US Launching Controversial Payment System
The U.S. central bank is launching a payment system that critics view as a government attempt to control Americans’ expenditures and a trial run for a controversial digital currency.
Federal Reserve raises interest rates by 25 basis points
The Federal Reserve on Wednesday raised interest rates by 25 basis points, issuing an 0.25% hike in line with earlier expectations in a move that signals a rate slowdown in the Fed’s fight against inflation.
Household wealth dropped by $13.5 trillion from January to September, second-worst destruction on record
American households lost about $6.8 trillion in wealth over the first three quarters of 2022 as the stock market shed more than 25% of its value, the Federal Reserve reported Friday in the government’s quarterly financial accounts.
New York Fed announces test of digital dollar with major banks
The Federal Reserve Bank of New York and major banks will launch a three-month test of a digital dollar in hopes of studying its feasibility.
U.S. Interest Rates Rise Amid Soaring Inflation
U.S. interest rates rose again Wednesday in a sign that soaring inflation is hard to control in the world’s largest economy.
Fed Reserve expected to announce fourth consecutive interest rate hike
The US Federal Reserve is expected Wednesday to announce its fourth consecutive 0.75% interest rate hike since June, Reuters reports. Numerous economists polled by Reuters have said the Fed should not pause until inflation falls to around half its cur…
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