Fed unleashes another big rate hike but hints at a pullback

WASHINGTON (AP) — The Federal Reserve pumped up its benchmark interest rate Wednesday by three-quarters of a point for a fourth straight time to fight high inflation but hinted that it could soon reduce the size of its rate hikes. The Fed’s move raised its key short-term rate to a range of 3.75% to 4%, […]

US job openings sink as economy slows, cost to borrow rises

WASHINGTON (AP) — The number of available jobs in the U.S. plummeted in August compared with July as businesses grow less desperate for workers, a trend that could cool chronically high inflation. That is good news for the Federal Reserve in its efforts to bring down high prices without plunging the economy into a recession. The […]

Europe’s central bank backs larger-than-expected rate hike

FRANKFURT, Germany (AP) — The European Central Bank raised interest rates Thursday for the first time in 11 years by a larger-than-expected amount, joining steps already taken by the U.S. Federal Reserve and other major central banks to target stubbornly high inflation. The move raises new questions about whether the rush to make credit more expensive […]

Fed attacks inflation with its largest rate hike since 1994

WASHINGTON (AP) — The Federal Reserve intensified its fight against high inflation on Wednesday, raising its key interest rate by three-quarters of a point — the largest bump since 1994 — and signaling more rate hikes ahead as it tries to cool off the U.S. economy without causing a recession. The unusually large rate hike […]

Powell: Fed to keep hiking rates until it controls inflation

WASHINGTON (AP) — Chair Jerome Powell on Tuesday underscored the Federal Reserve’s determination to keep raising interest rates until there is clear evidence inflation is steadily falling — a high-stakes effort that carries the risk of causing an eventual recession. The Fed’s increases in its benchmark short-term rate typically lead, in turn, to higher borrowing […]

Powell reinforces expectations of sharp rate hike next month

WASHINGTON (AP) — The Federal Reserve must move faster than it has in the past to rein in high inflation, Chair Jerome Powell said Thursday, signaling that sharp interest rate increases are likely in the coming months, beginning at the Fed’s next policy meeting in May. In a panel discussion held by the International Monetary Fund […]

Powell expects a quarter-point Fed rate hike this month

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Wednesday that he supports a traditional quarter-point increase in the Federal Reserve’s benchmark short-term interest rate when the Fed meets later this month, rather than a larger increase that some of its policymakers have proposed. But Powell did open the door to a bigger hike in […]

Fed will tighten credit faster and sees 3 rate hikes in 2022

WASHINGTON (AP) — With inflation surging and unemployment falling, the Federal Reserve said Wednesday that it will shrink its support for the economy more quickly and expects to raise interest rates three times next year. Fed Chair Jerome Powell said the U.S. economy is growing at a “robust pace” even as it faces risks from […]

Fed foresees a potential rate hike as soon as next year

WASHINGTON (AP) — The Federal Reserve signaled Wednesday that it may start raising its benchmark interest rate sometime next year, earlier than it envisioned three months ago and a sign that it’s concerned that high inflation pressures may persist. In a statement, the Fed also said it will likely begin slowing the pace of its monthly bond […]

Fed sees rates near zero through 2023, perhaps longer

WASHINGTON (AP) — With the economy still struggling to recover from the pandemic recession, Federal Reserve policymakers signaled Wednesday that their benchmark short-term interest rate will likely remain at zero at least through 2023 and possibly even longer. Fed chair Jerome Powell said at a press conference that while the economy has rebounded more quickly […]