Economic news

After cutting rates 50 basis points in September, the Federal Open Market Committee meets after Election Day to determine monetary policy. Join us live on Nov. 8 at 1 p.m., as Gary Pzegeo, head of fixed income at CIBC Private Wealth U.S., provides his take on the latest move.

This week, Federal Reserve Gov. Michelle Bowman cast the first dissenting vote at an FOMC meeting in years. On Friday, she explained why the economic data she's seen didn't convince her of the need to cut rates as much as her fellow governors thought.

Racquel Oden, HSBC's head of wealth and personal banking in the U.S., talks about how to guide clients through a year of political and economic upheaval.

President Joe Biden, in a speech emphasizing the progress made on the economy during his administration, said he has never called Federal Reserve Chairman Jerome Powell during his time as president.

The move signals the end of the Federal Reserve's battle against runaway inflation in the wake of the COVID-19 pandemic. Fed officials expressed divergent views on further action this year.

Lower inflation doesn't equate to lower prices, and costs of living may still be higher than pre-pandemic, especially rents. But the varying cooldown could help.

Underlying U.S. inflation unexpectedly picked up in August on higher prices for housing and travel, undercutting the chances of an outsize Federal Reserve interest-rate cut next week.

Other estimates suggest nonbank mortgage employment grew in July as the industry cautiously added staff to handle incremental growth in demand for loans.

The Federal Reserve's independence in setting monetary policy is critical to global confidence in U.S. markets and the dollar's status as reserve currency of choice. Making those functions constitutionally separate from the executive branch is the best way to ensure that independence.

The Federal Reserve's preferred measure of inflation held steady at 2.6% for the third month in a row, a positive reading that increases the odds of a September rate cut.