Federal Reserve

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Could Taylor Swift Keep Us Out of a Recession?

Federal Reserve gives nod to her Eras Tour, 'influx' of fans for their economic impact

(Newser) - Taylor Swift has been impressing fans and critics alike during her current Eras Tour, and ticket sales show no signs of slowing. But it's more than just her music that's been having an impact—the Federal Reserve says the singer has had a marked effect on the economy,...

Wall St. Drifts Lower as China Worries Hit World Markets

With Twitter rival on the way, Meta was among the winners

(Newser) - Wall Street edged lower Wednesday following a rally that sent it roaring 16% higher for the year so far. The S&P 500 fell 8.77 points, or 0.2%, to 4,446.82, edging down from its highest level since April 2022. The Dow Jones Industrial Average fell 129....

Fed Chair: 'What Can I Say?' I'm a Deadhead

At House hearing, Jerome Powell raves about recent Dead & Company show

(Newser) - A blurry photo taken at a Dead & Company concert in Virginia earlier this month caused quite a stir on social media. Viewed 2.8 million times as of this writing, it shows a gray-haired man in a collared shirt and baseball cap among the crowd of fans watching the...

Benchmark S&amp;P on Longest Streak Since Late 2021
Benchmark S&P on Longest
Streak Since Late 2021
MARKETS

Benchmark S&P on Longest Streak Since Late 2021

Index rises more than 1%, and Dow was up nearly 430 points

(Newser) - Wall Street surged on Thursday following a weak start, one day after the Federal Reserve paused its rate hikes (if only temporarily).
  • The Dow rose 428 points, or 1.2%, to 34,408.
  • The S&P 500 rose 53 points, or 1.2%, to 4,425. That is the benchmark
...

The Federal Reserve Gives Us a Skip and a Surprise

Leaves interest rates alone for first time in 15 months, but 2 more hikes could come

(Newser) - After a 10-meeting run of raising interest rates, the Federal Reserve on Wednesday decided to leave rates alone—but in a surprise, indicated two more hikes could come before 2023 is through, reports CNBC . The decision is being viewed as more of a "skip" than a pause and leaves...

Fed Raises Benchmark Interest Rate to a 16-Year High

But the next move could be a cut

(Newser) - This story has been updated with remarks from Fed officials. The Federal Reserve hiked its benchmark interest rate for the 10th time on Wednesday in what analysts predict could be the last rise for now in the central bank's fight against inflation. The Fed signaled that a pause could...

Here's What's Likely Coming From the Fed Wednesday

Another rate hike, but maybe a hint at an upcoming pause as well

(Newser) - The Federal Reserve is on track to raise its benchmark interest rate for the 10th time on Wednesday, the latest step in its yearlong effort to curb inflation with the fastest pace of hikes in four decades. Yet economists and Wall Street traders will be more interested in what the...

In Silicon Valley Bank Fail, the Fed's 'Mea Culpa' (Sort Of)

US central banking system blames lax oversight, weakened regulations for bank's collapse

(Newser) - The Federal Reserve blamed last month's collapse of Silicon Valley Bank on poor management, watered-down regulations, and lax oversight by its own staffers, adding that the industry needs stricter policing on multiple fronts to prevent future bank failures. The Fed was highly critical of its own role in the...

Fed Chief Powell Duped by Russian Pranksters
Russian
Pranksters
Trick
Fed Chief

Russian Pranksters Trick Fed Chief

But it doesn't appear Jerome Powell said anything unusual to callers posing as Volodymyr Zelensky

(Newser) - The Fed chief's words can move markets, which makes Russian pranksters' latest victim especially notable. A spokeswoman for Federal Reserve Chair Jerome Powell has confirmed that he was tricked into talking with two Russians who have been fooling world leaders and other big names for years. Powell thought he...

Surprise OPEC Move May Complicate Fed's Strategy

Decision to limit output expected to raise gas prices, along with fears about inflation

(Newser) - Oil prices soared nearly 6% on Monday after Saudi Arabia and other major oil producers said they will cut production by 1.15 million barrels per day from May until the end of the year, per the AP . The move by members of the so-called OPEC+ group of oil exporting...

Amid Yearlong Price Pressures, an 'Encouraging Sign'

Federal Reserve's favored inflation gauge slowed sharply last month

(Newser) - The Federal Reserve's favored inflation gauge slowed sharply last month, an encouraging sign in the Fed's yearlong effort to cool price pressures through steadily higher interest rates. Friday's report from the Commerce Department showed that consumer prices rose 0.3% from January to February, down from a...

Stocks, Bond Yields Tumble After Fed Rate Hike
Stocks, Bond Yields
Tumble After Fed Rate Hike
MARKETS

Stocks, Bond Yields Tumble After Fed Rate Hike

But Powell hints there may be only one more rise to come

(Newser) - Stocks fell Wednesday after the Federal Reserve announced its latest hike to interest rates , while also saying it may not tighten the screws on the economy much more. The S&P 500 fell 65.90 points, or 1.6%, to 3,936.97. The Dow Jones Industrial Average fell 530....

Fed Raises Key Interest Rate by a Quarter-Point

Central bank keeps rise relatively modest amid banking turmoil

(Newser) - The Federal Reserve has hiked its benchmark interest rate for the ninth time in a row, sticking to a quarter-point hike in a widely expected move, though banking turmoil added some uncertainty. Jason Furman, chairman of the Council of Economic Advisers during the Obama administration, told CNN earlier Wednesday that...

Fed, Other Central Banks Make Move to 'Keep Dollars Flowing'

Joint move is an attempt to make sure credit remains available

(Newser) - Hours after Swiss regulators coordinated an emergency UBS takeover of Credit Suisse , a coordinated global effort to keep US dollars moving through the global financial system was announced by a number of major central banks including the US Federal Reserve. "The Bank of Canada, the Bank of England, the...

Annual Inflation Continues an 8-Month Streak

It eases again to 6%, though that is still historically high

(Newser) - US consumer price increases eased slightly from January to February but still pointed to an elevated inflation rate that is posing a challenge for the Federal Reserve at a delicate moment for the financial system. The government said Tuesday that prices increased 0.4% last month, just below January’s...

Fed&#39;s Powell Speaks, and Markets Aren&#39;t Thrilled


Fed Chair Has
More Bad News

Fed Chair Has More Bad News

Guess what? Higher interest rates likely coming

(Newser) - Jerome Powell opened his mouth on Tuesday before the Senate Banking Committee, Wall Street listened and wasn't happy, and probably no one who's possession of a variable interest rate will be, either. "The latest economic data have come in stronger than expected, which suggests that the ultimate...

Powell Sees Progress Getting Inflation in Check

But Fed chief warns it will be a long process

(Newser) - Wall Street investors waited Tuesday to read the tea leaves in the latest public comments from Fed chief Jerome Powell, and they seem conflicted about the message. After Powell said the process of getting inflation in check was showing progress, the Dow quickly erased morning losses and rose more than...

The Fed Hikes Rates Again, Just Not by as Much
The Fed Hikes Rates
for 8th Time in a Row
UPDATED

The Fed Hikes Rates for 8th Time in a Row

''We're going to be cautious about declaring victory,' Powell says

(Newser) - This story has been updated with Powell's remarks. The Federal Reserve hiked rates by a quarter point on Wednesday, an expected move in its fight against inflation. It marks the smallest increase since last March, and is down from December's half-point increase. CNBC reports it marks the 8th...

After Worrying, Market Rallies
Market Rallies After Comments
markets

Market Rallies After Comments

Fed governor says he wants just quarter-point increase in interest rates

(Newser) - A rough week on Wall Street dominated by worries about a weakening economy ended Friday with a broad rally that gave the market its best day in two weeks. The Dow rose 330.93 points, or 1%, to 33,375.49; the S&P 500 climbed 73.76 points, or...

Stocks Slump After Fed Disappoints Investors
Stocks Slump After Fed
Disappoints Investors
MARKETS

Stocks Slump After Fed Disappoints Investors

Interest rates will stay higher than markets had expected

(Newser) - Stocks ended lower in bumpy trading on Wall Street after the Federal Reserve raised its benchmark interest rate in its fight against inflation and signaled that more hikes lay ahead. As expected, the central bank raised its key short-term rate by half a percentage point Wednesday, marking its seventh increase...

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