The president of the Cleveland Federal Reserve said Monday she suspects the central bank “may well need to raise” interest rates once more this year and then keep rates high “for some time” to get inflation fully under control. Loretta Mester, in a speech in Cleveland, said “inflation remains too…

The has surged to a notable 16-year high above 4.7%, as observed by Fed’s Michelle Bowman and Michael Barr on Tuesday. This significant increase is having a ripple effect across the global markets, causing the yen to depreciate and impacting Japanese exporters such as Toyota (NYSE:) and Mazda. According to…

Rep. Matt Gaetz of Florida filed a resolution late Monday to remove House Speaker Kevin McCarthy, a fellow Republican, from his post as their chamber’s leader. The congressman had promised to make the move against McCarthy after the speaker on Saturday relied on the support of House Democrats to pass a short-term…

By Brigid Riley and Alun John TOKYO/LONDON (Reuters) – The euro, pound and yen all traded at multi-month lows on Tuesday, with the Japanese currency on the brink of weakening past the psychological 150 per dollar level, as surging U.S. Treasury yields kept the dollar firmly on the front foot.…

The Australian economy continues to operate at a high level of capacity utilization, supported by a robust labor market, according to an analysis of the nation’s economic structure. Despite concerns over inflation, indicators suggest that goods price inflation is easing while service prices are rising briskly. As of Tuesday, the…

Congress has avoided a partial government shutdown with a 45-day funding bridge, but also set the stage for more battles this fall. “The surprising move over the weekend that averted a government shutdown should be a positive for the markets as it alleviates fears of dysfunction in Washington — at…

Some House Republican colleagues are looking to boot Matt Gaetz even as the firebrand Florida lawmaker leads a push to oust House Speaker Kevin McCarthy. Long peeved by Gaetz — who has targeted GOP leadership and undercut his party repeatedly — some Republicans are champing at the bit to expel the…

Rick Rieder, the bond chief at BlackRock (NYSE:), has voiced concerns over the Federal Reserve’s ongoing anti-inflation measures. Rieder, in recent appearances on CNBC’s ‘Closing Bell’ and Bloomberg’s ‘Odd Lots’ podcast, proposed an end to further interest rate hikes, acknowledging that while the Fed could continue with monetary tightening to…

Federal Reserve Gov. Michael Barr says the biggest challenge for the central bank is to decide how long to keep interest rates high to make sure inflation is tamed. “In my view, the most important question at this point is not whether an additional rate increase is needed this year…

The growing burden of rising gasoline prices and higher interest payments are impacting American consumer spending, with the share of income allocated to these costs reaching levels not seen in years. This comes as the Federal Reserve continues its aggressive tightening policy in an attempt to control inflation. Consumer spending…