US adds a strong 253,000 jobs despite Fed’s rate hikes
The unemployment rate ticked down to 3.4%, matching a 54-year low
Regional bank shares sink in sign crisis not yet over
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
Federal Reserve raises interest rates again, but hints it may pause amid bank turmoil
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
Fed expected to announce 10th rate hike before considering a pause
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
Banks are paying savers again after many years of low rates
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
Senior Fed Reserve official sees need for more interest rate increases
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’
Bank turmoil led Fed officials to forecast fewer rate hikes
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
Stocks on Wall Street slip amid expectations for rate hike
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
February job openings slip, a sign that the job market may be starting to cool
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
A key inflation gauge tracked by the Fed slowed sharply in February
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
More Americans file for jobless claims; layoffs remain low
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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
Republican lawmakers accuse the Federal Reserve of being lax before bank failure
Prior to closing down Silicon Valley Bank, Fed supervisors had first raised questions about the bank’s risky practices in 2021 and had warned the bank’s management about them in the fall of that year
Fed official: Bank rules under review in wake of Silicon Valley Bank failure
Michael Barr, the nation’s top banking regulator, spoke Tuesday during a Senate Banking Committee hearing
U.S. consumer confidence ticks up in March
The Conference Board reported that its consumer confidence index rose to 104.2 in March, even as persistent inflation, bank collapses and anxiety over a possible recession weighed on Americans
Fed official: Silicon Valley Bank itself was main cause of bank’s failure
‘SVB’s failure is a textbook case of mismanagement,’ Michael Barr, the Fed’s vice chair for supervision, said
Fed’s unwanted ally in bid to tame inflation: Credit crunch
The upheaval in the financial system that’s followed the collapse of two major U.S. banks is raising the likelihood that lending standards will become sharply more restrictive
U.S. jobless claims inch down as labor market remains tight
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The job market continues to defy the Federal Reserve’s attempts at loosening it
The Federal Reserve raises key rate by quarter-point despite bank turmoil
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The Fed warned that the financial upheaval stemming from the collapse of two major banks is ‘likely to result in tighter credit conditions’ and ‘weigh on economic activity, hiring and inflation’
Wall Street holds steady ahead of Fed decision on rates
The Fed can either keep hiking interest rates to drive down inflation, or it can ease off the increases given the pain it’s already caused for banks
How the Credit Suisse takeover could further restrict lending
Investors who held bonds known as CoCos were wiped out in the sale to UBS, triggering fears that banks will find it harder to borrow and in turn tighten credit
Federal Reserve prepares to raise rates in the middle of a financial storm
Most analysts expect a rise of 25 basis points to reach 4.75%-5% despite the turmoil triggered by the collapse of Silicon Valley Bank
Public pension plan losses from bank failures were minor
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The investors who lost millions after two large US banks failed included public-sector pension funds responsible for ensuring the retirements of teachers and other government workers
Questions and answers about the cost of the bank collapses
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How is the response being paid for? Will Americans end up footing the bill for bank failures? Is this a bailout?
Washington turns to Wall Street to help rescue dying bank
The anxiety this week centered on First Republic Bank in San Francisco, which was once the envy of the banking sector, with its wealthy and well-traveled clientele
Big banks create $30 billion rescue package for First Republic
The effort seeks to stop the California-based bank from becoming the third bank to fail in less than a week. Shares of First Republic had fallen sharply this week, dropping 60% on Monday alone
Experts and banks look for ideas to stop next bank failure
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The search for causes and culprits for the Silicon Valley Bank failure is refocusing attention on a 2018 federal law that rolled back tough bank regulations put in place after the 2008 financial crisis
US jobless aid claims fell last week as layoffs remain low
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The Labor Department said Thursday that applications for jobless claims in the US for the week ending March 11 fell to 192,000 from 212,000 the previous week