Browsing: Interest rates

The US economy grew less than 2 percent in the first quarter for the first time in over a year and a half, based on a new government report released Thursday. The Gross domestic product (GDP) increased by 1.6 percent annually in the first quarter, according to the Commerce Department’s…

Mortgage rates went above 7 percent for the first time this year, according to new data released Friday by Freddie Mac.  The average 30-year fixed-rate mortgage increased to 7.1 percent this week, up from 6.88 percent the previous week.  “As rates trend higher, potential homebuyers are deciding whether to buy before rates rise even more or…

Economy adds 303,000 positions as unemployment rate falls

The company in Cambridge that produces a drug for Lou Gehrig’s disease which recently didn't work in a big study stated Thursday it will pull the medication, Relyvrio, from the market, admitting it didn't benefit patients with the fatal neurological condition.

Federal Reserve officials will likely reduce their benchmark interest rate later this year, Chair Jerome Powell said Wednesday, despite recent reports showing that the U.S. economy is still strong and that U.S. inflation picked up in January and February.

After higher-than-expected inflation and labor market numbers in January and February following a strong U.S. economy, Federal Reserve officials are indicating they might maintain higher interest rates for a longer period. “It is too early to determine whether the recent numbers represent more than just a temporary increase,” said Fed chair Jerome Powell…

Federal Reserve Chair Jerome Powell stated on Friday that he sees no evidence to believe that the U.S. economy is near a recession. “The economy is performing well,” Powell stated at a conference in San Francisco. “As I mentioned, the economy is in a good state. There is no cause to believe that the economy is in a recession…

Traders now seeing higher odds of a first Fed move in June

Deliberations reveal a possible risk to the inflation forecast: the housing market

Before the Federal Reserve’s meeting on interest rates and inflation, progressive lawmakers are urging the central bank to “seriously think about” the effect of ongoing high interest rates on housing affordability and other economic problems.