Financial related news.
President Donald Trump has nominated Michelle Bowman to oversee the Federal Reserve’s financial regulatory efforts. Bowman was appointed by Trump in 2018 to serve on the Fed’s governing board. She replaces Michael Barr as the Fed’s vice chair for Supervision, after Barr stepped down last month to avoid a legal fight that could have ensued [...]
WASHINGTON (AP) — President Donald Trump signed an executive order last week establishing a government reserve of bitcoin, a marker in the cryptocurrency’s journey towards possible mainstream acceptance. Under Trump’s new order, the federal government will retain the estimated 200,000 bitcoin it’s already seized in criminal and civil proceedings, according to Trump’s “crypto czar” David [...]
WASHINGTON (AP) — President Donald Trump says he has directed the Treasury Department to stop minting new pennies, citing the rising cost of producing the one-cent coin. “For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump wrote in a post on [...]
NEW YORK (AP) — What a wonderful year 2024 has been for investors. U.S. stocks ripped higher and carried the S&P 500 to records as the economy kept growing and the Federal Reserve began cutting interest rates. The year featured many familiar winners, such as Big Tech, which got even bigger as stock prices kept [...]
The U.S. stock market gained more than 25 percent this year, a healthy showing by any measure. It doesn’t seem like it would be a market environment that’s conducive to tax-loss selling. Yet unless investors’ strategy is to buy only U.S. stocks, they may indeed have opportunities to realize tax losses in their portfolios, which [...]
Approximately 1 million taxpayers will automatically receive special payments of up to $1,400 from the IRS in the coming weeks. The money will be directly deposited into eligible individual’s bank accounts or sent in the mail by a paper check. The IRS said it is distributing about $2.4 billion to taxpayers who failed to claim [...]
WASHINGTON — The federal FAFSA form used to apply for college financial aid has opened to high school seniors nationwide, a year after a disastrous rollout by the Biden administration delayed the application for months. After weeks of testing, the Education Department says there have been no major problems with the online form. It’s opening [...]
NEW YORK (AP) — While prices for most goods have been falling throughout the year, inflation for a wide range of services remains high. That has put a strain on consumers eating out, servicing their cars and paying for various kinds of insurance. Prices for services rose 3.7 percent in September from a year ago, [...]
WASHINGTON (AP) — The Federal Reserve’s preferred inflation measure last week provided the latest sign that price pressures are easing, a trend that is expected to fuel further Fed interest rate cuts this year and next. Prices rose just 0.1 percent from July to August, the Commerce Department said, down from the previous month’s 0.2 [...]
WASHINGTON (AP) — The president of the Federal Reserve’s Richmond branch says he supports reducing the central bank’s key interest rate “somewhat” from its current level but isn’t yet ready for the Fed to fully take its foot off the economy’s brakes. In an interview with The Associated Press, Tom Barkin also said the economy [...]