Powell tells Congress the Fed is ‘strongly committed’ to bringing inflation down

Federal Reserve Chairman Jerome Powell told congressional lawmakers Wednesday that the central bank is determined to bringing down inflation and has the ability to make that happen. “At the Fed, we understand the hardship high inflation is causing. We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so,” … Read more

Bank of America economist says his ‘worst fears around the Fed have been confirmed’

The Federal Reserve waited too long to start fighting inflation and now runs the risk of dragging the economy into a recession, according to Bank of America’s top economist. On the heels of the central bank’s 75 basis point rate hike Wednesday, BofA global economist Ethan Harris said the Fed is being forced into such … Read more

Stock futures inch higher after Fed raises rates by most since 1994

U.S. stock index futures were modestly higher during overnight trading on Wednesday after the Federal Reserve implemented the largest interest rate hike since 1994. Futures contracts tied to the Dow Jones Industrial Average added 0.22%. S&P 500 futures were up 0.23%, while Nasdaq 100 futures advanced 0.29%. The major averages ended Wednesday’s session higher, with … Read more

Fed hikes its benchmark interest rate by three-quarters of a point, the biggest increase since 1994

The Federal Reserve on Wednesday launched its biggest broadside yet against inflation, raising benchmark interest rates three-quarters of a percentage point in a move that equates to the most aggressive hike since 1994. Ending weeks of speculation, the rate-setting Federal Open Market Committee took the level of its benchmark funds rate to a range of … Read more

Stock futures rise slightly as investors brace for a big Fed rate hike

Stock futures rose slightly in overnight trading Tuesday as investors anxiously awaited the Federal Reserve’s aggressive action to tame surging inflation. Futures on the Dow Jones Industrial Average gained 70 points. S&P 500 futures edged up 0.3% and Nasdaq 100 futures rose 0.4%. The S&P 500 suffered a five-day losing streak on Tuesday, dipping deeper … Read more

Global markets are tanking ahead of a huge week for central banks

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, June 1, 2022. Brendan McDermid | Reuters LONDON — Global stock markets are falling sharply after May’s U.S. inflation print reignited fears that central banks will be forced into aggressive monetary policy tightening. Friday’s highly-anticipated consumer price index … Read more

$150 oil won’t cripple economy, market: J.P. Morgan’s Marko Kolanovic

J.P. Morgan’s Marko Kolanovic predicts oil is surging higher — but so are stocks. Kolanovic, who serves as the firm’s chief global markets strategist and co-head of global research, believes the U.S. economy is strong enough to handle oil prices as high as $150 a barrel. “There could be some potential further spikes in oil, … Read more

With inflation near 40-year highs, one fund manager reveals his top stocks to beat soaring prices

Real returns are being eroded as inflation soars — but fund manager Brian Arcese has a number of stock picks he thinks are effective inflation hedges. U.S. inflation rose again in April , with the consumer price index increasing 8.3% from a year ago — higher than expected, but a slight ease from March’s peak. … Read more

Amazon’s Bezos criticizes Biden admin, says inflation hurts the poor

Amazon founder Jeff Bezos arrives for his meeting with British Prime Minister Boris Johnson at the UK diplomatic residence on September 20, 2021 in New York City. Michael M. Santiago | Getty Images News | Getty Images Amazon founder Jeff Bezos tweeted on Sunday that inflation is most hurtful to the least affluent in the … Read more

Here’s what a 3% yield on the 10-year Treasury means for your money

d3sign | Moment | Getty Images As the yield on the 10-year U.S. Treasury pushes ever closer to 3% — a symbolic level not seen since late 2018 — financial analysts have described how it could affect people’s finances in a number of ways. Last week, the 10-year rate hit 2.94%, its highest point in … Read more