Central bank
Appears in 43 stories · Last updated Nov 11, 2026
Weighing a quarter-point rate increase at its Dec. 8-9 meeting after hot October CPI
October's US inflation report arrived Tuesday without a year-over-year number, as the Bureau of Labor Statistics had said it would. The agency could not calculate one because it never collected prices for October 2025, when a federal funding lapse shut down most of its survey work.
Updated 10 hours ago
Sets the benchmark rate that card APRs follow
Americans held $1.29 trillion in credit card balances at the end of September, a record, the Federal Reserve Bank of New York reported on Nov. 10. Total household debt, including mortgages, auto loans and student loans, reached $19.1 trillion.
Updated Yesterday
Held its benchmark rate at 3.75%-4.00% on October 28, 2026, after a September hike
Employers added 165,000 jobs in October, far more than forecast, and unemployment fell to 4.1%, the Labor Department said Nov. 6. The report suggests the labor market is holding up even as hiring has slowed from earlier in the year.
Held its target range at 3.75% to 4% in October 2026
Banco de México cut its benchmark interest rate to 6.25% on November 5, the lowest level since February 2022, on a 3-2 vote. The board called it a one-time adjustment and said it would hold there for an extended period.
Has kept the federal funds target range at 3.75%-4% ahead of its December 8-9 meeting; traders see a quarter-point hike as all but certain and a half-point move as possible
Consumer prices rose 0.4% in October from September, and core prices rose 0.3% for a third straight month, the Labor Department said November 10. The report kept the Federal Reserve on course to raise rates at its December 8-9 meeting. Governor Christopher Waller said a 0.3% core reading would make him consider a half-point hike.
Held rates on October 28; Governor Waller said on November 10 that a 50-basis-point hike should be considered in December, and markets fully price a quarter-point increase at the December 8-9 meeting
Consumer prices rose 0.4% in October from September, above the 0.3% forecast, and core prices rose 0.3%. The report had no year-over-year figure because the 2025 government shutdown prevented data collection. Gas prices had fallen below $4 a gallon, and inflation-adjusted after-tax incomes had fallen 0.3% in September.
Joint issuer of the withdrawn proposal
A plan to make banks and money transmitters collect identity data on almost every cross-border transfer above $250 is dead. On November 9, 2026, the Financial Crimes Enforcement Network and the Federal Reserve Board withdrew the proposal they first published in October 2020.
Weighing a December rate increase
US employers added 165,000 jobs in October, nearly triple the 59,000 economists expected, and the unemployment rate slipped to 4.1%. August and September were revised up by a combined 84,000.
Updated 4 days ago
Held rates at 3.75% to 4% on October 28 in a 10-2 vote; officials said two days later that more hikes may be needed
Wholesale prices jumped 1.3% in September, the biggest monthly gain since March 2022, as gasoline rose 20.3% during the US-Israeli war with Iran. Producer prices were 6.3% higher than a year earlier, the fastest pace since December 2022.
Updated Nov 1
Held the benchmark at 3.75%-4.00% on Oct. 28 by a 10-2 vote; markets now point to a possible December hike
Freddie Mac's 30-year rate held at 7.40% in its Oct. 15 survey, the highest since November 2023. On Oct. 28, the Federal Reserve held its benchmark rate at 3.75% to 4%, with two members, Lisa Cook and Beth Hammack, voting for a quarter-point hike.
Updated Oct 31
Held rates at 3.75%-4.00% on October 28 in a 10-2 vote; next meeting December 8-9
The Federal Reserve held its benchmark rate at 3.75% to 4.00% on October 28. Two officials dissented in favor of another quarter-point hike. Chair Kevin Warsh said inflation is still too high, though he called financial conditions tighter rather than tight.
Held rates at 3.75%-4.00% on Oct. 28; next meeting Dec. 8-9
Price pressures in the US services sector intensified in October. S&P Global's flash survey showed companies raising selling prices at the fastest pace since August 2022, with suppliers' delivery times at a four-year low.
Updated Oct 30
Met on October 27-28; markets still expect a quarter-point hike in December.
Gold pulled back sharply to $4,902.85 per ounce on January 31, 2026, after profit-taking triggered a 9% single-day decline on January 30 from the record $5,594.82 high reached January 29. Despite the correction—which saw prices slide more than 7% to below $4,980—gold remains on track for a monthly gain exceeding 15%, its strongest performance since the 1980s.
Held rates at 3.75–4.00% on Oct. 28, 2026. Two regional presidents have since called for further hikes, and traders price a December increase at about 76%.
The Federal Reserve cut interest rates by 25 basis points on December 10, 2025, in a deeply divided 9–3 vote—the most dissents in six years, bringing the funds rate to 3.5–3.75%. Minutes released December 30 revealed the decision was 'finely balanced,' with officials split over whether weak hiring or inflation poses the greater risk.
Held benchmark rate at 3.75%-4.00% on October 28; two officials dissented in favor of a hike
US economic growth accelerated to a 3.4% annual rate in the third quarter, the Commerce Department said October 29, up from 2.2% in the second. Consumer spending rose 3.8% and business spending on equipment jumped 20.9%, led by computers and other gear for AI data centers.
Held the benchmark rate at 3.75%-4.00% on October 28 after raising it in September; the next decision comes in December
The Federal Reserve held its benchmark rate at 3.75% to 4.00% on October 28, a month after its first increase in three years. Chair Kevin Warsh said inflation is "still too high," with consumer prices up 3.7% in September from a year earlier.
Issued consent order requiring Amex parent companies to submit three compliance plans by January 6, 2027
American Express National Bank agreed to pay a $350 million fine and overhaul its anti-money-laundering program after regulators found it processed roughly $13 billion in suspected trade-based money laundering from June 2014 to May 2025. The Office of the Comptroller of the Currency (OCC) issued a cease-and-desist order against the bank, while the Federal Reserve ordered parent companies American Express Co. and American Express Travel Related Services to fix financial-crimes risk management company-wide.
Updated Oct 25
Finalized the stress-test overhaul; new capital requirements take effect January 1, 2028
All 32 large banks passed the Federal Reserve's 2026 stress test on June 24, keeping capital above minimums even after $708 billion in projected losses. Their scores did not change how much capital they must hold.
Updated Oct 23
Its for-cause removal protections were left in place by the Supreme Court’s June 2026 ruling, according to the Los Angeles Times.
President Donald Trump fired Federal Trade Commission commissioner Rebecca Kelly Slaughter in March 2025 without stating cause, setting off a legal fight over whether presidents can remove members of independent agencies at will. On June 29, 2026, the Supreme Court ruled 6-3 for Trump, struck down the FTC's for-cause removal protections and overruled Humphrey's Executor, the 1935 decision that had shielded multi-member commissions from at-will removal.
Updated Oct 19
Raised rates to 3.75%-4.00% in September; markets expect a December hike
US import prices rose 1.1% in September, the biggest monthly jump since May, pushing the annual gain to 8.1% — the largest since July 2022. Economists had expected a 0.8% increase.
As of October 2026: Raising rates to fight 3.4% inflation
The 30-year Treasury yield has climbed above 5.6%, the highest since 2002. On October 1 it hit 5.67%, its highest since April 2002. The 10-year yield is near 5.25%, its highest since 2007.
Updated Oct 5
As of October 2026: Signaling patience; traders cut October hike odds to 26%
The 10-year Treasury yield broke past 5.3% for the first time since 2002, touching 5.342% on Oct. 1 before settling near 5.25%. The global bond selloff posted its biggest quarterly rise this century.
Updated Oct 2
As of September 2026: Markets priced in the first rate hike since 2023 ahead of its Sept. 16 meeting
Gasoline averaged $4.44 a gallon on Sept. 17, up 39% from a year ago; diesel hit a record $6.40, up 73%. President Donald Trump said he hoped an end to the war against Iran was near, even as Houthi fighters escalated attacks on Saudi Arabia.
Updated Sep 17
As of September 2026: Signaling a possible need for higher rates under chair Kevin Warsh
Treasury Secretary Scott Bessent's $6 billion bond buyback failed to cool the market again Thursday. The 10-year Treasury yield eased to 4.69%, barely below Wednesday's spike to 4.85%, and a $39 billion auction of 10-year notes cleared at 4.834%, the highest since 2007.
Updated Sep 10
As of August 2026: Final approver of the merger
Spain's Banco Santander closed its $12.3 billion purchase of Webster Financial on August 20, folding Connecticut's Webster Bank into its US operations. The merged bank has about 8 million customers and more than 550 branches, with its US headquarters in Boston. Santander counts it at $327 billion in assets; the Federal Reserve, using a narrower holding-company measure, said $253.6 billion.
Updated Aug 29
As of August 2026: Not party to the rule; has not proposed a parallel definition
For 60 years, the phrase 'unsafe or unsound practice' gave bank regulators enormous power and no formal definition. On August 27, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) finalized one for the first time since the standard was created in 1966.
Updated Aug 27
As of August 2026: Split over the September rate decision
The government's July jobs report landed Friday morning, and it walked straight into a fight. The Federal Reserve is split over what to do with interest rates in September, and this data feeds the argument.
Updated Aug 7
As of May 2026: Holding rates steady at 3.50–3.75% with an unusually divided committee
The Bureau of Economic Analysis released its first estimate of US economic growth for the first three months of 2026 at 8:30 a.m. Eastern, alongside the Federal Reserve's preferred inflation gauge. Forecasters diverged more than at any point in the cycle: Atlanta Fed's real-time nowcast is 1.2% annualized, traders on the prediction market Polymarket predicted 2.0%-3.0%.
Updated May 31
As of May 2026: Holding rates at 3.5–3.75%; Warsh April 21 hearing faces unified Democratic demand for postponement and Tillis blockade; FOMC meets April 28-29
The six largest American banks wrapped up first-quarter 2026 reporting with combined net income of $47.3 billion, with trading floors thriving on Iran war volatility even as the outlook darkened. JPMorgan earned $5.94 per share on $50.54 billion in revenue as fixed-income trading surged 21 percent to $7.08 billion, while Citigroup posted its best quarterly revenue in a decade at $24.63 billion. Bank of America earned $1.11 per share, its highest in nearly two decades. Morgan Stanley posted a record equities trading quarter of $5.15 billion and a 29 percent jump in profit. Goldman Sachs led the week with record equities trading revenue of $5.33 billion. The banks announced roughly 5,000 job cuts, using the profit windfall to trim headcount rather than expand.
As of May 2026: Holding rates steady; next decision April 29; Goolsbee warning cuts could slip to 2027 if war persists
The S&P 500 sat near record highs at the end of February 2026. The index fell nearly 10% to a late-March trough after U.S. and Israeli forces launched air strikes against Iran on February 28. The strikes closed the Strait of Hormuz and sent Brent crude above $113 a barrel.
Updated May 30
As of May 2026: Facing dual-mandate conflict between weakening employment and persistent inflation
For the past year and a half, the Federal Reserve has been carefully lowering interest rates, trying to guide the economy toward a soft landing after the post-pandemic inflation surge. On March 6, 2026, two pieces of news arrived simultaneously that may have closed that window. The Bureau of Labor Statistics reported that the United States economy shed 92,000 jobs in February—the worst monthly reading in years. Brent crude oil held above $85 after Iran closed the Strait of Hormuz, choking off roughly a fifth of the world's oil supply. The Dow Jones Industrial Average plunged 785 points as traders priced in what many had feared but few expected to see confirmed in a single morning: the ingredients for stagflation.
As of May 2026: Holding rates steady amid political pressure
Bitcoin has fallen over 50% from its October 2025 peak of $126,000, hitting fresh 15-month lows around $66,000-$67,000 by February 5. The 11% single-day plunge triggered over $1 billion in new liquidations and extended the longest losing streak since 2018's crypto winter.
Updated May 29
As of May 2026: On hold after three rate cuts, facing conflicting growth and inflation signals
The United States economy grew at an annualized rate of just 1.4% in the final quarter of 2025—a steep drop from 4.4% the quarter before and well below the 2.5% that forecasters expected. The Bureau of Economic Analysis (BEA) estimates that the 43-day government shutdown, the longest in American history, subtracted roughly one full percentage point from growth by itself. Federal spending fell at a 16.6% annualized rate during the quarter, dragging headline output down by more than a percentage point even as consumer spending and business investment continued to expand.
As of May 2026: Balancing inflation concerns against weakening consumer demand
American retail sales went nowhere in December, the weakest holiday shopping finish since 2018. The Commerce Department reported $735 billion in sales—unchanged from November—while economists expected 0.4% growth. Eight of thirteen retail categories declined, with furniture and auto sales hit hardest by tariff-driven price increases.
Updated May 27
As of May 2026: Leadership transition underway; policy direction expected to shift hawkish
Gold touched $5,600 per ounce on January 29, 2026—its highest price in history. Silver peaked above $121. Three days later, gold had lost 21% and silver had cratered 40%, erasing roughly $15 trillion in market value in one of the most violent precious metals selloffs since 1980.
Updated May 26
As of May 2026: Independence under legal challenge
No president has fired a sitting Federal Reserve governor in the central bank's 112-year history. Donald Trump is trying to be the first and wants to replace the Fed chair with a loyalist.
Updated May 22
As of May 2026: Subject of DOJ criminal investigation; leadership succession uncertain pending Warsh confirmation and Powell investigation resolution
On January 30, 2026, President Trump nominated former Fed Governor Kevin Warsh to succeed Jerome Powell as Fed Chair when Powell's term expires in May. Gold, which had surged to a record $5,626 per ounce amid the constitutional crisis over Powell's criminal investigation, plunged 11% in hours as investors bet Warsh would preserve central bank independence.
Updated May 20
As of May 2026: Independence under unprecedented challenge from executive branch
No president has ever criminally investigated a sitting Federal Reserve chair. When Trump's Justice Department served Jerome Powell with grand jury subpoenas on January 11, two Republican senators announced they would block all Fed nominees until the probe ends. With a 13-11 GOP majority on the Banking Committee, even one defection creates a confirmation stalemate.
As of May 2026: Navigating deepest internal divisions in decades over rate policy
The Federal Reserve held rates steady at 3.5-3.75% on January 28, 2026, in a 10-2 vote. Governors Stephen Miran and Christopher Waller both dissented for a 25-basis-point cut — the first time two sitting governors have dissented together in decades.
Updated May 18
As of May 2026: Partnered in the systemic-risk decision; provided broader liquidity backstop
The FDIC spent 2024–2025 billing big banks for the emergency decision to make SVB and Signature depositors whole. Now, with one quarter left in the planned eight-quarter collection, the agency is lowering that final rate and trying to prevent an awkward ending: collecting more than the losses it's legally required to recover.
Updated May 15
As of May 2026: Tracking productivity as a core input to monetary-policy decisions
For most of the 2010s, American workers produced about 1% more output per hour each year. Since the third quarter of 2022, that figure has roughly doubled. The Federal Reserve confirmed this week that the 2% annual pace has now held for nearly four years.
As of May 2026: Under new chair Warsh as of May 15; next FOMC meeting June 16-17
The Senate confirmed Kevin Warsh as the 17th Federal Reserve chair on May 13, 54-45—the closest such vote on record. He took over on May 15, when Jerome Powell's term expired and Powell stepped back to a regular governor seat.
As of May 2026: Co-author of 2013 guidance, not (yet) party to rescission
In March 2013, U.S. bank regulators issued joint supervisory guidance on leveraged lending to prevent a return of pre-2008-style underwriting excesses, with examiners informally anchoring scrutiny around a roughly six-times-EBITDA leverage benchmark. Over the next decade, banks' pullback shifted riskier deal finance toward private-credit funds, CLOs, and other nonbanks—expanding an opaque "shadow banking" ecosystem even as regulators maintained the guidance was supervisory, not a binding rule.
Updated May 9
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