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Watch Fed Chair Powell speak live at Stanford policy conference economic forum

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10 months ago

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Federal Reserve Chair Jerome Powell speaks Wednesday to the Stanford Business, Government and Society forum. He will deliver prepared remarks followed by a question-and-answer session with a moderator.

Latest: Fed’s Powell emphasizes need for more evidence that inflation is easing before cutting rates

The appearance follows the Fed’s meeting last month at which it held interest rates steady and Powell indicated that the central bank is likely to lower interest rates later this year. But he also said the timing isn’t certain and policymakers need more evidence that inflation is moving toward the Fed’s 2% goal.

Since then, other officials have echoed those comments. They see an unspecified number of rate reductions coming but the timing is uncertain. Atlanta Fed President Raphael Bostic said Wednesday he thinks there could be just one cut this year, though his colleagues on the Federal Open Market Committee have indicated three.

Markets expect the Fed to start down the path of easing in June or July, with a total of three cuts coming by the end of 2024.

Read more
Atlanta Fed President Bostic sees only one rate cut this year, occurring in the fourth quarter
Fed officials still expects rate cuts this year, but not anytime soon
Steve Eisman says the Fed shouldn’t cut rates, risks creating a stock market bubble if it does

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Stocks making the biggest moves midday: NVO, QRVO, JBHT

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18 hours ago

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January 17, 2025

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Stocks making the biggest moves premarket: JBHT, QRVO, FAST

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23 hours ago

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January 17, 2025

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Capital One acknowledges ‘outage’ as users report issues accessing deposits

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1 day ago

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January 17, 2025

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Capital One said an unspecified technical issue was hampering customer account access Thursday, as some users reported issues with direct deposits.

In response to complaints on social media platform X, a Capital One representative said the bank was experiencing a “tech outage” that was affecting “a variety of functions,” with no timetable for a restoration of services.

Just before noon Thursday, the company released an official statement about the problem.

“We are experiencing a technical issue with a third-party vendor that is temporarily impacting some account services, deposits, and payment processing for portions of our consumer, small business, and commercial bank,” it said.

Late Thursday, the vendor, Fidelity Information Services (FIS) released a statement saying it was working to restore applications affected by a local area power outage at one of its data centers. An FIS spokesperson did not respond to multiple follow-up questions.

According to Downdetector.com, which tracks reports of user complaints about digital services, the issues began around 6 a.m. ET, with some 2,000 reports observed.

The site indicated the frequency of reports had started leveling off around 9 a.m. ET, but by 4 p.m., there had still not been a significant reduction in complaints registered.

The issues at Capital One come a day after Citibank acknowledged a problem affecting customers’ ability to access their accounts from mobile devices, as well as an apparent issue related to fraud alerts. While the mobile access issue appeared to have been resolved, a Citi rep said on X on Thursday it was still working to fix the fraud-alert item.

Earlier this month, the Consumer Financial Protection Bureau sued Capital One, alleging it misled customers about its savings-account offerings. Capital One has denied the allegations.

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