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Fed Chair Powell calls inflation 'too high' and warns that 'we are prepared to raise rates further'
While acknowledging that progress has been made, the central bank leader said inflation is still above where policymakers feel comfortable.
EXCLUSIVE
House Democrat presses big banks on the status of over $32 billion in racial equity pledges
Rep. Ayanna Pressley of Massachusetts sent letters to JPMorgan and four other major lenders asking for more details about the programs they rolled out after George Floyd’s murder.
UPS workers overwhelmingly approve new contract, ending strike threat
The five-year deal, with wage increases and new protections for working in high temperatures, covers 340,000 employees and could boost other labor efforts across the country.
The 30-year mortgage rate hits 7.48%, the highest level since 2000
Mortgage interest rates have nearly tripled in the span of just a couple of years amid inflation fears and strong economic growth.
Mortgage rates hit a 22-year high as demand drops
Last year the 30-year fixed was 5.45%, and in 2021, it was in the 3% range, showing just how far costs have risen since the Federal Reserve began raising rates.
Fed officials see 'upside risks' to inflation, possibly leading to more rate hikes, minutes show
The discussion at a two-day July meeting resulted in a quarter-percentage-point rate hike that markets generally expect to be the last one of this cycle.
Evictions are on the rise — and it's harder for this group of tenants
Many Latinos, including agricultural workers in states like California, are being forced out of their residences as more landlords are taking action with the end of pandemic aid.
Inflation rate hit 3.2% in July: Here's why a return to 'normal' prices is a long way off
The U.S. economy is still in the inflation trenches, but the reasons are clear.
Los Angeles city employees go on strike, alleging exploitative conditions
The union representing over 11,000 city employees said the strike, which has halted or limited an array of public services, will last for 24 hours.
Credit card balances jump and are above $1 trillion for the first time
Total credit card debt increased by $45 billion in the April-through-June period, an increase of more than 4% and just above $1 trillion.
Federal Reserve official says more U.S. rate hikes likely will be needed to bring down inflation
Strong consumer spending, a rebound in the housing market and a labor market are helping to feed higher prices.
