Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
Amazon's new policy for account suspensions doesn't go far enough to protect sellers from potentially unfair and wrongful suspensions, merchants say.Technologyread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Weather & Natural Disastersread more
On Saturday, Disney's Marvel Studios announced its upcoming slate of superhero films during a panel at San Diego Comic-Con.Entertainmentread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
"It troubles me that the most important political office in the world is becoming the face of racism and exclusion," Kaeser said in a Twitter post.Politicsread more
Silver's rally could be losing its shine after the precious metal reached its year-to-date high, futures experts warn.Futures Nowread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
It's "about time" for the Federal Reserve to raise rates, according to one of the central bank's top officials.
Stanley Fischer, vice chair of the Fed's board of governors and voting member on its policymaking committee, told CNBC Friday afternoon that there is a "high probability" of a rate increase this year.
He said the U.S. economy is "very close" to achieving a natural rate of unemployment, and he predicted that inflation should rise as the effect of low oil wears off "in a couple months, so it's about time."
"We've gotten used to thinking of a zero interest rate as normal—it's far from normal," Fischer said.
The central banker also reflected on the Fed's use of the term "patience" in its statements, saying that its removal would indicate "it could happen, depending on the data, at any meeting."
He emphasized that the Fed's decisions will be dependent on economic data.
As for the world economy, Fischer said that it is good for everyone that the U.S. is seeing relative strength, so it can help support global growth.
"We are stronger at the moment, and it's better that we're stronger. And we're going to stay stronger unless something miraculous happens in other countries in the next couple of years, and that's OK," he said, adding that recent dollar strength is reflecting broader U.S. strength.
In fact, Fischer struck a positive tone for the total global economic outlook, saying there are "good reasons to be fairly optimistic."
Earlier Friday at the University of Chicago's annual U.S. Monetary Policy Forum in New York City, Fischer said that both the Federal Open Market Committee and markets are expecting that the federal funds rate will be raised "sometime this year." Although he said the Fed's balance sheet size could present a challenge, Fischer explained that he is confident the central bank has the right tools available to hike rates.
The Fed's asset purchases provide a significant stimulus to the economy, he said in his prepared remarks, adding that the effects of quantitative easing are only now manifesting in the economy. Still the risks from QE include financial instability, Fischer said.
All told, he estimated that quantitative easing and forward guidance have lowered unemployment by 1.25 percent and upped inflation by 0.5 percent.
Fischer told CNBC he approved of Fed Chair Janet Yellen's appearances this week before D.C. lawmakers.
"The chair is not one to be bowled over very easily, as you've noticed. She gave back, and I think appropriately, she stood her ground, and that was right," he said, adding "we'll have to continue to defend ourselves, we'll have to continue to explain ourselves."
Fischer said he was "struck by how bound we are to fulfill that mandate that Congress has given us," explaining that he has never heard political discussions in Fed decision-making talks.