Financial related news.
NEW YORK — Just days after cryptocurrency's third-largest exchange collapsed, the public is starting to get an idea of how messy FTX's bankruptcy case could be. Other crypto firms are failing as a result of FTX's unraveling, events reminiscent of the domino-like meltdowns of the 2008 financial crisis. Users remained frustratingly in the dark this [...]
WASHINGTON — Federal Reserve Vice Chair Lael Brainard said this week that she was encouraged by the most recent inflation report, which pointed to slower price increases, and said the Fed would likely soon reduce the size of its interest rate hikes. "The inflation data was reassuring, preliminarily," Brainard said. "It will probably be appropriate, [...]
NEW YORK — Sam Bankman-Fried received numerous plaudits as he rapidly achieved superstar status as the head of cryptocurrency exchange FTX: the savior of crypto, the newest force in Democratic politics and potentially the world's first trillionaire. Now the comments about the 30-year-old Bankman-Fried aren't so kind after FTX filed for bankruptcy protection Friday, leaving [...]
Stock valuations are falling fast, giving investors a potential opportunity to snap up stocks that may have been overvalued just a year ago. Take industrial bellwether Caterpillar Inc. Last year the Illinois-based heavy machinery manufacturer was trading at 27 times earnings — that is, the price investors paid for one share of Caterpillar was 27 [...]
It only took a few seconds for Rachel Kennedy to grab her phone after she left the checkout line at the sporting goods store, where she had just finished buying a new glove, pants, belt, cleats and the rest of the equipment for her son, Liam's, upcoming baseball season. "I texted his dad and asked [...]
Yet higher prices are wiping out those pay gains. Adjusted for inflation, hourly pay fell 3 percent in September from a year earlier — the 18th straight monthly drop. “Wage growth isn’t keeping pace,’’ Greene said. “It’s great that people have jobs. But their standards of living are being whittled by inflation.’’ Here’s a closer [...]
WASHINGTON (AP) — The Federal Reserve may reach a turning point today as it announces what's expected to be another substantial three-quarter-point hike in its key interest rate — its fourth straight. Fed officials will likely engage in a fraught debate over whether it may soon be time to slow its rate hikes, which are [...]
WASHINGTON (AP) — The average long-term mortgage rate topped 7 percent for the first time in more than two decades last week, a result of the Federal Reserve's aggressive rate hikes intended to tame inflation not seen in some 40 years. Mortgage buyer Freddie Mac reported that the average on the key 30-year rate jumped [...]
NEW YORK — Surging oil prices charged energy stocks through 2022 and could keep supporting the sector despite a looming recession and stubbornly hot inflation squeezing consumers. The sector's 50 percent gain is a standout in the S&P 500 this year while every other sector has lost ground. Big names such as Exxon Mobil are [...]
NEW YORK — The number of Americans who do not have a bank account fell to a record low last year, as the proliferation of online-only banks and an improving economy is bringing more Americans into the traditional financial system. A new report from the Federal Deposit Insurance Corp. found that 4.5 percent of Americans [...]