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…
Consumer sentiment rose in October, as Americans’ views of present and future business conditions improved, according to a new survey. The Conference Board’s Consumer Confidence Index rose from 84.2 in September to 91.7 this month. Last month’s index, which the Conference Board revised upward from 81.9, marked the metric’s lowest point in more than a…
Stephen Moore, a former economic adviser to President Trump, said Monday that Federal Reserve Chair Kevin Warsh is in a “tough” position ahead of the central bank’s meeting regarding interest rates this week. “It’s a tough position for my friend Kevin Warsh because I think job number one for the Fed [is to] get that…
The NBA announced Monday it is partnering with prediction markets Kalshi and Polymarket, as multiple states have sued those companies in an attempt to establish their regulatory authority over them. The league said in a release it entered into a memorandum of understanding with the Commodity Futures Trading Commission (CFTC) to designate Kalshi and Polymarket…
Bill Pulte, the director of the Federal Housing Finance Agency (FHFA), said Monday he will not tolerate “abusive monopolies” dominating the mortgage market. “Abusive monopolies will not be allowed to take advantage of consumers anywhere in the mortgage market,” Pulte wrote Monday on social platform X. Pulte said last month that Fannie Mae and Freddie…
President Trump said Sunday his trade war with Canada will be over “soon,” as the dispute poses ongoing political problems for Republicans in the midterms. During a rally in Port Huron, Mich., Trump reiterated his view that Canada “has been ripping off” the U.S. “for years.” The president used that justification in imposing 50 percent…
The Treasury Department on Thursday moved to implement tenets of a bipartisan housing law Congress passed over the summer, including a ban on institutional investors buying single-family homes. Under impending regulations from the department, a large institutional investor cannot buy a single-family home starting on Jan. 7, 2027, with certain exceptions. The department is codifying…
U.S. consumer sentiment flatlined from September to October, as persistent inflation squeezes Americans’ finances. Consumer confidence sat at a measure of 48 percent this month, a minor decrease from last month’s reading of 48.1, according to the University of Michigan’s Surveys of Consumers Index. Consumer sentiment has dipped by 10.4 percent from October 2025, with…
The Wall Street Journal editorial board on Thursday took GOP Sen. Roger Marshall (Kan.) to task for backing an elimination of the cap on income subject to Social Security taxes. Marshall, the Journal editorial board wrote, is in “favor of what would be one of the largest peacetime tax increases in recent decades” by advocating…
President Trump signed an executive order Thursday aiming to lower mortgage payments as elevated borrowing costs have stifled the housing market. Trump’s order directs Federal Housing Finance Agency (FHFA) Director Bill Pulte to create a pilot program to cancel insurance premiums for government-backed mortgages once a borrower has satisfied equity requirements. The president also established…
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