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U.S. stocks slipped after the Federal Reserve held its main interest rate steady and broke a run of cuts that began in September
An inflation gauge that is closely watched by the Federal Reserve barely rose last month in a sign that price pressures cooled after two months of sharp gains.
U.S. stock indexes drifted through mixed trading ahead of a meeting by the Federal Reserve this week that could set Wall Street’s direction into next year.
World & Nation
Michael Barr said in a letter to President Biden he would step down as vice chair for supervision Feb. 28, or earlier if a successor was confirmed.
Americans have been waiting for months for what the Federal Reserve is poised to announce this week: that it’s cutting its key interest rate.
A key inflation measure remained low last month, extending a trend of cooling price increases that clears the way for the Fed to start cutting its key interest rate next month.
Year-over-year price increases reach a three-year low, clearing the way for the Federal Reserve to cut interest rates next week.
Federal Reserve officials at their most recent meeting welcomed recent signs that inflation is slowing and highlighted data suggesting that the job market and the broader economy could be cooling.
California
California Gov. Gavin Newsom previewed his $322.2 billion budget proposal for 2025-2026 during a visit Monday to California State University, Stanislaus.
The PCE price gauge closely tracked by the Federal Reserve cooled slightly last month, a sign that inflation may be easing after running high in the first quarter.