Yellen says more crypto regulation 'would be appropriate'
Treasury Secretary Janet Yellen said on Wednesday that regulation "would be appropriate" in the crypto industry and she supports regulatory oversight.
The Fed is not taking future interest rate hikes off the table
A Federal Reserve governor said ongoing interest rate hikes are possible until inflation is closer to the institution's 2% objective. Meanwhile, Americans have been struggling with high interest rates and inflation, reports said.
Mortgage rates bump up as Fed holds grip on economic policy: Freddie Mac
The average rate for a 30-year fixed rate mortgage increased to 6.79% for the week ending June 1, according to Freddie Mac. Meanwhile, the Fed said it’s weighing in on the possibility of another interest rate hike.
Consumer demand for new cars and homes is why a modest recession is possible: Fannie Mae
Fannie Mae has forecasted a recession in 2023 since last April and said the tightening in credit lending would likely lead to slower future business investment this year.
US consumer spending jumped in April and inflation accelerated
Inflation remains stubborn despite the Fed's 10 rate hikes creating more uncertainty about the whether policymakers will pause at their June meeting.
America's debt hits new record of more than $17 trillion: NY Fed
Consumer debt reached a record of $17.05 trillion in Q1 2023. Many Americans still deal with high inflation and are seeking help from their financial institutions, reports say.
Household debt hit record $17T last quarter as inflation squeezes Americans
New York Federal Reserve data released Monday shows household debt hit a fresh record in the first quarter of 2023 as high inflation squeezes Americans.
Home purchase sentiment increased to highest level since last year
Home purchase sentiment increased month-over-month in April, according to the latest data by Fannie Mae. However many would-be homebuyers are still concerned over home price volatility and other factors.
Biden Fed nominee says too little has been done about inflation
The Fed has noted that the job market has a robust supply but warned that if it grew "tight" it might prompt the need for further rate hikes, which the bank is not keen to pursue.
'Biden Bucks stop here': DeSantis touts Florida's digital currency ban, warns of 'cashless society'
The team for Florida Gov. Ron DeSantis released a new video that touts the governor signing legislation to ban the use of a central bank digital currency.
CEO of grocery chain sounds alarm over the 'dumb things' US government is doing
Gristedes CEO John Catsimatidis explained when Americans will see a break at the supermarket.
Inflation ticks up again in April, puts interest rate hikes back on the table
The Consumer Price Index (CPI), a measure of inflation, rose 4.9% year-over-year in April, a slowdown from the 5% increase in March, according to the Bureau of Labor Statistics (BLS).
Inflation and interest rate hikes are negatively impacting Americans' financial well-being: Survey
Inflation and interest rate hikes have negatively impacted Americans' financial well-being and many have made no progress in saving for retirement or building emergency funds, according to a survey by Morning Consult. Here’s what you need to know.
Job growth shows resilience in April but also signs of softening
The economy added 253,000 jobs in April, an increase from the previous month but slower than the average gain of 290,000 in the last six months, according to the latest employment report from the Bureau of Labor Statistics (BLS).
Fed doubles down on the fight against inflation, raises rates another 25 basis points
The Federal Reserve announced another 25 basis point interest rate increase bringing the federal funds rate to a targeted range of 5% to 5.25%, the highest level in 15 years.
Senate to hold hearing on bank failures this week following First Republic collapse
The Senate Banking Committee announced that it will hold a hearing this week in the wake of the failure of First Republic Bank, which was acquired Monday by JPMorgan Chase.
Berkshire's Charlie Munger issues warning for US commercial property market
Berkshire Hathaway’s Charlie Munger said on Monday that a storm is brewing in commercial property market, as property prices fall and banks deal with bad loans.
US Treasury: Bank deposits safe after First Republic rescue
The Treasury Department said Monday that the deposits of former customers at collapsed First Republic Bank are safe because the banking system remains sound and resilient.
Signature Bank collapse blamed on 'poor management,' FDIC report says
An internal review of the Federal Deposit Insurance Corporation’s supervision of Signature Bank concluded “poor management" led to the bank’s failure.
First Republic Bank shares nosedive amid uncertainty about rescue deal
Shares of First Republic Bank tanked on Friday amid reports of uncertainty about whether the lender could see a rescue deal.