Economy

The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., June 14, 2022. Sarah Silbiger | Reuters After years of being a beacon for financial markets, the Federal Reserve suddenly finds itself second-guessed as it tries to navigate the economy through a wicked bout of inflation and away from

In this article ULTA M UAL AAL DAL LYV QSR-CA DPZ GM F TAP WEN RDFN MCD TGT A woman pushes a shopping cart through the grocery aisle at Target in Annapolis, Maryland, on May 16, 2022, as Americans brace for summer sticker shock as inflation continues to grow. Jim Watson | AFP | Getty

U.S. Treasury Secretary Janet Yellen testifies before a House Ways and Means Committee hearing on President Biden’s proposed 2023 U.S. budget, on Capitol Hill in Washington, June 8, 2022. Jonathan Ernst | Reuters The recession that many Americans fear is coming is not “at all imminent,” Treasury Secretary Janet Yellen said Sunday. Talk of a

A “For Sale” sign outside a house in Albany, California, on Tuesday, May 31, 2022. Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade. David Paul Morris | Bloomberg | Getty Images Total mortgage application volume was 52.7% lower last week than the same

Retail sales turned negative in May as consumers pulled back spending while inflation surged, the Commerce Department reported Wednesday. Advance retail and food service spending fell 0.3% for the month, below the Dow Jones estimate for a 0.1% gain. Excluding autos, sales were up 0.5%, which fell short of expectations for a 0.8% increase. The

The U.S. has experienced at least 30 recessions throughout history, dating back as early as 1857. Some economists argue that they may have become an inevitable part of the financial cycle that fluctuates between periods of expansion and contraction. “History teaches us that recessions are inevitable,” said David Wessel, a senior fellow in economic studies

A contractor frames a house under construction in Lehi, Utah, U.S., on Wednesday, Dec. 16, 2020. Private residential construction in the U.S. rose 2.7% in November. George Frey | Bloomberg | Getty Images Sentiment among the nation’s homebuilders fell for the sixth straight month to the lowest level since June 2020, when the economy was

Federal Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting on May 4, 2022 in Washington, DC. Win McNamee | Getty Images The Federal Reserve looks set to raise its benchmark rate again today, and may even hand out the first three-quarter-point hike in 28 years. The central

The Federal Reserve on Wednesday launched its biggest broadside yet against inflation, raising benchmark interest rates three-quarters of a percentage point in a move that equates to the most aggressive hike since 1994. Ending weeks of speculation, the rate-setting Federal Open Market Committee took the level of its benchmark funds rate to a range of

The Federal Reserve raised its target federal funds rate by 0.75 percentage points, the largest increase in nearly three decades, at the end of its two-day meeting Wednesday in an effort to quell runaway inflation. “The motivation for all of this is that prices are going up,” said Chester Spatt, a professor of finance at Carnegie Mellon

Federal Reserve Chair Jerome Powell. Xinhua News Agency | Xinhua News Agency | Getty Images Federal Reserve Chair Jerome Powell said Wednesday the central bank could raise interest rates by a similar magnitude at the next policy meeting in July as it did in June. “From the perspective of today, either a 50 basis point

US Federal Reserve Chairman Jerome Powell speaks during a news conference in Washington, DC, on May 4, 2022. Jim Watson | AFP | Getty Images The Federal Reserve on Wednesday is expected to do something it hasn’t done in 28 years — increase interest rates by three-quarters of a percentage point. In response to soaring

Traders on the floor of the NYSE, May 27, 2022. Source: NYSE Signs that inflation is at least starting to abate from a 40-year high could be a positive for stocks, according to Goldman Sachs. Markets rallied Friday as a government report showed the pace of inflation slowed a bit in April, primarily due to

Christopher Waller, U.S. President Donald Trump’s nominee for governor of the Federal Reserve, listens during a Senate Banking Committee confirmation hearing in Washington, D.C., on Thursday, Feb. 13, 2020. Andrew Harrer | Bloomberg | Getty Images Federal Reserve Governor Christopher Waller said Monday he sees interest rate increases continuing through the rest of the year

Treasury Secretary Janet Yellen emphasized that the White House has several strategies ready to go that will reduce an inflation burden she conceded is too high on Americans. In an interview Tuesday with CNBC’s Becky Quick, Yellen listed efforts aimed at prescription drug costs, the budget deficit and oil production that could bring down prices

A man walking a dog passes by a help wanted sign advertised along East Main Street in East Islip, New York on February 17, 2022. Newsday LLC | Newsday | Getty Images Job openings fell by nearly half a million in April, narrowing the historically large gap between vacant positions and available workers, the Bureau

San Francisco Federal Reserve President Mary Daly said Wednesday she backs raising interest rates aggressively until inflation comes down to a reasonable level. Those moves likely would entail multiple 50 basis point hikes at coming meetings, then a possible rest to see how the central bank policy tightening is combining with other factors to impact

Most of the U.S. has been seeing just “slight or modest” economic growth over the past two months or so, according to a Federal Reserve report released Wednesday. While all 12 Fed districts reported continued growth, the central bank’s periodic “Beige Book” indicated that four of the regions showed “that the pace of growth had