US Fed official warns against cutting rates ‘too quickly’
The US Federal Reserve should be careful not to cut rates “too quickly” and risk reigniting stubborn inflation, a senior bank official said Wednesday. The Fed’s favored inflation gauge has dropped sharply following a series of interest rate hikes in recent years, and now sits just above its long-term target of two percent. At the […]
Sales of new US homes at highest level in over a year
Sales of new homes in the United States last month exceeded analyst expectations Thursday, logging the fastest pace in more than a year on the back of cooler mortgage rates. Sales of new homes stood at an annual rate of 738,000, seasonally adjusted, 4.1 percent up from the revised August figure of 709,000, said the Commerce […]
Inflation Dips to 4%, Lowest Level in Two Years
Consumer prices rose 0.1% in May, their lowest annual pace of increase in two years as lower energy contributed to the easing, the Labor Department reported on Tuesday. Year over year, the rate of inflation dipped to 4% from 4.9% in April. Excluding often volatile food and energy costs, the core CPI rose 0.4%, or […]
US rate hike expected despite crisis of confidence after third bank failure
The US central bank is widely expected on Wednesday to raise its main interest rate for the tenth consecutive month in the continuing battle against inflation, despite worries over the impact on bank balance sheets. While higher interest rates are generally good news for bank earnings, the Federal Reserve’s aggressive pace of rate rises in […]
First Republic Bank shares plunge 60%
Shares of First Republic Bank plunged nearly 60% in premarket trading on Monday, even after the regional lender announced measures to bolster its balance sheet. Shares of other regional banks and financial firms are also faltering, indicating lingering jitters despite an aggressive federal response announced Sunday night to protect Silicon Valley Bank and Signature Bank […]
The US economy added 311,000 jobs in February
The US economy added 311,000 jobs in February, according to the Labor Department’s monthly employment snapshot released Friday. That’s a retracement from January’s successful jobs report, when a revised 504,000 jobs were added, but it shows the job market is still evolving. The unemployment rate rose to 3.6% from 3.4%. Economists expected a net gain […]
