Asian shares advance on back of Wall Street rally
March 22, 2023 GMTBANGKOK (AP) — Asian shares advanced Wednesday after a Wall Street rally led by the banks most beaten down by the industry’s crisis.
Oil prices fell back and U.S. futures were little changed.
Fed facing a blurrier outlook as it meets to weigh rate hike
March 22, 2023 GMTWASHINGTON (AP) — The Federal Reserve is grappling with a hazier economic picture clouded by turmoil in the banking industry and still-high inflation just as it meets to decide whether to keep raising interest rates or declare a pause.
Asian stocks rise ahead of Fed’s next interest rate decision
March 21, 2023 GMTBEIJING (AP) — Asian stock markets followed Wall Street higher on Tuesday ahead of a Federal Reserve decision on another possible interest rate hike amid worries about global banks.
Fed’s tough challenge: Confront inflation and bank jitters
March 20, 2023 GMTWASHINGTON (AP) — Still grappling with persistently high inflation, the Federal Reserve faces an entirely new — and in some ways conflicting — challenge as it meets to consider interest rates this week: How to restore calm to a nervous banking system.
Will Americans end up footing the bill for bank failures?
March 17, 2023 GMTWASHINGTON (AP) — The government's response to the failure of two large banks has already involved hundreds of billions of dollars. So will ordinary Americans end up paying for it, one way or another?
The bitcoin bounce: what comes next?
March 17, 2023 GMTMarkets this year are roiling, uncertainty abounds and the U.S. government has had to step in to rescue two large American banks in recent days. So why is bitcoin, considered among the riskiest bets of them all, rising so fast?
Fed lent $300B in emergency funds to banks in the past week
March 16, 2023 GMTWASHINGTON (AP) — Cash-short banks have borrowed about $300 billion from the Federal Reserve in the past week, the central bank announced Thursday.
Nearly half the money — $143 billion — went to holding companies for two major banks that failed over the past week, Silicon Valley Bank and Signature Bank, triggering widespread alarm in financial markets.
US jobless aid claims fell last week as layoffs remain low
March 16, 2023 GMTFewer Americans applied for jobless claims last week as the labor market continues to thrive despite the Federal Reserve's efforts to cool the economy and tamp down inflation.
US wholesale inflation fell last month on lower food costs
March 15, 2023 GMTWASHINGTON (AP) — Wholesale price increases in the United States slowed sharply last month as food and energy costs declined, a sign that inflationary pressures may be easing as the Federal Reserve considers whether to keep raising interest rates to fight higher prices.
Asian stocks higher after Wall St rebounds from bank jitters
March 15, 2023 GMTBEIJING (AP) — Asian stock markets rebounded Wednesday after Wall Street stabilized following sharp declines for bank stocks and U.S. inflation eased but stayed high.
Fed criticized for missing red flags before bank collapse
March 14, 2023 GMTWASHINGTON (AP) — The Federal Reserve is facing stinging criticism for missing what observers say were clear signs that Silicon Valley Bank was at high risk of collapsing into the second-largest bank failure in U.S.
US inflation eases but stays high, putting Fed in tough spot
March 14, 2023 GMTWASHINGTON (AP) — U.S. consumer price increases eased slightly from January to February but still pointed to an elevated inflation rate that is posing a challenge for the Federal Reserve at a delicate moment for the financial system.
Asian shares extend losses as US banking worries persist
March 14, 2023 GMTTOKYO (AP) — Asian shares declined Tuesday, as investors around the world watched to see what's next following the second- and third-largest bank failures in U.S.
After two historic US bank failures, here’s what comes next
March 13, 2023 GMTWASHINGTON (AP) — Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe.
Stocks tumble as Wall Street wonders what will break next
March 10, 2023 GMTNEW YORK (AP) — Fear rattled Wall Street, and stocks tumbled Friday on worries about what’s next to break under the weight of rising interest rates following the biggest U.S. bank failure in nearly 15 years.
Asian stocks follow Wall St lower ahead of US jobs update
March 10, 2023 GMTBEIJING (AP) — Asian stock markets followed Wall Street lower Friday ahead of an update on United States employment amid worries about possible further interest rate hikes.
Average US mortgage rate up for fifth straight week to 6.73%
March 9, 2023 GMTThe average long-term U.S. mortgage rate rose for the fifth straight week to its highest level since breaching 7% in November, just as the spring buying season gets ready to kick off.
Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate climbed to 6.73% from 6.65% last week.
Applications for US jobless aid rise by most in 5 months
March 9, 2023 GMTThe number of Americans applying for unemployment benefits last week jumped by the most in five months, but layoffs remain historically low as the labor market continues to be largely unaffected by the Federal Reserve's interest rate hikes.
Asian stocks mixed after Wall St steadies amid rate fears
March 9, 2023 GMTBEIJING (AP) — Asian stock markets were mixed Thursday after Wall Street steadied following a plunge on worries about more U.S. interest rate hikes.
Shanghai and Seoul declined. Tokyo and Hong Kong advanced.
Powell says ‘no decision’ on the Fed’s next move on rates
March 8, 2023 GMTWASHINGTON (AP) — Federal Reserve Chairman Jerome Powell stressed Wednesday that the central bank's policymakers have yet to decide how large an interest rate hike to impose at its next meeting in two weeks in its drive to defeat high inflation.
January US job openings dip, but still high at 10.8 million
March 8, 2023 GMTWASHINGTON (AP) — U.S. employers posted 10.8 million job openings in January, indicating the American job market continues to run too hot for the inflation fighters at the Federal Reserve.
Asian stocks tumble amid fears about faster rate hikes
March 8, 2023 GMTTOKYO (AP) — Asian shares were mostly lower Wednesday as investors fretted that the Federal Reserve might raise interest rates faster if pressure stays high on inflation.
Japan's benchmark Nikkei 225 edged up 0.2% in morning trading to 28,370.92.
Powell signals increased rate hikes if economy stays strong
March 7, 2023 GMTWASHINGTON (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 told a Senate panel Tuesday.
US economy sending mixed signals: Here’s what it all means
March 7, 2023 GMTWASHINGTON (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.
Millennial Money: As Fed rates rise, save at a credit union
March 7, 2023 GMTIn the past year, the Federal Reserve has employed several interest rate hikes in an effort to stabilize the U.S. economy. Depending on your situation and financial institution, your debt may have gotten more expensive or your savings might have grown.
Asian shares rise as investors watch Fed moves, inflation
March 7, 2023 GMTTOKYO (AP) — Asian shares were mostly higher in muted trading Tuesday, as investors tried to digest a slew of economic data and awaited moves by the U.S. Federal Reserve.
Japan's benchmark Nikkei 225 rose 0.4% to 28,336.98.
Inflation pressures put Powell in spotlight before Congress
March 6, 2023 GMTWASHINGTON (AP) — When Federal Reserve Chair Jerome Powell last appeared before Congress, in June 2022, inflation had reached a four-decade high of nearly 9% and showed no sign of easing.
Stocks jump as Wall Street cruises to best day since January
March 3, 2023 GMTNEW YORK (AP) — Stocks rallied Friday to send Wall Street to its best day in six weeks.
The S&P 500 rose 1.6% to cap its first winning week in the last four as relaxing yields in the bond market took some pressure off Wall Street.
Asian stocks follow Wall St up on interest rate hopes
March 3, 2023 GMTBEIJING (AP) — Asian stock markets followed Wall Street higher Friday after a Federal Reserve official raised hopes the U.S. central bank might not step up its anti-inflation fight as much as feared.
Federal Reserve officials sound warnings about higher rates
March 2, 2023 GMTWASHINGTON (AP) — 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.
Applications for jobless claims fall for 3rd straight week
March 2, 2023 GMTThe number of people applying for unemployment benefits in the U.S. fell for third straight week. That's good news for American workers, but potentially bad news in the fight against inflation by the Federal Reserve, which has been ratcheting up its benchmark interest rate for a year in an effort to cool the economy, loosen the labor market and tame inflation.
Asian stocks mixed after Wall St falls on inflation fears
March 2, 2023 GMTBEIJING (AP) — Asian stock markets were mixed Thursday after signs of enduring upward pressure on American prices added to expectations of higher interest rates for longer.
Shanghai and Seoul advanced while Tokyo and Hong Kong declined.
US economy sending mixed signals: Here’s what it all means
February 28, 2023 GMTWASHINGTON (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.
Stocks drop, send Wall Street to its worst week of the year
February 24, 2023 GMTNEW YORK (AP) — Another cold reminder that inflation remains hotter than hoped sent Wall Street skidding Friday, and stocks closed out their worst week since early December.
The S&P 500 fell 1.1% to cap its third straight weekly loss.
Fed’s rate hikes likely to cause a recession, research says
February 24, 2023 GMTNEW 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?
U.S. applications for jobless benefits fall again last week
February 23, 2023 GMTThe number of Americans filing for jobless aid fell last week as the labor market remains resilient in the face of the Federal Reserve's interest rate increases meant to cool the economy.
Reality bites as Wall Street’s rate cut dream disappears
February 23, 2023 GMTNEW YORK (AP) — After a long staring contest between Wall Street and the Federal Reserve, investors blinked first.
For months, Wall Street doubled down on bets that the Federal Reserve was bluffing about how far it would hike rates.
Asian stocks rise after Wall St slides on rate hike fears
February 23, 2023 GMTBEIJING (AP) — Asian stock markets rose Thursday following Wall Street's biggest one-day decline in two months after notes from a Federal Reserve meeting showed officials expect to keep U.S. interest rates high to fight stubborn inflation.
Fed minutes: Almost all officials backed quarter-point hike
February 23, 2023 GMTWASHINGTON (AP) — Nearly all Federal Reserve policymakers agreed earlier this month to slow the pace of their rate increases to a quarter-point, with only “a few” supporting a larger half-point hike.
This week: Home Depot earnings, home sales, Fed minutes
February 21, 2023 GMTA look at some of the key business events and economic indicators upcoming this week:
HOUSING SLOWDOWN
The National Association of Realtors on Tuesday releases its existing home sales report for January.
Wall Street closes another bumpy week with a mixed finish
February 17, 2023 GMTNEW YORK (AP) — Wall Street closed another bumpy week with a mixed performance on Friday amid worries that inflation is not cooling as quickly or as smoothly as hoped.
The S&P fell 0.3% after paring a bigger loss from the morning.
Fed’s Barkin: ‘Slow progress’ on inflation, sees more hikes
February 17, 2023 GMTWASHINGTON (AP) — A top Federal Reserve official downplayed recent signs that the economy is strengthening, but also said he is prepared to keep raising interest rates in smaller increments as often as needed to quell inflation.
Asian shares skid after inflation report thumps Wall Street
February 17, 2023 GMTBANGKOK (AP) — Shares slipped in Asia on Friday after benchmarks on Wall Street had their biggest drop in four weeks as investors registered disappointment over an inflation reading that came in hotter than expected.
Weekly jobless applications fall again despite Fed rate push
February 16, 2023 GMTFewer Americans filed for jobless benefits last week despite efforts by the Federal Reserve to loosen the labor market with higher interest rates as it tries to cool the economy.
Retail sales jump as Americans defy inflation and rate hikes
February 15, 2023 GMTWASHINGTON (AP) — America's consumers rebounded last month from a weak holiday shopping season by boosting their spending at stores and restaurants at the fastest pace in nearly two years, underscoring the economy's resilience in the face of higher prices and multiple interest rate hikes by the Federal Reserve.
Asian stocks fall after US inflation feeds rate hike fears
February 15, 2023 GMTBEIJING (AP) — Asian stock markets fell Wednesday after U.S. inflation edged down less than expected, fueling concern the Federal Reserve might think more interest rate hikes are needed.
Market benchmarks in Tokyo, Shanghai, Hong Kong and Sydney declined.
Biden names Fed vice chair Brainard to head Economic Council
February 14, 2023 GMTWASHINGTON (AP) — President Joe Biden on Tuesday named Federal Reserve Vice Chair Lael Brainard as the new director of his National Economic Council, making the Ph.D.
US inflation slows to 6.4%, but price pressures re-emerge
February 14, 2023 GMTWASHINGTON (AP) — The pace of consumer price increases eased again in January compared with a year earlier, the latest sign that the high inflation that has gripped Americans for nearly two years is slowly easing.
Wall Street’s tough week eases at the end as stocks drift
February 10, 2023 GMTNEW YORK (AP) — The toughest week for Wall Street in nearly two months came to a quiet end on Friday, as stock indexes drifted to a mixed finish.
The S&P 500 rose 0.2%, but it still ended the week with a drop of 1.1%, which was its worst since December.
Asian shares mixed after Wall St gains on Fed chair comments
February 8, 2023 GMTBANGKOK (AP) — Shares were mixed in Asia on Wednesday after stocks rallied on Wall Street following comments by the chair of the Federal Reserve signaling that last week’s stunningly strong jobs report won’t by itself sway its stance on interest rates hikes.
Fed’s Powell: Strong hiring could force further rate hikes
February 7, 2023 GMTWASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Tuesday that if the U.S. job market further strengthens in the coming months or inflation readings accelerate, the Fed might have to raise its benchmark interest rate higher than it now projects.
Asian stocks sink after US jobs data fan rate hike fears
February 6, 2023 GMTBEIJING (AP) — Asian stock markets sank Monday after strong U.S. jobs data fanned fears of more interest rate hikes to cool inflation.
Shanghai, Hong Kong and Seoul retreated. Tokyo gained. Oil prices edged higher.
An unexpected job surge confounds the Fed’s economic models
February 3, 2023 GMTWASHINGTON (AP) — Does the Federal Reserve have it wrong?
For months, the Fed has been warily watching the U.S.
A surprising burst of US hiring in January: 517,000 jobs
February 3, 2023 GMTWASHINGTON (AP) — For nearly a year, the Federal Reserve has been on a mission to cool down the job market to help curb the nation's worst inflation bout in four decades.
Asian shares trade mixed ahead of US jobs report
February 3, 2023 GMTTOKYO (AP) — Asian shares were trading mixed Friday ahead of a closely watched U.S. jobs report that may affect global interest rates.
Weaker than expected earnings reports from U.S. technology companies, announced after Wall Street trading ended, pulled Chinese benchmarks lower.
US filings for jobless aid lowest since April
February 2, 2023 GMTU.S. applications for jobless aid fell again last week to their lowest level since April, further evidence that the job market has withstood aggressive rate hikes by the Federal Reserve as it attempts to cool the economy and bring down inflation.
Here’s what the Fed interest rate hike means for you
February 2, 2023 GMTNEW YORK (AP) — The Federal Reserve raised its key rate by a quarter point Wednesday, bringing it to the highest level in 15 years as part of an ongoing effort to ease inflation by making borrowing more expensive.
Asian stocks rise after Fed sees inflation improving
February 2, 2023 GMTBEIJING (AP) — Asian stock markets gained Thursday after the Federal Reserve said the U.S. economy is moving toward lower inflation but more interest rate hikes are planned.
Fed lifts rate by quarter-point but says inflation is easing
February 1, 2023 GMTWASHINGTON (AP) — The Federal Reserve extended its fight against high inflation Wednesday by raising its key interest rate a quarter-point, its eighth hike since March.
Here’s what the Fed interest rate hike means for you
February 1, 2023 GMTNEW YORK (AP) — The Federal Reserve raised its key rate by a quarter point Wednesday, bringing it to the highest level in 15 years as part of an ongoing effort to ease inflation by making borrowing more expensive.
How major US stock indexes fared Wednesday 2/1/2023
February 1, 2023 GMTWall Street rose to its highest level since the summer following the latest hike to interest rates by the Federal Reserve, which said it’s finally seeing improvements in inflation.
The S&P 500 rallied back from an early 1% loss Wednesday to rise 1%.
Asian stocks higher ahead of Fed rate decision
February 1, 2023 GMTBEIJING (AP) — Asian stock markets were higher Wednesday after Wall Street rose ahead of what traders hope will be the last Federal Reserve interest rate hike for some time.
GM quarterly profit jumps 16% as sales rebound late in 2022
January 31, 2023 GMTDETROIT (AP) — Rising factory output led to strong U.S. sales at the end of last year, pushing General Motors' fourth-quarter net income up 16% over the same period a year ago.
The Detroit automaker made $1.99 billion from October through December, or an adjusted $2.12 per share, easily beating Wall Street per-share projections for $1.69, according to a poll of industry analysts by FactSet.
Asian shares fall in muted trading ahead of Fed meeting
January 31, 2023 GMTTOKYO (AP) — Asian shares mostly fell in muted trading Tuesday as investors awaited decisions on interest rates and earnings reports from around the world.
Traders were awaiting the U.S. Federal Reserve’s decision on interest rates, expected on Wednesday.
This Week: Fed rates, Alphabet earnings, employment update
January 30, 2023 GMTA look at some of the key business events and economic indicators upcoming this week:
WATCHING THE FED
The Federal Reserve will meet this week and announce its latest interest rate decision on Wednesday.
Fed, set to impose smaller hike, may hint of fewer increases
January 30, 2023 GMTWASHINGTON (AP) — The Federal Reserve is poised this week to raise its benchmark interest rate for an eighth time since March.
Wyoming crypto bank’s Federal Reserve application denied
January 27, 2023 GMTCHEYENNE, Wyo. (AP) — The Federal Reserve Board has denied a Wyoming cryptocurrency bank's application for Federal Reserve System membership, officials announced Friday, dealing a setback to the crypto industry's attempts to build acceptance in mainstream U.S.
Wall Street adds more to its big January after strong week
January 27, 2023 GMTNEW YORK (AP) — A strong week for Wall Street closed out with modest gains Friday, sending the stock market to its highest level since early December.
The S&P 500 rose 0.2% to clinch its third winning week in the last four and was near its highest level since the summer, before fading at the end of the day.
US inflation and consumer spending cooled in December
January 27, 2023 GMTWASHINGTON (AP) — The Federal Reserve's preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed's series of interest rate hikes are slowing the economy.
How will we know if the US economy is in a recession?
January 26, 2023 GMTWASHINGTON (AP) — The second consecutive quarter of economic growth that the government reported Thursday underscored that the nation isn't in a recession despite high inflation and the Federal Reserve's fastest pace of interest rate hikes in four decades.
Fewer Americans file for jobless claims last week
January 26, 2023 GMTWASHINGTON (AP) — Fewer Americans filed for unemployment benefits last week as the labor market remains tight, even as the Federal Reserve has tried to cool the economy and inflation by raising interest rates.
Asian shares mixed on hopes for avoiding recession
January 26, 2023 GMTBEIJING (AP) — Asian stock markets were mixed Thursday amid hopes Western economies can avoid a recession despite higher interest rates to cool inflation.
Asia shares trading mixed, China markets closed for holidays
January 25, 2023 GMTTOKYO (AP) — Asian shares were mixed Wednesday after Wall Street indexes finished little changed as investors awaited earnings results from major global companies.
Shares rose in Tokyo and Seoul, but fell in Sydney.
Federal Reserve and the markets in standoff on rate hikes
January 24, 2023 GMTWASHINGTON (AP) — Sooner or later, either Wall Street or the Federal Reserve has to blink.
Nearly a year into the Fed’s drive to quash inflation by hiking interest rates at a blistering pace, investors still don’t seem to fully believe what the Fed warns is coming next: Higher rates through the end of the year, which could sharply raise unemployment and slow growth.
Asian shares rise, track Wall St gains as earnings ramp up
January 24, 2023 GMTBANGKOK (AP) — Stocks were higher in Asia on Tuesday after a tech-led rally on Wall Street as investors bet the Federal Reserve will trim its rate hikes to tamp down inflation.
Many markets in the region were closed for Lunar New Year holidays.
Survey: Firms expect job cuts in ’23 amid recession fears
January 23, 2023 GMTNEW YORK (AP) — A survey of national economists found that more businesses now expect job reductions at their firms and to spend less on expansions for the first time since the pandemic, a sign that the Federal Reserve's push to raise interest rates is doing its job to slow the economy.
Rally for tech stocks helps soften Wall Street’s rough week
January 20, 2023 GMTA rough week on Wall Street dominated by worries about a weakening economy ended Friday with a broad rally that gave the market its best day in two weeks.
The S&P 500 rose 1.9%. Despite the gains, the benchmark index still ended with its first weekly loss in the last three.
Fed’s Brainard: Taming inflation may not cause big job cuts
January 19, 2023 GMTWASHINGTON (AP) — Federal Reserve Vice Chair Lael Brainard said Thursday that high inflation in the United States is easing and suggested it was possible that the Fed's interest rate hikes could slow price acceleration without causing significant job losses.
Average long-term US mortgage rate lowest since September
January 19, 2023 GMTWASHINGTON (AP) — The average long-term U.S. mortgage rate fell this week to its lowest level since September, a potential boost to the housing market which has been in decline for nearly a year.
Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.15% from 6.33% last week.
Signals point to gentler Federal Reserve in 2023
January 19, 2023 GMTNEW YORK (AP) — Easing inflation and a cooling job market are raising hopes on Wall Street that a gentler Federal Reserve is on the way in 2023. That’s despite the central bank’s own adamance that it will keep raising rates from their current 15-year high and hold them there into 2024.