Brexit vote isn't until June 23. If Britain leaves the EU, it... More »

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