Consumers who have been waiting for borrowing costs to drop will have to keep waiting: With inflation elevated, the Federal Reserve is expected to keep interest rates unchanged on Wednesday, a stance it has held since December. “The Fed is in wait-and-see mode, and that likely means no immediate rate cuts,” said Matt Schulz, chief…
Jerome H. Powell said on Wednesday that he would stay on as a governor at the Federal Reserve after his term as chair ends May 15, citing lingering legal threats against him and the central bank as part of a pressure campaign by President Trump for lower borrowing costs. “After my term as chair ends…
Kevin M. Warsh moved one step closer on Wednesday to becoming the next chair of the Federal Reserve, after Republicans on a key Senate panel advanced his nomination to the full chamber for a final vote. The development all but guaranteed that Mr. Warsh, a Fed governor from 2006 to 2011, would eventually take over…
Jet fuel prices have surged this year since the attacks on Iran that began two months ago led to the Strait of Hormuz effectively closing. For now, airline executives say travelers are still flying, increasingly covering the bill. The price spike hit just ahead of spring break and is eating into airline profits this year….
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. A Chinese sovereign wealth fund is considering a sale of its stake in Heathrow airport partly over concerns about the rising cost of developing a third runway at the London hub. The Chinese Investment Corporation,…
Facade of a Taco Bell Cantina restaurant in Danville, California, Jan. 8, 2026. Smith Collection | Gado | Archive Photos | Getty Images Yum Brands on Wednesday reported quarterly earnings and revenue that topped analysts’ expectations, fueled by another strong quarter for Taco Bell. Here’s what the company reported compared with what Wall Street was expecting, based…
The United Arab Emirates (UAE) has announced it is quitting Opec, the Organisation of Petroleum Exporting Countries, after nearly 60 years of membership. Opec is an organisation of mainly Gulf oil exporters, which oversees oil production and has a major influence on the global prices. The UAE’s abrupt departure is seen as a blow to…
Los Angeles parents are fed up with schools loading up students with laptops and tablets, and assigning schoolwork on a slew of apps. Some families, who had decided against giving their children screens at home, told school board members that they were appalled to find young students using school-issued devices — even in kindergarten. Some…
The Federal Reserve is preparing to hold interest rates steady on Wednesday for its third straight meeting this year — and likely the final one for Jerome H. Powell as chair. Since policymakers last gathered in March, the war in Iran has continued to drag on, compounding the potential economic damage. Inflation has already risen…
UBS generated a net profit attributable to shareholders of $3 billion for the first quarter, up 80% year-on-year and surpassing the $2.8 billion estimated by analysts, according to an LSEG-compiled consensus poll. The Swiss banking and asset management giant’s common equity tier (CET) 1 capital ratio — a gauge of a bank’s solvency — also…
