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...
More people are wondering just how safe their money is in a bank after the collapse of Silicon Valley Bank and Signature Bank. Online searches asking that question have jumped as Americans worry their bank could be the next 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....
Silicon Valley Bank’s crisis and subsequent closure has rocked financial markets since late last week. In a bid to protect depositors and investors, federal regulators announced Sunday that they would “address any liquidity pressures that may arise.” Many people have...
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...
A new report from Fidelity found that the number of 401(k) millionaires plunged by 32% in the last year. At a time of the disappearing pension, the 401(k) is for most workers the main source of old age security. Almost...
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 —...
The retail giant forecasts weaker sales “Choiceful, discerning, thoughtful.” That is how Walmart’s boss, Doug McMillon, described consumers on the American retail giant’s quarterly earnings call on February 21st. That may be so. What they are not, at least in...
After much outside criticism, the Internal Revenue Service basically told taxpayers in most — but not all — states that they do not need to report income from special state tax refunds or payments on their 2022 federal income tax...
Inflation is hovering near a 40-year high, driven by steep increases in food prices, housing and utilities. The Federal Reserve is trying to bring it down by aggressively raising interest rates, even if it pushes the economy closer to a...
Ever-increasing housing costs are not only straining budgets – they also are the biggest contributor to the nation's bump in inflation, according to a report released Tuesday by the Bureau of Labor Statistics. The consumer-price index, a widely used measure...
Federal Reserve Chair Jerome Powell said Tuesday that last week’s booming jobs report underscores why officials expect to approve additional interest rate hikes to tame inflation and similar data in the months ahead could require an even sharper rise in...
Not everyone is required to file taxes, but most Americans are and likely will file taxes. Of the 176.2 million individuals and married couples who could file a tax return in 2020, about 144.5 million of them filed a tax...
