By Noor Zainab Hussain, Manya Saini and Carolina Mandl (Reuters) -Wells Fargo on Friday posted higher fourth-quarter profit, beating analysts’ expectations as it cut costs. But the lender warned that its net interest income (NII) could fall 7% to 9% this year, sending shares down more than 3%. “We expect…

The president of the Philadelphia Federal Reserve said Wednesday the central bank doesn’t plan to cut interest rates soon because the job on reducing inflation is “not done.” Patrick Harker, in an an interview with radio station WHY, said he doesn’t think the Fed needs to raise interest rates again.…

By Gabriela Baczynska BRUSSELS (Reuters) – A group of EU lawmakers called on member states’ governments on Friday to punish Hungary’s Viktor Orban for damaging democracy at home by moving one step closer to suspending Budapest’s vote in the bloc, a letter signed by the lawmakers showed. One hundred and…

The timing and pace of any changes to interest rates this year — including possible rate hikes — will depend on the economic data, Richmond Federal Reserve Bank President Tom Barkin said Wednesday. Conviction about whether inflation continues to ease and whether the broader economy continues to fly smoothly “will…

By Shashwat Chauhan, Khushi Singh and Shristi Achar A (Reuters) -European shares ended higher on Friday as bond yields fell after soft U.S. data spurred hopes of early interest rate cuts from the Federal Reserve and other major central banks, while Airbus shares shone after it reported record annual jet…

As homeownership looks increasingly out of reach for many younger Americans, what should the federal government do to make houses more affordable?Republican presidential candidate Nikki Haley faced that question at the last GOP debate, which took place Dec. 6. In response, she criticized how the Federal Reserve has handled inflation…

By Alexandra Valencia QUITO (Reuters) -The administration of Ecuadorean President Daniel Noboa has asked lawmakers to weigh an increase in value added tax (VAT) to finance efforts to combat crime gangs, as the armed forces increased operations in violent areas on Friday. A dramatic spike in violence this week -…

Alberto G. Musalem was named the new president of the St. Louis Federal Reserve, but he won’t get a chance to make a big mark on U.S. monetary policy until 2025. Musalem was chosen after a five-month search following the resignation of former president James Bullard last summer. He begins…

By Michelle Price, Saeed Azhar and Tatiana Bautzer WASHINGTON (Reuters) -Major U.S. banks reported lower profits on Friday in a choppy fourth quarter clouded by special charges and job cuts, with signs an income boost from high interest rates is waning and some consumer loans are starting to sour. Still,…

The numbers: Job openings fell in November to a 32-month low of 8.8 million in another sign that a prolonged U.S. hiring boom is fading in response to higher interest rates. Job listings slid from a revised 8.9 million in October, the Labor Department said Wednesday. Many openings are never actually…