Home affordability took another hit this week as mortgage rates neared 7%, forcing many buyers to stick to the sidelines. The rate on the 30-year fixed mortgage increased to 6.81% from 6.71% the week prior, according to Freddie Mac, the...
Consumer prices rose at the slowest pace since April 2021 as inflation showed further signs of cooling in May, according to the latest data from the Bureau of Labor Statistics released Tuesday morning. The Consumer Price Index (CPI) revealed headline...
The latest warning to Congress came before another meeting on Tuesday between President Biden and Speaker Kevin McCarthy to resolve the debt ceiling crisis. Treasury Secretary Janet L. Yellen reiterated on Monday that the United States could run out of...
Debt-ceiling negotiators appear to be making progress on two wonky topics that could be crucial to a final deal even as the House Speaker said the two sides are still far apart. The glimmers of possible compromise in the weeks...
The Federal Reserve raised interest rates for the 10th consecutive time on Wednesday, as expected, but suggested it may pause its aggressive fight against inflation. Even so, any halt may not feel like much relief to consumers who’ve suffered through...
Here’s the good news. After its most aggressive interest rate hikes in 40 years, the Federal Reserve on Wednesday is expected to approve a final quarter-point increase and signal a long-awaited pause, economists say. The prospect of rate increases ending...
The net deposit outflow would have topped $100 billion in the first quarter if not for a rescue from 11 of the nation's largest banks First Republic (FRC) said Monday it lost a net total of $72 billion in deposits...
U.S. banks lost money on mortgages as prospective homebuyers – tired of battling high mortgage rates and still-rising home prices – backed out of the housing market. Independent mortgage banks and mortgage subsidiaries of chartered banks lost an average of $301 on each...
The Federal Reserve has raised interest rates aggressively over the last year in a bid to slow inflation and the labor market. Its efforts are still not quite feeding through to the data. Friday's March jobs report is the latest...
The nation’s top financial regulator put the blame for the failure of Silicon Valley Bank in the lap of the bank’s managers during a Senate hearing Tuesday aimed at understanding what happened. But both Democrats and Republicans also said federal...
Federal Reserve officials will convene this week for one of the central bank's most uncertain policy meetings in years. Forced to balance the consequences of a banking crisis and inflation that remains well above target, the Fed is expected to...
An acceleration in monthly core consumer prices seems likely to reinforce the Federal Reserve’ determination to raise interest rates to fight inflation, though the decision on next week’s move will be a tough call amid ongoing concern about financial turmoil....
In testimony before lawmakers on Tuesday, Federal Reserve Chair Jerome Powell told Congress interest rates would likely continue rising amid a 'bumpy' process to bring down inflation. Federal Reserve Chair Jerome Powell told lawmakers on Tuesday interest rates are likely...
Homebuyers started the year on a positive note when declining mortgage rates signaled increasing affordability. Mortgage applications rose 28% in one week in the middle of January as rates dipped to 6.2%. But that frenzy of activity was short-lived as...
When China’s leaders gather in Beijing for the annual parliament next week, one of the biggest economic risks they’ll need to tackle is the mounting debt of provinces. A majority of regional governments — at least 17 out 31 —...
