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The vote was 51-50 in favor, with Vice President Kamala Harris breaking a tie as opposition by Republicans continued.

Lorie Logan manages the Fed’s System Open Market Account and played key roles in the central bank’s crisis responses in 2020 and 2008. She replaces Robert Kaplan, who resigned amid a stock trading scandal last fall.

A 5% surge in purchase applications drove up overall activity, while average loan amounts also increased across all categories.

Forecasting that it will not turn a profit in the 2022 fiscal year, the company plans to make job cuts, suspend dividends and introduce new products.

Roughly 24,000 people had new foreclosures listed on their credit reports in the first quarter, up from about 9,000 three months earlier, a Federal Reserve Bank of New York report says. States are trying to cushion the blow on homeowners now that many pandemic-related federal protections have ended.

Embattled online mortgage lender Better is turning to a former Goldman Sachs Group Inc. consumer-banking veteran to help it pursue a public listing just as rising interest rates pressure the business already reeling from a slew of personnel missteps.

In its semiannual supervision and regulation report, the central bank cited strong balance sheets and liquidity but found risks for smaller banks.

The Consumer Financial Protection Bureau filed more actions against redlining and discriminatory practices in 2021 and is skeptical that that predictive analytics will reduce bias.

The moves were widely anticipated, with the markets already pricing them in, as the central bank attempts to get the upper hand on record-setting inflation.

The Federal Reserve delivered the biggest hike in interest rates since 2000 and announced it would start shrinking its massive balance sheet next month, deploying the most aggressive tightening of monetary policy in decades to combat soaring inflation.

Purchase numbers came in higher for both conventional and government activity, while the average loan amount shows signs of easing.

Stocks wavered while bonds fell as investors braced for the biggest Federal Reserve hike since 2000 and awaited more clues on how aggressively the central bank will tackle inflation.

But the recent spike has contributed to a noticeable downturn in purchase demand, according to Freddie Mac.

The U.S. economy unexpectedly shrank last quarter for the first time since 2020 as the trade deficit ballooned, adding to political headaches for President Joe Biden but unlikely to sway the Federal Reserve from hiking interest rates aggressively to combat inflation.

The size of their returns during the past decade belie their negative yields so far this year.

The firm's merger with a special purpose acquisition corporation is expected to be completed this quarter, according to financial filings.

Surging interest rates have pushed refinance applications down by over 70% in a year, while ARMs have doubled their share in three months.

Sen. Pat Toomey, R-Pa., has made reforming the Federal Reserve Banks a priority for his final months in office. With Elizabeth Warren and others expressing overlapping concerns, changes may be within reach.

But the amount relative to housing costs actually decreased from the previous year.

Recent affordability and interest rate trends led to “clear evidence” of discouragement among potential consumers in the purchase market in the first three months of 2022, according to the National Association of Home Builders.