Financial related news.
WASHINGTON (AP) — Hopes for interest rate cuts this year by the Federal Reserve are steadily fading, with a stream of recent remarks by Fed officials underscoring their intention to keep borrowing costs high as long as needed to curb persistently elevated inflation. A key reason for the delay in rate cuts is that the [...]
NEW YORK — The bank accounts of tens of thousands of U.S. businesses and consumers have been frozen in the aftermath of the abrupt shutdown and bankruptcy of financial technology company Synapse, which acts as a middleman between financial technology companies and banks. Synapse filed for Chapter 11 bankruptcy protection in April and has shut [...]
WASHINGTON (AP) — Led by lower food and auto prices, inflation cooled slightly last month after three elevated readings, possibly offering a tentative sigh of relief for officials at the Federal Reserve. Consumer prices rose 0.3 percent from March to April, according to a new Labor Department report. That is down from 0.4 percent the [...]
NEW YORK — Meme stocks are shaking Wall Street once again. That shouldn't be much of a surprise. Ever since bands of smaller-pocketed and novice investors began taking stock prices of downtrodden companies to breathtaking heights three years ago, the potential for more flareups has been obvious. Some things are different this time. The biggest [...]
WASHINGTON — The interest rate hikes of the past two years will likely take longer than previously expected to bring down inflation, several Federal Reserve officials have said in recent comments, suggesting there may be few, if any, rate cuts this year. A concern expressed by both Fed policymakers and some economists is that higher [...]
NEW YORK — Cracks are showing in one of the main pillars keeping the economy out of a recession: spending by households. Consumer goods giants from PepsiCo to Kraft Heinz have described recently how the combination of high inflation and higher interest rates is hurting their lower-income customers. It’s the culmination of everything getting more [...]
WASHINGTON (AP) — The Federal Reserve last week said inflation has remained stubbornly high in recent months and it doesn't plan to cut interest rates until it has "greater confidence" that price increases are slowing sustainably to its 2 percent target. The Fed issued its decision in a statement after its latest meeting, at which [...]
WASHINGTON (AP) — The last thing standing between Ashnaelle Bijoux and her college dream is the FAFSA form — a financial aid application that's supposed to help students go to college, but is blocking her instead. She has tried to submit it over and over. Every time, it fails to go through. "I feel overwhelmed [...]
LOS ANGELES (AP) — The Biden administration's move to reclassify marijuana as a less dangerous but still controlled drug was hailed by some as a step in reshaping national policy, but it might do little to ease a longstanding problem in the cannabis industry — a lack of loans, checking accounts and banking services. "As [...]
WASHINGTON (AP) — Since retiring two years ago, Joan Harris has upped her travel game. Once or twice a year, she visits her two adult children in different states. She's planning multiple other trips, including to a science fiction convention in Scotland and a Disney cruise soon after that, along with a trip next year [...]