The Federal Open Market Committee has raised the fed funds rate by 25 basis points to 3.5%.In raising the short-term rate, the Fed made slight changes to its policy statement that observers said reflect a perception that inflationary signs have waned and growth has increased. "The assessment of the economy was altered from 'the expansion remains firm' to 'aggregate spending appears to have strengthened since last winter.' On the other side of the ledger, acknowledging the extremely benign performance of the core [consumer price index] and core [personal consumption expenditure] lately, the following clause was added to the inflation sentence: 'Core inflation has been relatively low in recent months,'" said RBS Greenwich Capital chief economist Stephen Stanley.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago