Business News

(WASHINGTON) --The Federal Reserve cut its benchmark interest rate a quarter of a percentage point on Wednesday, opting for its second interest rate cut this year in an effort to jumpstart the flagging labor market.The widely expected move delivers a lowering of interest rates sought by President Donald Trump, though the size of the cut falls short of the major drawdown called for repeatedly by the president.The policy marks the […]

(WASHINGTON) -- The Federal Reserve on Wednesday will set the level of its benchmark interest rate, adjusting a major policy lever for the first time since a government shutdown sharply restricted the release of gold-standard federal data about the economy.In a rare exception, the U.S. government issued an inflation report last week showing a continued acceleration of price increases, which may complicate the Fed’s effort to revive a flagging labor […]

(NEW YORK) -- Amazon is set to lay off thousands of corporate workers, despite billions in profits and lucrative lines of business spanning from e-commerce to cloud computing. The reason is artificial intelligence, the company said in a memo to employees on Tuesday."Some may ask why we're reducing roles when the company is performing well," wrote Beth Galetti, Senior Vice President of People Experience and Technology at Amazon."What we need […]

(WASHINGTON) -- Federal Reserve Chair Jerome Powell warned a recent uptick of inflation, alongside a hiring slowdown, poses a "challenging situation" for central bankers as they aim to steer the U.S. economy through a "turbulent period."The Fed, which opted to cut interest rates last week, is guided by a dual mandate to keep inflation under control and maximize employment. Speaking at the Greater Providence Chamber of Commerce, in Providence, Rhode […]

(NEW YORK) -- Prices for home appliances, cars and auto parts could be impacted by President Donald Trump’s decision overnight to end trade talks between the U.S. and Canada, some trade experts told ABC News.Trump said he's terminating trade negotiations with Canada in response to a negative TV advertisement about tariffs rolled out earlier this month by the Canadian province of Ontario."TARIFFS ARE VERY IMPORTANT TO THE NATIONAL SECURITY, AND […]

Stock image of a social security card alongside US dollars. (Tetra Images/STOCK PHOTO/Getty Images) (NEW YORK) -- Social security benefits will rise 2.8% starting in January, amounting to an additional $56 per month for 75 million recipients, the Social Security Administration (SSA) said on Friday.The cost-of-living adjustment for 2026, known as COLA, came in slightly higher than the prior year's hike of 2.5%. Over the past decade, the average COLA […]

(NEW YORK) -- Consumer prices rose 3% in September compared to a year ago, extending a monthslong uptick that has sent inflation to its highest level since January, government data on Friday showed. The reading came in lower than economists' expectations.The fresh data marked a slight increase from a 2.9% year-over-year increase recorded a month prior. An acceleration of price increases over recent months has coincided with a flurry of tariffs issued […]

(NEW YORK) -- Car buyers may face elevated prices and a shortage of some vehicles due to a supply chain snarled by tariffs and challenges accessing crucial materials, some industry experts told ABC News.A shortage of aluminum halted production at plants operated by Jeep and Ford earlier this month, pausing the output of some Jeep SUVs and Ford trucks, the Wall Street Journal reported. Meanwhile, a trade spat between the […]