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US consumers remained cautious about spending last month as inflation ticked higher
WASHINGTON (AP) — Inflation picked up last month and consumers barely raised their spending, signs that the economy was already cooling even before most tariffs were imposed. Friday’s report from the Commerce Department showed that consumer prices increased 2.5% in February from a year earlier, matching January’s annual pace. Excluding the volatile food and energy categories, cor[...]
Barkin: Trump policies are creating feelings of instability
Changes in federal government policy have created a sense of instability, Federal Reserve Bank of Richmond President and CEO Tom Barkin said Thursday when discussing the year’s economic outlook. During a lecture at Washington and Lee University in Lexington, he said that at the end of 2024, businesses were “overwhelmingly optimistic” and conditions looked “rosy.” […]
Stock market today: Wall Street drifts on signals US economy remains solid, for now at least
NEW YORK (AP) — U.S. stock indexes edged lower Thursday following another reminder that big, unsettling policy changes are underway because of President Donald Trump, along with more signals suggesting the U.S. economy remains solid for now. The S&P 500 slipped 0.2% after flipping between modest gains and losses through the day. The Dow Jones Industrial Average dipped […]
Average US rate on a 30-year mortgage rises slightly for the second week in a row
Associated Press (AP) — The average rate on a 30-year mortgage in the U.S. rose slightly for the second week in a row, a modest setback for prospective home shoppers as the spring homebuying season ramps up. The rate rose to 6.67% from 6.65% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate […]
Federal Reserve keeps interest rate unchanged, sees slower growth, slightly higher inflation ahead
WASHINGTON (AP) — The Federal Reserve kept its benchmark interest rate unchanged Wednesday and signaled that it still expects to cut rates twice this year, though more policymakers forecast fewer cuts. The Fed also now expects the economy to grow more slowly this year and next than it did three months ago, according to a […]
Average US rate on a 30-year mortgage edges higher, ending a seven-week slide
The average rate on a 30-year mortgage in the U.S. edged higher this week, ending a seven-week slide that helped ease borrowing costs for home shoppers just in time for the spring homebuying season. The average rate rose to 6.65% from 6.63% last week, mortgage buyer Freddie Mac said Thursday, March 13. A year ago, […]
Fed should be cautious amid uncertainty, Barkin says
Although inflation is coming down, the Federal Reserve Bank should exercise caution amid economic and geopolitical uncertainty, Federal Reserve Bank of Richmond President and CEO Tom Barkin said Tuesday while addressing a Rotary Club of Richmond meeting. The economy is in a good place, Barkin said, citing the 2.5% growth in the nation’s gross domestic […]
Here’s what Richmond Fed chief forecasts for 2025 economy
The economic forecast for 2025 is sunny, with a high chance of business optimism, according to Federal Reserve Bank of Richmond President and CEO Tom Barkin, who spoke Thursday during the virtual 2025 Financial Forecast held by the Virginia Bankers Association and the Virginia Chamber of Commerce. “I went back this morning and looked at […]
A new era
The days of decades-high interest rates are over, as the Federal Reserve is ushering in a new era for financial markets — and, in turn, shaking up some of the advice money managers are offering their clients. During one of its regularly scheduled meetings in September, the central bank’s Federal Open Market Committee lowered the […]
Ex-Richmond Fed examiner pleads guilty to insider trading
A former Federal Reserve Bank of Richmond examiner on Tuesday pleaded guilty to committing insider trading and making false statements about his trading to the Richmond Fed. Robert Brian Thompson, 43, of Chesterfield County’s Moseley area, was an examiner and senior manager with supervisory duties for the Richmond Fed, where he worked from 2004 through about […]
Fed’s Fifth District economy grows modestly
Economic activity in the Federal Reserve‘s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) grew modestly from early September, according to the latest edition of the Fed‘s Beige Book, released Wednesday. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions gathered [...]
Barkin: Still a waiting game for interest rates’ effect on inflation
The U.S. economy has yet to feel the effects of current interest rates, but it eventually will, Federal Reserve Bank of Richmond President and CEO Tom Barkin predicted Thursday during an event held by the Risk Management Association’s Richmond chapter in the city’s East End. “I’m optimistic that we’ve gotten rates at a restrictive level […]
