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Federal Reserve

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Federal Reserve Jerome Powell

Business News

Federal Reserve starts new instant payment system

WASHINGTON (UPI) -- The Federal Reserve said Thursday that its new system for instant payments to financial institutions has gone live. The Fed said that banks and credit unions can start signing up for the system, called the FedNow Service, which will allow for instant money transfers for customers at any time of the day. "The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient," Federal Reserve Chair Jerome Powell said in a statement. "Over time, […]

todayJuly 20, 2023 101

stocks stock business

Business & Lifestyle

Stocks rise after strong first half of 2023

NEW YORK (UPI) -- The U.S. stock markets closed early Monday in observance of the Fourth of July holiday with the Dow, S&P 500, and NASDAQ all rising. Monday marked the start of the second half of 2023 and added to a strong first half for the markets. The Dow Jones Industrial Average rose 10.87 points, or 0.032%, to close at 34,418.47. The S&P 500 was up 5.21 points, or 0.12%, closing at 4,455.59, and the NASDAQ Composite jumped 28.85 points, […]

todayJuly 3, 2023 11

Federal Reserve Jerome Powell

Business & Lifestyle

Federal Reserve raises interest rate by 0.75%

Federal Reserve Chairman Jerome Powell and members of the Federal Open Markets Committee voted Wednesday to raise the benchmark interest rate by 75 basis points. WASHINGTON (UPI) -- The Federal Reserve raised its benchmark interest rate by 0.75% Wednesday in its latest move to fight the highest inflation in 40 years. The highly anticipated move boosts the federal funds rate to the range of 3% to 3.25% after it remained near zero as recently as March. The Federal Open Market […]

todaySeptember 21, 2022 4

Dow Jones U.S. markets

Business & Lifestyle

Dow stabilizes after worst sell-off since 2020

The Dow Jones Industrial Average closed up 30.12 Wednesday following the worst sell-off in two years. NEW YORK (UPI) -- U.S. stocks stabilized Wednesday right before the close in an up-and-down trading session following the biggest single-day sell-off in more than two years. After dropping more than 200 points during the final hour of trading, the Dow Jones Industrial Average finished the day up 30.12 to close at 31,135.09. The NASDAQ rose 0.7%, while the S&P 500 added 0.3%. Energy […]

todaySeptember 14, 2022 4

stocks business financial

Business News

Stocks slide for third straight week

Traders work on the floor of the NYSE before the opening bell at the New York Stock Exchange on Wall Street in New York City on August 19. Stocks fell for a third straight week Friday. NEW YORK (UPI) -- U.S. markets posted their third straight weekly loss, falling Friday despite a solid August jobs report. The Dow Jones Industrial Average finished 337.98 points or 1.1% lower at 31,318.44. The S&P 500 also fell 1.1%, and the NASDAQ Composite declined […]

todaySeptember 2, 2022 5

gas gasoline business financial

Business & Lifestyle

Gas prices continue modest decline

U.S. gas prices averaging under $5/gallon

WASHINGTON (UPI) -- The average price of gasoline remained below $5 per gallon on Monday according to figures released by AAA, continuing a modest decline from last week's record highs. The national average stood at $4.967 per gallon -- a decline of 3.5 cents from Tuesday when prices hit an all-time peak of nearly $5.02, AAA reported. The average price of diesel was $5.80, up 2.5 cents from last week but 2 cents lower than its peak on Friday. Average […]

todayJune 20, 2022 5

U.S. jobs

National

U.S. adds more than 530,000 jobs in October

Ends two-month labor skid

WASHINGTON (UPI) -- After two extremely disappointing reports in August and September, the Labor Department on Friday said more than a half-million jobs were added to the U.S. economy in October -- soundly beating what most analysts had predicted. The department said in its monthly report that 531,000 jobs were added last month. In the run-up to Friday's report, most economists projected about 450,000 jobs. The official assessment came after the September report flatlined with about 300,000 fewer jobs than […]

todayNovember 5, 2021 1

Federal Reserve Jerome Powell

Business & Lifestyle

Federal Reserve to announce end of bond-buying program

WASHINGTON (UPI) -- The Federal Reserve opened a two-day meeting on Tuesday at which Chairman Jerome Powell is expected to announce the tapering of the Fed's bond-buying program, which was enacted as an emergency response to COVID-19. Powell and the Fed have resisted ending the program so far, but there's now pressure to start winding down $120 billion in monthly purchases due to changing economic conditions. Amid rising inflation, Powell has indicated that the Federal Reserve Board will begin to […]

todayNovember 3, 2021 2

Federal Reserve Jerome Powell

Consumer Alerts

Federal Reserve keeps interest rates unchanged at near-zero

WASHINGTON (UPI) -- The Federal Reserve on Wednesday held steady on its benchmark lending rate, leaving it near zero and warning that an increase could be coming as the economy rebounds from the COVID-19 pandemic. The Federal Open Market Committee concluded its two-day meeting with a statement saying interest rates will remain at 0% to 0.25%, the same level since March 2020, the beginning of the economic downturn. The statement said the status of the U.S. economy continues to depend […]

todaySeptember 22, 2021 2

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