The Biden administration on Tuesday outlined how states and nonprofit groups can apply for $27 billion in funding from a “green bank” that will provide low-cost financing for projects intended to cut planet-warming greenhouse gas emissions.
Homeowners are increasingly tapping their equity, taking advantage of big gains following years of soaring housing prices.
Federal Reserve Chair Jerome Powell said Tuesday that if the U.S. job market further strengthens in the coming months or inflation readings accelerate, the Fed might have to raise its benchmark interest rate higher than it now projects.
Connecticut Gov. Ned Lamont announced Monday his new two-year budget plan will include the state’s first personal income tax rate reduction since 1996, one of several tax relief proposals he will officially unveil to the General Assembly on Wednesday.
The Federal Reserve extended its fight against high inflation Wednesday by raising its key interest rate by a quarter-point, its eighth hike since March. The Fed signaled that even though inflation is easing, it remains high enough to require further rate hikes.
Inflation is cooling, and parts of the economy appear to be weakening. But Chair Jerome Powell is likely Wednesday to underscore that the Federal Reserve’s primary focus remains the need to fight surging prices with still-higher interest rates.
Pay and benefits for America’s workers grew at a healthy but more gradual pace in the final three months of 2022, a third straight slowdown, which could help reassure the Federal Reserve that wage gains won’t fuel higher inflation.
The Federal Reserve Board has denied a Wyoming cryptocurrency bank’s application for Federal Reserve System membership, officials announced Friday, dealing a setback to the crypto industry’s attempts to build acceptance in mainstream U.S. banking.
Nearly a year into the Fed’s drive to quash inflation by hiking interest rates at a blistering pace, investors still don’t seem to fully believe what the Fed warns is coming next: Higher rates through the end of the year, which could sharply raise unemployment and slow growth.
Progressive Connecticut lawmakers are proposing a higher tax rate on capital gains earnings for wealthy taxpayers and higher personal income tax rates for millionaires.
The disappointing report is the latest evidence that shoppers, including the well-heeled, have pulled back buying during the critical holiday season as they confront higher prices and borrowing costs.
Growing evidence that high inflation is finally easing shows that the Federal Reserve’s sharp interest rate hikes are working as intended, says Loretta Mester, historically a key voice at the Federal Reserve for interest rate hikes.
Campbell’s Soup Co. plans to spend about $50 million to upgrade of its headquarters in New Jersey as it consolidates the central offices of snacks businesses from North Carolina and Connecticut.
Soaring mortgage rates knocked the housing market into a deep slump in 2022, and the prospects of a swift turnaround in 2023 look dim, especially with the average rate on the benchmark 30-year mortgage still hovering above 6 percent, or double what it was this time last year.
Several of America’s biggest banks say they’re setting aside hundreds of millions of dollars each to cover potential loan losses in the event of a recession this year.
Rising U.S. consumer prices moderated again last month, bolstering hopes that inflation’s grip on the economy will continue to ease this year and possibly require less drastic action by the Federal Reserve to control it.
Federal Reserve officials suggested at their most recent meeting that a continuing streak of robust hiring could keep inflation elevated and was a key reason why they expected to raise interest rates this year more than they had previously forecast.
As Connecticut Gov. Ned Lamont embarks on a second term in office Wednesday, he faces a larger majority of fellow Democrats in the General Assembly and a rosier state budget picture compared to when he first took office in 2019, given the state’s record cash reserves and a projected $1 billion operating surplus.
If the normal spread between the interest rates on 10-year Treasury notes and mortgage bonds existed today, the average 30-year mortgage rate could be as low as 5.7 percent.
A section of the $1.7 trillion spending bill passed Friday has been billed as a dramatic step toward shoring up retirement accounts of millions of U.S. workers. But the real windfall may go to a far more secure group: the financial services industry.
