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Traders are certain that the Federal Reserve will raise interest rates in December — a decision that would quickly lift borrowing costs for Americans.
Argentina's central bank hiked rates by 15 percentage points to 60% on Thursday after the peso continued to slide despite the country already having the highest borrowing rates in the world.
Trump blasts Fed interest rate hikes after reportedly complaining about Chairman Jerome Powell at a GOP fundraiser in the Hamptons
President Donald Trump criticized the Federal Reserve's interest-rate hikes during a private GOP fundraiser in Southampton, New York, according to a new report. Trump apparently complained about Fed Chairman Jerome Powell's decision to move forward with rate hikes.
President Donald Trump's comments that he was "not thrilled" by the Federal Reserve's recent interest rate hikes drew concern that Trump was pressuring the Fed to keep rates low. But according to one economist, the comment may have the opposite effect.
China's currency fell Wednesday to its lowest level against the dollar in more than a year amid a dollar rally and an escalating trade fight with the US.
The Federal Reserve's June interest-rate hike means banks are increasing their prime lending rate. In turn, this means interest rates for things like credit cards and loans from these banks will go up.
This was the seventh interest-rate hike since late 2015, when the Federal Reserve first began lifting interest rates from almost zero. It kept borrowing costs that low after the financial crisis to encourage businesses and consumers to spend and grow the economy.
A rate hike in May is, in the words of bond market guru Mohamed El-Erian "far from a done deal."
The Federal Reserve hiked interest rates on Wednesday, which means bank's prime lending rates for things like credit card also went up.
The bank's Monetary Policy Committee backed leaving unchanged policy, but set the path for a rate hike in May.