Dow soars nearly 600 points after inflation gauge closely watched by Fed reignites hope for fall rate cut
The Dow Jones Industrial Average surged nearly 600 points on Friday as investors breathed a sigh of relief after the Federal Reserve’s recommended inflation gauge met Wall Street expectations, rekindling optimism for interest rate cuts. The Commerce Department’s Bureau of Economic Analysis said Friday that the personal consumption expenditures (PCE) price index rose 0.3% last […]
Mortgage rates tick up as Fed signals delay on interest rate cuts: Freddie Mac
Home buyers saw borrowing costs rise again last week. (iStock) After weeks of declines, mortgage rates reversed course this week, rising back above 7%, according to Freddie Mac. According to Freddie Mac’s latest report, the average 30-year fixed-rate mortgage for the week ending May 30 was 7.03%. Primary mortgage market researchThat’s up from an average […]
Inflation measure closely watched by the Fed rises 0.3% in April
Gina Bolvin, president of Bolvin Wealth Management Group, discusses commodity price trends, expected inflation data, the housing industry and the consumer outlook. The inflation indicator is Federal Reserve The inflation index was flat in April as rising prices continue to weigh heavily on millions of Americans. According to the Labor Department, the personal consumption expenditures […]
Ex-Goldman Sachs exec Beth Hammack named next Cleveland Fed president
The Federal Reserve Bank of Cleveland announced on Wednesday that Beth Hammack, a former executive at investment bank Goldman Sachs, will become its next president, effective Aug. 21. Hammack, 52, worked at Goldman Sachs from 1993 until his retirement earlier this year. She most recently served as co-head of global finance and has also held […]
Goldman Sachs executive Beth Hammack to head Cleveland Fed
Beth Hammack, a Goldman Sachs executive and longtime financial industry leader, will become the next president and CEO of the Federal Reserve Bank of Cleveland, leading the central bank’s district. Announced Wednesday. Hammock will succeed Loretta Mester, who will retire on June 30. She will officially become the 12th president of the Cleveland Fed on […]
Ohio mother sentenced to prison for death of 4-year-old daughter who was fed Mountain Dew in baby bottle, causing her teeth to rot
An Ohio mother has been sentenced to prison for the death of her diabetic 4-year-old daughter after she was bottle-fed primarily with Mountain Dew. Tamara Banks, 41, was sentenced Friday to at least nine years and up to 13 1/2 years in prison for the girl’s death. Banks, of Clermont County, pleaded guilty in March […]
‘They f***ed him up’: James Carville bemoans Biden’s capture by radical leftists and alienation of the center
Democratic strategist James Carville, like others in the party, is growing increasingly concerned about President Joe Biden’s chances of reelection. The 79-year-old partisan said in March that seeing Biden’s approval ratings was “like stumbling upon your grandma naked. I can’t get that image out of my mind.” At the time, Biden had a 40% approval […]
‘Fed up’ NYC residents come out in support of Trump
New Yorkers are showing their support Former President Trump’s reelection challenge Thousands gathered at a campaign event in the Bronx, New York. “Ingram’s Viewpointsaid he would vote for Trump because “it’s time for a change in leadership.” “We’ve been voting for the same party for years and nothing has changed,” Brown told Fox News on […]
Former Fed official’s bank set to receive master account approval
See what’s clicking on FoxBusiness.com The Federal Reserve’s recent decision to grant lesser-known banks access to its vast lending and credit facilities has sparked questions about possible conflicts of interest and favoritism at the U.S. central bank, FOX Business reported. Numisma, a small bank based in Greenwich, Connecticut, received conditional approval for a so-called master […]
Dow plunges over 600 points as chance of Fed rate cut diminishes
Shares fell on Thursday, even though Nvidia’s strong earnings forecast helped lift the stock, overshadowed by economic data that showed inflation remains a concern. The Dow Jones Industrial Average fell 605.78 points, or 1.5%, to 39,065.26, its worst day in 2024. The S&P 500 fell 0.7% and the Nasdaq fell 0.4%. Nvidia shares soared 9% […]