BofA Profits Fall as Bank Sets Aside Money for Downturn
Bank of America’s profits fell by 8 percent in the third quarter as the bank set aside cash to cover potential loan losses.
Bank of America’s profits fell by 8 percent in the third quarter as the bank set aside cash to cover potential loan losses.
Leading housing economists at Fannie Mae now predict that home prices will shrink next year, instead of growing 4.4 percent as they had previously forecast.
The number of Americans filing for jobless benefits dropped last week, a sign that few companies are cutting jobs despite high inflation and a weak economy.
On Wednesday, Americans may get a better sense of how much could be in store, with economists predicting the Fed’s main interest rate could rise another full percentage point by year’s end.
Average long-term U.S. mortgage rates climbed even higher this week, threatening to sideline even more homebuyers from a rapidly cooling housing market.
The Federal Reserve will need to continue lifting its short-term interest rate to a level that restricts economic growth and keep it there for an extended period, a top Fed official said Wednesday.
A financial panic had set in 165 years ago this month. To stem it, banks needed a big infusion of gold – used to back paper money in those days – and that had to arrive by sea.
Federal Reserve Chair Jerome Powell delivered a stark message Friday: The Fed is resolutely focused on taming the highest inflation in four decades.
The CEO of Bank of America said the recent debate over whether the U.S. economy is technically in a recession or not is missing the point. What matters is that current economic conditions are negatively impacting those who are most vulnerable.
Massachusetts employers added 13,500 jobs last month and the statewide unemployment rate dropped by two-tenths of a percentage point to 3.5 percent for July.
With gas prices continuing to fall, inflation is probably slowing further this month. So has the worst bout of inflation in four decades possibly peaked?
Defying anxiety about a possible recession and raging inflation, America’s employers added a stunning 528,000 jobs last month, restoring all the jobs lost in the coronavirus recession.
Bill Nelson has experienced the workings of the Federal Reserve from both sides of the street, including a top position advising the central bank on interest rates.
Inflation surged in June and workers’ average wages accelerated in the spring – signs that Americans won’t likely feel any relief from rising prices anytime soon and that the Federal Reserve will feel compelled to further raise borrowing costs.
The latest look at the Massachusetts economy and its place in the national picture was full of paradoxes, the analysts at MassBenchmarks said this week – the labor market is strong, but economic growth has ground to a halt.
Jerome Powell delivered a tough message at the start of a news conference Wednesday: Inflation is way too high, and the Federal Reserve is laser-focused on taming it with higher borrowing costs.
Conflicting signs about the health of the U.S. economy have thrust the Federal Reserve into a difficult spot as its interest rate-setting committee begins its latest meeting.
The statewide unemployment rate dropped to 3.7 percent in June, while employers added 3,400 jobs following a significant downward revision to the May figure, labor officials announced Friday.
Treasury Secretary Janet Yellen on NBC’s “Meet the Press” on Sunday said the U.S. economy is slowing but pointed to healthy hiring as proof that it is not yet in recession.
The number of Americans applying for unemployment benefits last week rose to the highest level in more than eight months in what may be a sign that the labor market is weakening.