Federal Reserve

On the Money — Biden moves to block rail strike

President Biden is calling on lawmakers to prevent a rail strike as the deadline looms. We’ll also look at the economic impacts of China’s COVID-19 lockdown protests and striking new comments from a top Fed official. But first, did you see that monkeypox is getting a name change?
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2 Fed officials favor keeping key rate at peak through 2023

WASHINGTON (AP) — Two Federal Reserve officials said Monday that they favor raising the Fed’s key rate to roughly 5% or more and keeping it at its peak through next year — longer than many on Wall Street have expected. John Williams, president of the Federal Reserve Bank of New York, who is among a core group of officials around Chair Jerome Powell, said in a speech to the Economic Club of New York that the central bank has “more work to do” to reduce inflation closer to its 2% target. And James Bullard, president of the St....
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Stock futures are flat after major averages slide on Covid unrest in China

U.S. stock futures were flat on Monday night after the major averages came under pressure from Covid protests in China, and as investors anticipated more economic data and commentary from Federal Reserve leaders this week. Dow Jones Industrial Average futures fell by 5 points, or 0.02%. S&P 500 and Nasdaq...
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Boeing leads declines in Dow average amid China protests

Boeing (NYSE:BA) on Monday fell 3.7% to lead declines among stocks that make up the Dow Jones Industrial Average (DJI). The blue-chip index slipped 1.5%, or 498 points, as protests against China’s zero-Covid policy ignited worries about their effect on the global economy. Boeing (BA)’s commercial aircraft business is...

Asian markets mostly rise after calm night in China

Asian equities rose and the dollar weakened Tuesday as China avoided another night of protests after a weekend of unrest across the country fuelled uncertainty in the world's number two economy. China was rocked by demonstrations at the weekend calling for more political freedoms and an end to the country's long-running and economically painful zero-Covid strategy that has seen millions thrown into lockdown for months.

Rising Cost of Credit Impacting Farmers

Earlier this week, Reuters writers P.j. Huffstutter and Bianca Flowers reported that, “Montana farmer Sarah Degn had big plans to invest the healthy profits she gleaned for her soybeans and wheat this year into upgrading her planter or buying a new storage bin. “But those plans have gone by...

Fed’s Barkin sees slower rate hikes, for longer, maybe higher

(Reuters) – Richmond Federal Reserve Bank President Thomas Barkin on Monday said he supports moving to smaller interest-rate hikes in the central bank’s fight to bring down too-high inflation. “I’m very supportive of the path that is slower, probably longer and potentially higher,” Barkin said in an interview...
American Banker

Regulation must keep pace with financial innovations, New York Fed chief says

Regulatory changes are needed to protect the payment system and to promote stable digital currencies, says Federal Reserve Bank of New York President John Williams. During a question-and-answer session with reporters following a speech Monday on inflation, Williams praised the new guidelines for groups seeking access to the Federal Reserve System's financial services and said he would like to see rules put in place for stablecoins "sooner rather than later."