Rate hikes, one year later For its part, the Fed has already hiked its benchmark fund rate eight times over the last year to its current level of between 4.5% and 4.75%. The federal funds rate, which is set by the central bank, is the interest rate at which banks […]
Reserve
The Federal Reserve offered new details Tuesday on how it will test the resilience of banks under different climate scenarios. This news comes less than a week after Fed Chair Powell said the central bank is not a climate policymaker, but does have “narrow responsibilities” to oversee risks from climate […]
If there needs to be a U.S. recession to bring down inflation to appropriate levels, the Fed would be cool with that, says one Wall Street pro. “Unfortunately, yes [the Fed would be OK with a recession]. I’m going to say yes,” BMO senior economist Jennifer Lee said on Yahoo […]
Mortgage applications on Wednesday became the latest sign showing how hard rates are hitting housing. And it could get worse. The volume of mortgage applications for purchases dropped 13% last week compared with the previous week, according to the Mortgage Bankers Association (MBA), while refinance activity, a measure most sensitive […]