Financial related news.
NEW YORK — The financial institution best known for its relationships with high-flying world technology startups and venture capital, Silicon Valley Bank, experienced one of the oldest problems in banking — a bank run — which led to its failure on Friday. Its downfall is the largest failure of a financial institution since Washington Mutual [...]
NEW YORK (AP) — Bank stocks were pummeled Friday as investors grew increasingly fearful that the assets of a bank heavily exposed to the technology sector might need find emergency capital or be sold in the coming days. Shares of SVB Financial Group, the parent company of Silicon Valley Bank, plummeted nearly 70 percent before [...]
WASHINGTON (AP) — Maybe it was just too good to be true. For a few weeks in late January and early February, the U.S. economy seemed to have reached a rare sweet spot. Inflation was steadily slowing from painful heights. And growth and hiring remained surprisingly sturdy despite ever-higher interest rates imposed by the Federal [...]
WASHINGTON (AP) — The Federal Reserve could increase the size of its interest rate hikes and raise borrowing costs to higher levels than previously projected if evidence continues to point to a robust economy and persistently high inflation, Chair Jerome Powell said earlier this week in prepared testimony to a Senate panel. "The latest economic [...]
WASHINGTON — The average long-term mortgage rate hit a three-month high last week, reflecting higher Treasury yields and expectations that the Federal Reserve will continue to raise its benchmark rate and keep it there until inflation recedes. Mortgage buyer Freddie Mac reported that the average on the benchmark 30-year rate rose to 6.65 percent from [...]
WASHINGTON — A run of strong economic data and signs that inflation remains stubbornly high could lead the Federal Reserve to raise its benchmark rate higher in the coming months than it has previously forecast, several Fed officials say. Christopher Waller, a member of the Fed's influential Board of Governors, said last week that if [...]
NEW YORK — After sweeping through battles in statehouses across the country, the war against ESG investing is heating up in Congress. The Senate voted last week to overturn a Labor Department rule allowing retirement plans to consider environmental, social and governance factors when making investment decisions, following an earlier vote by House Republicans. It [...]
WASHINGTON — Niara Thompson couldn't shake her frustration as the Supreme Court debated President Joe Biden's student debt cancellation. As she listened from the audience this week, it all felt academic. There was a long discussion on the nuances of certain words. Justices asked lawyers to explore hypothetical scenarios. For Thompson, none of it is [...]
WASHINGTON (AP) — Maybe it was just too good to be true. For a few weeks in late January and early February, the nation’s economy seemed to have reached a rare sweet spot. Inflation was steadily slowing from painful heights and growth and hiring remained surprisingly sturdy despite ever-higher interest rates imposed by the Federal [...]
NEW YORK (AP) — Can the Federal Reserve keep raising interest rates and defeat the nation’s worst bout of inflation in 40 years without causing a recession? Not according to a new research paper that concludes that such an “immaculate disinflation” has never happened before. The paper was produced by a group of leading economists, [...]