WASHINGTON — Facebook's ambitious plan to create a financial eco-system based on a digital currency faces questions from lawmakers, as it's shadowed by negative comments from President Donald Trump, his treasury secretary and the head of the Federal Reserve. Congress begins two days of hearings Tuesday on the currency planned by Facebook,...
Fed Chairman Signals That Rate Cut Could Happen Soon
WASHINGTON — Chairman Jerome Powell signaled Wednesday that the Federal Reserve is likely to cut interest rates late this month for the first time in a decade in light of a weakening global economy and rising trade tensions. Delivering the central bank's semiannual report to Congress, Powell said that since...
US Hiring Slows Amid Trade Tensions, Weaker Global Economy
WASHINGTON — U.S. hiring stumbled in May as employers added just 75,000 jobs, a sign that businesses have become more cautious in the face of weaker global growth and widening trade conflicts. Last month's modest job gain followed a much healthier increase of 224,000 in April. The Labor Department said...
Chairman Says Fed Ready to Respond to Trade Conflicts
WASHINGTON — Chairman Jerome Powell said Tuesday the Federal Reserve is prepared to respond to the Trump administration's trade conflicts to protect the U.S. economy, signaling the Fed will cut interest rates if necessary. Powell's comments gave a lift to stock markets, with the Dow Jones industrial average up over...
When the Next Recession Hits, Will California Be Able to Count on Washington?
They don’t call it the Golden State for nothing, at least not lately. California’s fiscal health is in extraordinary shape. Income tax receipts surpassed expectations for the pivotal month of April. Projections of a $21 billion-plus surplus are not out of the question. Nearly 3 million jobs have been added since the depths of...
Fed Signals Neither a Rate Hike nor a Cut Is Likely Soon
WASHINGTON — The Federal Reserve left its key interest rate unchanged Wednesday and signaled that it's unlikely to either raise or cut rates in coming months amid signs of renewed economic health but unusually low inflation. The Fed left its benchmark rate — which influences many consumer and business loans...
Leading Finance Officials Acknowledge Global Slowdown
WASHINGTON — Finance officials from the world's major powers acknowledged Friday that the global economy is in a slowdown, but they forecast that growth will pick up by the second half of this year, thanks to interest-rate policies from the Federal Reserve and other central banks. Officials of the Group...
US Mortgage Rates Post Biggest Drop in Decade to 4.06%
WASHINGTON — Purchasing a home just became a lot cheaper, thanks mostly to the Federal Reserve's decision last week to put its interest rate hikes on hold for now. Mortgage buyer Freddie Mac said Thursday that the average 30-year fixed rate mortgage plunged to 4.06 percent this week, down from...
Forbes Talks Deregulation, Supports Trump at Fresno State
Steve Forbes believes Donald Trump is on the right economic track. But, sometimes, Forbes adds, the president gets in his own way. The chairman of his eponymously named financial media empire talked to reporters before his lecture Monday evening at the Save Mart Center. The lecture was to be followed...
Stocks Fall as Bond Market Flashes a Recession Warning
By Matt Phillips The bond market smells a recession. On Friday, stock investors caught a whiff, too. Economic forecasters and Wall Street traders have been watching for months as interest rates on long-term U.S. government bonds have dropped toward the rates on short-term debt. Investors normally demand higher yields to buy...