WASHINGTON — Federal Reserve Chairman Jerome Powell indicated Wednesday that the Fed is likely to keep its benchmark short-term interest rate unchanged in the coming months, unless the economy shows signs of worsening. But for now, in testimony before a congressional panel, Powell expressed optimism about the prospects for the...
Fed Cuts Rates a 3rd Time This Year but Signals Likely Pause
WASHINGTON — The Federal Reserve cut its benchmark interest rate Wednesday for the third time this year to try to sustain the economic expansion in the face of global threats. But it hinted that it won't likely cut again this year. The Fed's move reduces the short-term rate it controls...
US Single-Family Homebuilding Ticks up, Apartments Fall
WASHINGTON — U.S. homebuilding fell last month after reaching a 12-year high in August, driven by a sharp decline in the construction of new apartments. Yet single-family home construction ticked higher for the fourth straight month. The Commerce Department said Thursday that overall housing starts in September dropped 9.4% to...
Opinion: On Oct. 3, Happy Deficit Day
Imagine that the federal government received all the revenue it will receive for the year in a lump sum on Jan. 1, and then proceeded to spend that money at a constant rate. If the federal government’s budget were balanced, the money would last until the stroke of midnight on...
What the Fed's Rate Cut Means for You
The Federal Reserve has cut its benchmark interest rate again, big news for the U.S. economy but something that will likely have a muted impact on Americans' personal finances, experts say. That's because the reduction doesn't offset the increases of recent years. And as the key rate creeps closer to...
Stocks Edge Higher; S&P 500 Heads for Another Week of Gains
NEW YORK — U.S. stocks edged higher in midday trading on Friday as solid gains from health care companies offset a sliding technology sector. The S&P 500 rose 0.1% to 3,006 and is within 20 points of its all-time high. The index is headed for a fourth straight weekly gain,...
A Divided Fed Cuts Key Interest Rate for 2nd time This Year
WASHINGTON — A sharply divided Federal Reserve cut its key benchmark interest rate for a second time this year while saying Wednesday that it's prepared to continue doing what it deems necessary to sustain the U.S. economic expansion. The Fed's move will reduce its benchmark rate by an additional quarter-point...
Powell Says Fed Will Aid Economy, but Trump Escalates Attack
WASHINGTON — Federal Reserve Chairman Jerome Powell signaled Friday that the Fed stands ready to cut interest rates further if the economy needs it but wasn't clear about when or by how much. Powell had barely finished speaking to central bankers in Jackson Hole, Wyoming, before President Donald Trump escalated...
Former Fed Leaders Defend Powell Against Trump's Attacks
WASHINGTON — In a strong rebuke to President Donald Trump, the four living former leaders of the Federal Reserve say the head of the nation's central bank should be able to make interest-rate decisions free of political pressure and the threat of being removed or demoted. The former chairs —...
Fed Cuts Key Rate in Its First Reduction in More Than Decade
WASHINGTON — The Federal Reserve cut its key interest rate Wednesday for the first time in a decade to try to counter threats ranging from uncertainties caused by President Donald Trump's trade wars to chronically low inflation and a dim global outlook. The Fed also repeated a pledge to "act...