California joined 20 other states and the District of Columbia on Monday in a lawsuit that seeks to prevent the federal Consumer Financial Protection Bureau from being defunded and closed by the Trump administration. The legal action filed in U.S. District Court in Eugene, Ore. accuses Acting Director Russell Vought of trying to illegally withhold…
Ahead of the highly anticipated November jobs data to be released this week, even lackluster numbers may be greeted with relief by Wall Street. A moderately cooling labor market could increase the likelihood of more rate cuts by the Federal Reserve—a tantalizing prospect for many investors eying future earnings growth—fueling bullish behaviors in the stock…
National Economic Council Director Kevin Hassett, one of the top contenders to replace Jerome Powell as Federal Reserve chair, downplayed any role that President Donald Trump’s opinion would have in setting interest rates. That’s despite Trump repeatedly insisting that he ought to have some say on monetary policy. Most recently, he said Friday his voice…
President Donald Trump said that Kevin Hassett and Kevin Warsh are his top choices to lead the US Federal Reserve and that he expects the next chair of the central bank to consult with him on interest rates. Trump, in an interview with the Wall Street Journal on Friday, indicated that Warsh, a former Fed…
The Federal Reserve’s early reappointment of its regional bank presidents took markets by surprise and eased concerns the central bank would soon lose its independence as President Donald Trump continues demanding steeper rate cuts. On Thursday, the Fed announced 11 out its 12 bank presidents were re-upped, leaving out the Atlanta Fed chief role as…
The Federal Reserve reduced its key interest rate by a quarter-point for the third time in a row Wednesday but signaled that it may leave rates unchanged in the coming months. The cut decreased the Fed’s rate to about 3.6%, the lowest it has been in nearly three years. Lower rates from the Fed can bring…
Asian markets traded higher on Thursday after the US Federal Reserve delivered its third consecutive interest rate cut, although gains were capped as policymakers hinted they could slow the pace of future reductions.The latest quarter-point cut, bringing borrowing costs to their lowest level in three years, had already been widely expected. Investors, however, drew comfort…