WASHINGTON — With the economy still struggling to recover from the pandemic recession, Federal Reserve policymakers signaled Wednesday that their benchmark short-term interest rate will likely remain at zero at least through 2023 and probably even longer. Fed chair Jerome Powell said at a press conference that while the economy has rebounded...
Fed Leaves Low Rates Alone and Sees No Moves in Near Future
WASHINGTON — Chairman Jerome Powell made clear Wednesday that the Federal Reserve is prepared to keep its benchmark interest rate very low through at least next year — and possibly longer. Fueling that expectation is the growing belief of Fed officials that inflation will remain tame even as the economy...
Fed’s Powell Sees Steady Growth, Signals Pause in Rate Cuts
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...
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...
As Europe Eyes Economic Stimulus, Trump Says Why Not US?
FRANKFURT, Germany — The European Central Bank appears to be preparing a new shot of stimulus to prop up the economy, amid broader questions about whether central banks like the ECB and the U.S. Federal Reserve can re-energize global growth on their own. Analysts say the bank is likely to...
How a Credit Card Loan's Fast and Easy Cash Can Cost You
Credit card companies want to turn your unused credit line into cash that you can borrow for things like home improvements or unexpected expenses. But accepting this loan offer may not be the best choice for your wallet or your credit score. In recent months, two of the largest credit...
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...
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...
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...