Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
The combination of mounting recession fears, bets on a more cautious Fed and a regular uptick in market volatility could spell more losses.Marketsread more
The therapy, Zolgensma, is a one-time treatment for spinal muscular atrophy — a muscle-wasting disease and leading genetic cause of infant mortality, affecting 1 in every...Biotech and Pharmaceuticalsread more
SpaceX has raised just over $1 billion in financing since the beginning of the year.Investing in Spaceread more
An analyst for Ark Invest, which has a major investment in Tesla, says recent drastic price-target cuts by others on Wall Street are missing the big picture.Investingread more
Former Foreign Minister Boris Johnson is seen as the bookmaker's favorite to succeed outgoing Prime Minister Theresa May.Europe Politicsread more
Apple bought Tueo Health, which was developing tech to help parents monitor asthma symptoms in children, using a mobile app and commercial breathing sensors.Technologyread more
United Airlines will take its 14 Boeing 737 Max jets off its schedule for another month, through Aug. 3, canceling another 1,290 flights.Airlinesread more
Trade could be a big factor for markets in the week ahead, but investors will also be attuned to fresh inflation data and the bond market, which is flashing new worries about...Market Insiderread more
About three dozen House Democrats have called for impeachment hearings on President Donald Trump, a billionaire's TV ads rip the House for "doing nothing," and legal experts...Politicsread more
The Trump administration on Friday invoked a rarely used provision in federal law to bypass congressional review of arms sales to Saudi Arabia, citing threats the kingdom...Politicsread more
Recent market pain is not surprising or worrying, and the Federal Reserve will maintain its rate-hiking course unless the outlook changes, a top Fed official said Tuesday.
Kansas City Federal Reserve President Esther George said the central bank got a "late start" by raising its interest rate target in December. But George, a voting member on the Fed's policymaking committee, noted that the U.S. economy stands in a "generally good position" and could support further rate increases with an uptick in activity.
"My own view is that a pickup in economic growth, steady job gains and modestly higher core rates of inflation will warrant further increases," George said in prepared remarks in Kansas City, Missouri, before the Central Exchange.
George's comments came as U.S. stocks slid amid a continued dip in crude oil prices. Fed Vice Chairman Stanley Fischer acknowledged both of those trends in a Monday speech, but said it was difficult to judge the effects of market volatility or predict the Fed's next move.
Last week, the central bank's policy committee voted to keep its interest rate target unchanged after raising it in December for the first time in more than nine years. The Fed previously indicated it planned to hike four times this year, but market volatility has more traders betting it will dial back its hiking plans.
George gave no indication that market trends had forced her to reconsider the policy path. Policy cannot change in response to every rough patch in financial markets, she said.
"Even looking at developments so far this year, financial markets have been quite volatile. While taking a signal from such volatility is warranted, monetary policy cannot respond to every blip in financial markets," she said.
While George acknowledged headwinds in the energy and manufacturing sectors, she stated that the U.S. consumer should receive a boost as the labor market continues to recover. She contended that lower gas prices and a pickup in wage growth should lead to more consumer spending.
In its outlook last week, the Fed's policy committee said it expected the labor market would continue to strengthen as policy remains accommodative. However, Fischer on Monday said the central bank wanted to see more U.S. wage inflation.
George, like Fischer, noted that lower oil prices and a stronger dollar have pressured inflation, which continues to linger below the Fed's 2 percent target.