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Lawmakers are bracing for what could shape up to be a dramatic few weeks for both parties, as they brace for a high-stakes battle over the nation’s borrowing limit. The Treasury Department said this week that the nation could have until as soon as the start of June before it exhausts the “extraordinary measures” implemented…
The Federal Reserve voted to raise interest rates Wednesday by another 0.25 percentage points, brushing aside concerns about the financial sector and an expected recession later this year. The Fed’s rate-setting committee voted unanimously Wednesday to boost its baseline interest rate to a range of 5 to 5.25 percent, the point at which Fed officials…
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The stock market may be closely watching the chance of an official economic recession, but many Americans across the country are already feeling the squeeze as they contend with higher prices and borrowing costs than they saw a year ago. While Evelyn Canela, 31, a senior program director at a nonprofit based in Harlem, said…
The consumer price index (CPI) fell to a 5 percent annual increase in March from 6 percent in February, the Labor Department reported Wednesday, dropping a full percentage point as prices for goods ranging from fresh produce to automobiles became cheaper. That’s the lowest level of annual consumer inflation since May 2021. Prices have been…
Unemployment fell to 3.5 percent and the U.S. economy added 236,000 jobs in March as the labor market continued to show signs of strength, the Labor Department reported Friday. Wage growth appears to be cooling along with corporate profits, which are still way above their pre-pandemic levels, as inflation has been declining since the middle…
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Lawmakers raked banking regulators at the Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation (FDIC) over the coals during a hearing of the Senate Banking Committee on Tuesday after the agencies failed to act on signs that Silicon Valley Bank (SVB) was in trouble, mobilizing instead to bail out depositors after it had collapsed….