The Federal Reserve raised interest rates by the most since 2000 on May 4 as part of efforts to fight 40-year-high inflation. Officials serving on the Federal Open Market Committee (FOMC) agreed to increase the benchmark fed funds rate by 50 basis points, bringing it to a target range of 0.75 percent to 1 percent….
Wall Street Inches Higher as Growth Stocks Rebound
U.S. stocks edged higher on Monday as growth stocks rebounded after April’s rout, with investor focus squarely on the Federal Reserve meeting this week where policymakers are widely expected to raise interest rates. Facebook-parent Meta Platforms climbed 4.1 percent after falling 9.8 percent last month, while Microsoft, Tesla, and Nvidia rose about 2 percent after sharp declines…
Fed Meeting in Focus as Expectations Build for Sharp Rate Hike, QT to Fight Inflation
May 2, 2022
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A major focus point for investors this week is the two-day Federal Reserve policy meeting, with markets expecting the central bank to press ahead with a sharp rate hike and formally announce the launch of a much-anticipated balance sheet runoff. The Federal Open Market Committee (FOMC) is scheduled to meet on May 3–4, with remarks…
Dollar Index Marches to 20-Year High as Rivals Crumble
The U.S. dollar hit a 20-year high on April 28 as rival global currencies such as the Japanese yen, the British pound, and the euro suffered a major decline in value. The shakeup coincided with the Russian government cutting off gas supplies to Poland and Bulgaria on April 27 because those countries refused to pay in…
US Auto Sales to Fall in April on Tight Inventories, Rising Rates: Data
April 28, 2022
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U.S. new vehicle sales is expected to fall in April, as low inventories and rising interest rates boost prices amid high demand, consultants J.D. Power and LMC Automotive said. U.S. retail sales of new vehicles in April could fall 23.8 percent to 1.1 million units from a year earlier, according to a report released by…
Global Shares, Wall Street Futures Drop on Fed’s Hawkish Inflation Talk
World stocks fell and bond yields edged up on Friday as investors digested hawkish remarks by Federal Reserve Chair Jerome Powell that faster rate hikes are needed to tame surging inflation. With inflation in the United States running well above the Fed’s 2 percent target, Powell said on Thursday that a half-point interest rate hike would be…
Fed’s Bostic Says Slowing Global Growth a Reason for Fed to Be ‘Cautious’: CNBC
WASHINGTON—The potential for a global economic slowdown is the reason for the Fed “to be cautious” as it raises interest rates in coming months, Atlanta Fed President Raphael Bostic said in comments Tuesday to CNBC. “I don’t think it is easy to know for sure how strong the economy is going to continue to be…
Fed’s Barkin Says Interest Rates Should Be Moved Rapidly to Neutral
The U.S. Federal Reserve should quickly get interest rates up to a level where borrowing costs will no longer be stimulating the economy, and should raise them further if high inflation proves persistent, Richmond Fed President Thomas Barkin said on Tuesday. “How far we will need to raise rates, in fact, won’t be clear until…
Fed’s Evans: Half-Point Hikes Likely, Shouldn’t Go Too Far
April 13, 2022
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Chicago Federal Reserve Bank President Charles Evans on Monday signaled he would not necessarily oppose getting interest rates up to a neutral setting of 2.25 percent to 2.5 percent by the end of the year, a pace that would require a couple of 50 basis-point rate hikes at upcoming Fed meetings. “Fifty is obviously worthy…
Canadians Increasingly Putting Plans to Buy Home on Hold: Scotiabank
Canadians are increasingly putting their plans to buy a home on hold over economic uncertainty, a poll from Scotiabank says. “It’s no surprise that a perfect storm made up of the rising cost of living, housing supply shortages, and increased demand has caused Canadians to feel like homeownership is out of reach,” said John Webster,…
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