Federal Reserve Chair Jerome Powell on Tuesday stuck to his position that the central bank will keep its key rate on hold while it waits to see how President Donald Trump’s tariffs effect the economy, despite the steady stream of criticism from the White House, which wants lower borrowing costs.
A key inflation gauge moved higher in May in the latest sign that prices remain stubbornly elevated while Americans also cut back on their spending last month.
The head of the federal government agency that oversees Fannie Mae and Freddie Mac wants the mortgage giants to consider accepting a homebuyer’s cryptocurrency holdings in their criteria for buying mortgages from banks.
Americans’ view of the U.S. economy worsened in June, resuming a downward slide that had dragged consumer confidence to its lowest level since the COVID-19 pandemic five years ago.
The bank operates around two dozen branches in Connecticut, and has $8.17 billion worth of in-state deposits.
Americans’ views of the economy improved in May after five straight months of declines sent consumer confidence to its lowest level since the onset of the COVID-19 pandemic, largely driven by anxiety over the impact of President Donald Trump’s tariffs.
U.S. homeowners are spending more on home renovation projects, bucking a broader pullback by consumers amid diminished confidence in the economy.
For now, the disconnect has businesses and consumers struggling to reconcile what they were told to expect, what the numbers say and what they are seeing on the ground.
A top Federal Reserve official said Friday that massive uncertainty created by President Donald Trump’s tariffs has caused some businesses to cut back on hiring and spending.
The Federal Reserve could keep its key rate unchanged for several more months as it evaluates the impact of President Donald Trump’s widespread tariffs on hiring and inflation, some economists say, even as the White House pushes for a rate cut.
A federal program that pays rent for some 60,000 families and individuals fleeing homelessness or domestic violence could end by next year if more funding isn’t made available.
JPMorgan’s net income rose 9 percent in the first quarter and the New York bank beat Wall Street’s profit and revenue targets, but its chief executive warned of global economic uncertainties ahead due to tariff chaos.
Should the tariffs remain in place for an extended period, they will likely raise costs and uncertainty for businesses, which could reduce their willingness to hire, invest or expand.
Fed Chair Jerome Powell’s focus on the potential for more inflation suggests that the central bank will likely keep its benchmark interest rate unchanged at about 4.3 percent in the coming months.
Questions will still swirl around trade and tariffs for months to come, economists say. And more tariffs are in the pipeline and could target specific industries like lumber.
The mortgage company Rocket is buying competitor Mr. Cooper in an all-stock deal valued at $9.4 billion, just weeks after acquiring real estate listing company Redfin.
Inflation picked up last month and consumers barely raised their spending, signs that the economy was already cooling even before most tariffs were imposed.
Central bankers also took steps that could drive down mortgage rates as the spring housing market opens.
When Federal Reserve officials last met, hiring was solid. The economy had just grown at a solid pace in last year’s final quarter. And inflation had fallen sharply. What a difference seven weeks makes.
The Green and Resilient Retrofit Program pays for for energy-efficiency improvements, but those are often the centerpiece of larger renovations at decaying affordable housing complexes.
