The sharpest run-up in rates seen in over three decades slashed mortgage origination volumes, and contributed to a volatile market environment, but had some cyclical benefits for servicing.

Many believe the Federal Reserve will slow down rate increases beginning in December.. Steve Friedman, senior macroeconomist at MacKay Shields, will join us the day after the meeting to discuss what was done and what he expects in the future.

The Federal Reserve raised its benchmark interest rate by half a percent this week, but chair Jerome Powell said the question now is how long to keep monetary policy tight.

New data offered the strongest evidence yet that price pressures have peaked.

Dianne Dobbeck, head of the Federal Reserve Bank of New York's supervision group, said the banking system is sound, but potentially destabilizing risks must be monitored and addressed.

Almost half of the 388 respondents to a new survey said a scenario where growth continues to slow while inflation remains elevated will dominate globally next year.

Federal Reserve officials at their meeting earlier this month concluded it would soon be appropriate to slow the pace of rate increases, signaling the central bank was leaning toward downshifting to a 50-basis-point hike in December.

While rising rates buoy revenue for the country's largest banks, in the short term they also force them to write down the value of assets they hold on their balance sheet, exacerbating a capital squeeze that's prompted most of them to halt buybacks.

The Federal Reserve appeared closer to moderating aggressive interest rate increases after welcome news on inflation, with three officials backing a downshift even as they stressed that policy needs to stay tight.

Federal Reserve officials signaled their aggressive campaign to curb inflation could be entering its final phase even as they delivered their fourth straight 75 basis-point interest-rate increase.