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Economy
Mortgage demand falls to the lowest level in 22 years amid rising rates and slowing home sales
Mortgage rates are back on the upswing, after a brief decline in May, and the housing market is still suffering from a lack of listings. As a result, mortgage demand continues to…
Weekly jobless claims hit 229,000, the highest level since January
A man walks past a "We're Hiring" sign posted outside of a restaurant in Arlington, Virginia on June 3, 2022.Olivier Douliery | AFP | Getty ImagesInitial jobless claims spiked to…
Bringing inflation down is going to take time, patience — and pain
Products are seen in a supermarket, in Los Angeles, California, May 27, 2022.Lucy Nicholson | ReutersTackling runaway inflation won't be easy and it won't be quick, and it may…
Here’s what changed in the new Fed statement
This is a comparison of Wednesday's Federal Open Market Committee statement with the one issued after the Fed's previous policymaking meeting on May 4.Text removed from the May…
Here’s what the Federal Reserve’s 0.75 percentage point rate hike — the highest in 28 years — means for you
What the federal funds rate means to youThe federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight.…
Powell says the Fed could hike rates by 0.75 percentage point again in July
Federal Reserve Chair Jerome Powell.Xinhua News Agency | Xinhua News Agency | Getty ImagesFederal Reserve Chair Jerome Powell said Wednesday the central bank could raise interest…
Fed hikes its benchmark interest rate by 0.75 percentage 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…
The Federal Reserve looks set to hike interest rates today. How raising rates may help slow inflation
Federal Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting on May 4, 2022 in Washington, DC.Win McNamee | Getty ImagesThe…
Retail sales posted unexpected 0.3% decline in May as inflation hammers consumers
Retail sales turned negative in May as consumers pulled back spending while inflation surged, the Commerce Department reported Wednesday.Advance retail and food service spending…
The risk of recession is growing. Here’s why recessions may be inevitable
The U.S. has experienced at least 30 recessions throughout history, dating back as early as 1857.Some economists argue that they may have become an inevitable part of the financial…