Jerome Powell

The wage data may raise concerns at the Fed, which is worried that faster pay gains will perpetuate inflation by leading companies to raise prices to offset their higher labor costs

In the end, the 11 voting members of the Fed’s interest-rate setting committee agreed unanimously to skip a hike after 10 straight increases

The suspension of federal student loan payments, which took effect at the height of the pandemic in 2020, expires late this summer

Despite higher interest rates, the economy grew at a 2% annual pace from January through March

Hawks and doves hammer out their differences at major gathering of the European Central Bank in Sintra, Portugal

The head of the Federal Reserve told the House Financial Services Committee on Wednesday that it will be necessary to further raise interest rates by the end of the year

However, officials signaled that they may raise rates twice more this year, beginning as soon as next month

The international agency foresees high interest rates until the end of 2024 due to persistent inflation and a resilient economy

The index showed that prices rose 0.4% from March to April. That was much higher than the 0.1% rise the previous month

Gross domestic product grew at a 1.3% annual rate from January through March, compared to a previous government estimate of 1.1%

Powell noted that turmoil in the banking sector will likely cause banks to reduce the pace of lending: ‘As a result, our policy rate may not need to rise as much as it would have otherwise to achieve our goals,’ he said

Many Fed watchers have expected the central bank’s officials to forgo another increase in their benchmark rate when they next meet in mid-June

Prices rose 0.4% from March to April, the government said Wednesday. The nation’s inflation rate has steadily cooled since peaking at 9.1% last June but remains far above the Federal Reserve’s 2% target rate

“That’s no way to govern,” the Republican leader has said. The White House “does not have a plan B,” he added

The rescue packages for Silicon Valley Bank, Signature Bank and First Republic have been marked by a careful balance between state and private intervention

The unemployment rate ticked down to 3.4%, matching a 54-year low

Shares of PacWest Bank plunged nearly 50% Thursday after the company confirmed reports that it was considering ‘strategic options,’ that may include the possible sale of the company

The Fed’s 10 consecutive rate increases over the past 14 months have more than doubled mortgage rates, elevated the costs of auto loans, credit card borrowing and business loans and heightened the risk of a recession

Officials are meeting on Wednesday to make a decision, shortly after the bailout and sale of First Republic, the third bank to go under in two months

The Fed has unleashed a rapid series of rate hikes to combat inflation, which has prompted banks to pay higher interest on traditional savings products like money market funds, certificates of deposit and regular savings accounts

Christopher Waller, a member of the Fed’s governing board, did not specify how many more increases he supports, but said that inflation ‘is still much too high and so my job is not done’

The heightened uncertainty surrounding the banking sector also helped Fed officials coalesce around their decision to raise their benchmark rate by just a quarter-point, rather than a half-point

Traders are betting on a roughly 70% probability the Federal Reserve will raise its key overnight interest rate in May by 0.25 percentage points

The Labor Department said that vacancies were down from 10.6 million in January. The American job market has proven resilient in the face of sharply higher interest rates

Friday’s report from the Commerce Department is an encouraging sign in the Fed’s yearlong effort to cool price pressures through steadily higher interest rates

The four-week moving average of claims, which evens out some of the week-to-week fluctuations, rose by 2,000 to 198,250, remaining below the 200,000 threshold