Democratic Sen. Elizabeth Warren (D-Mass.) on Thursday urged the Department of Justice (DOJ) to launch a criminal investigation into Bank of America for its violations of anti-money laundering laws. In a letter to Attorney General Todd Blanche, the Massachusetts Democrat called the Treasury Department’s recent $1.21 billion fine of Bank of America a “slap on…
U.S. economic growth increased in the third quarter, as the surge in artificial intelligence investment continued and consumers kept spending despite persistent inflation. The country’s gross domestic product (GDP) increased at an annual rate of 3.4 percent from July through September, preliminary data from the Bureau of Economic Analysis (BEA) showed Thursday. The BEA will…
Inflation increased slightly in September after declining in August, new data from the Bureau of Economic Analysis (BEA) showed Thursday. The personal consumption expenditures (PCE) price index, the preferred inflation metric for the Federal Reserve, rose by 0.5 percent last month and was up 3.6 percent relative to September 2025. The consumer price index, the…
Federal Reserve officials held interest rates steady Wednesday despite stubborn inflation. The central bank’s Federal Open Market Committee (FOMC) voted 10-2 to keep the benchmark federal funds rate range at 3.75 percent to 4 percent. “The committee believes that the accumulation of more information will help it determine the policy stance appropriate to ensure a…
The Treasury Department on Wednesday sanctioned 10 individuals and one entity involved in an alleged scheme to defraud American businesses to benefit the North Korean military. The department’s Office of Foreign Assets Control (OFAC) sanctioned eight North Korean nationals and two Russian nationals, accusing them of facilitating a government-run information technology (IT) scheme to generate…
Bond yields ticked up Wednesday morning ahead of the Federal Reserve’s decision on interest rates, with investors expecting the central bank to keep borrowing costs steady. The 10-year U.S. Treasury bond yield was trading at more than 5.02 percent as of midmorning, up by roughly 3 basis points from closing time Tuesday. The note dipped…
Federal Reserve officials will decide whether to raise interest rates again on Wednesday, as persistent inflation strains Americans ahead of the midterm elections. Annual inflation was 3.7 percent in September, according to the consumer price index (CPI). That marked an increase from 3.4 percent in August and showed inflation remains entrenched in the economy amid…
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