Financial related news.
WASHINGTON — The economy slowed to a modest annual rate of 2.1 percent in the October-December quarter according to the government's second read of the data, slightly better than its first estimate. But economists are predicting a solid rebound in the current quarter as long as rising inflation and a recent uptick in COVID cases [...]
WASHINGTON — Federal Reserve Chair Jerome Powell gambled last year that his ultra-low rate policies would help revive an economy that had sunk deep into a pandemic-induced recession. So far, his bet has mostly paid off. Growth and hiring have rebounded faster than anyone expected. President Joe Biden, citing his commitment to lowering unemployment, on [...]
WASHINGTON — Federal Reserve Chair Jerome Powell surely expected to have some breathing room after taking the first step this month to dial back the Fed's emergency aid for the economy. Just a week later, though, the government reported that consumer prices grew over the previous 12 months by the most in three decades. The [...]
NEW YORK — The cryptocurrency market gets likened to the Wild West by critics, and now a key player is asking for sheriffs to come to town. Binance, the world’s largest exchange for trading Bitcoin and other cryptocurrencies, says it’s time for global regulators to establish rules for crypto markets. It released a list of [...]
Swamped with medical bills? The hospital that treated you may be able to help. Whether you learn about this before those bills wind up in debt collections is another matter. Medical bills often represent large, unexpected shocks that can crash personal budgets. Roughly 1 in 7 U.S. residents with a credit record has medical debt [...]
LOS ANGELES — Sharp rent increases in many parts of the country are eating up a bigger share of Americans' monthly income, squeezing tenants already grappling with rising prices for gasoline, food and other necessities. Households with a median rent of $1,179 in August tapped 30.3 percent of their monthly income to pay their rent, [...]
As the biggest cryptocurrencies flirt with record high values, they're increasingly becoming bigger sources of revenue for charities. However, the number of charities accepting the virtual currencies, known for their volatility, remains limited. Bitcoin, the world's largest cryptocurrency, hit nearly $69,000 for the first time in its history last week, roaring back after sinking below [...]
WASHINGTON (AP) — Prices for consumers jumped 6.2 percent in October compared with a year earlier as surging costs for food, gas and housing left Americans grappling with the highest inflation rate since 1990. The year-over-year increase in the consumer price index exceeded the 5.4 percent rise in September, the Labor Department reported Wednesday. From [...]
NEW YORK — The risks to the U.S. financial system have eased significantly compared to a year earlier, the Federal Reserve said this week. The central bank noted that as the economy recovers from the pandemic-driven recession, the balance sheets of individual Americans and businesses continue to strengthen. However, the Fed did cite the significant [...]
WASHINGTON — The Biden administration is calling on Congress to pass legislation that would strengthen government regulation of stablecoins, a form of cryptocurrency that has soared in popularity in the past year. In a 22-page report, the Treasury Department and several other regulators said the legislation should require that stablecoin issuers become banks, which would [...]