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Credit card debt hit $1 trillion for the first time on record, according to a recent survey from the Federal Reserve Bank of New York.
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The U.S. unemployment rate fell to 3.5% from 3.6% in June, dropping back to levels last seen more than 50 years ago
Following last month's rate pause, the Fed has decided to raise interest rates for the 11th time since March 2022. Here's what that means for savings rates. The Federal Reserve has decided to raise interest rates again, following last month's rate pause. Since March 2022, the Federal Reserve has been increasing interest rates in an attempt to combat high inflation, which peaked at 9.1% last year. At their latest meeting, the Fed raised interest rates by a quarter percentage point as they continu
The US Federal Reserve's united front against inflation could be harder to hold together going into the next hike in September, with strong economic data and falling inflation figures fueling disagreement over the best path forward.Analysts are divided ahead of the Fed's next decision in September, with the so-called "hawks" predicting additional rate hikes in the face of strong economic data, and "doves" expecting an end to the current hiking cycle given recent inflation data.
Central bank officials are cautioning that there might be more increases coming.