Financial related news.
WASHINGTON (AP) — When Jerome Powell delivered a high-profile speech last month, the Federal Reserve chair came the closest he ever had to declaring that the inflation surge that gripped the nation for three painful years was now essentially defeated. The Fed’s high interest rates, Powell said, had managed to achieve that goal without causing [...]
NEW YORK — The Consumer Financial Protection Bureau said last week that apps that allow workers to access their paychecks in advance, often for a fee, are providing loans and therefore subject to the Truth in Lending Act, a 1968 law that requires lenders disclose all loan costs and fees. If enacted, a rule proposed [...]
WASHINGTON (AP) — The Federal Reserve faces a cooling job market as well as persistently high prices, Chair Jerome Powell said in written testimony earlier this week, a shift in emphasis away from the Fed's single-minded fight against inflation of the past two years that suggests it is moving closer to cutting interest rates. The [...]
WASHINGTON — A measure of prices that is closely tracked by the Federal Reserve suggests that inflation pressures in the U.S. economy are continuing to ease. The Commerce Department report showed that consumer prices were flat from April to May, the mildest such performance in more than four years. Measured from a year earlier, prices [...]
NEW YORK (AP) — Janille Williams wants to buy a house someday — but first, he has to pay down tens of thousands of dollars in medical debt. "I was hospitalized for a blood infection for three months more than ten years ago, and the bill was for more than $300,000," said Williams, 38, a [...]
WASHINGTON (AP) — Federal Reserve officials last week said that inflation has fallen further toward their target level in recent months but signaled that they expect to cut their benchmark interest rate just once this year. The policymakers’ forecast for one rate cut was down from their previous projection of three cuts, because inflation, despite [...]
WASHINGTON (AP) — Consumer prices excluding volatile food and energy costs — the closely watched "core" index — rose 0.2 percent from April to May, according to a new report from the federal government. That figure was down from 0.3 percent the previous month and was the smallest increase since October. Measured from a year [...]
WASHINGTON — After Federal Reserve officials meet this week, a statement they will issue may suggest that they've seen meaningful progress on inflation this year — a prelude to eventual interest rate cuts. Yet it's hard to say, because the officials themselves may not know for sure until they begin their meeting. That's because the [...]
LOS ANGELES (AP) — Stocks in companies that own apartment buildings are holding up better than most other real estate investment trusts, as a tight housing market keeps demand for rental housing strong and tenant turnover low. The FTSE NAREIT Equity REITs index, which includes owners of apartments, office, retail and other commercial property types, [...]
NEW YORK — Consumers are increasingly struggling to pay their credit card bills, raising concerns about severe delinquencies spiraling and sapping consumer spending. The share of credit card debt that's more than 90 days overdue rose to 10.7 percent during the first quarter, a 12-year high, according to the Federal Reserve Bank of New York's [...]