Federal Reserve System

A screen shows the stock prices of South Korean chipmakers at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, June 8, 2026. (AP Photo/Ahn Young-joon)

Asian shares drop after plunge in Big Tech stocks gives Wall St its worst day in months

Asian shares have skidded after worries about Big Tech investments and rising odds for an interest rate hike gave U.S. stocks their worst day since October.

A motorist fills up the tank of a vehicle at a Conoco gasoline station Saturday, May 30, 2026, in Denver. (AP Photo/David Zalubowski)

FACT FOCUS: Is inflation a red state vs. blue state issue? It’s increasing no matter how you cut it

Specialist Anthony Matesic works at his post on the floor of the New York Stock Exchange, Wednesday, June 3, 2026. (AP Photo/Richard Drew)

Stocks slump as Big Tech sinks and a strong May jobs report boosts odds for higher interest rates

A "For Sale" sign is displayed outside a home on Friday, July 11, 2025, in Portland, Ore. (AP Photo/Jenny Kane, File)

Average US long-term mortgage rate falls to 6.48%, retreating from its highest level in 9 months

Jerome Powell uses JFK award speech to warn against political pressure on Fed, courts and schools

Stocks slump as Big Tech sinks and a strong May jobs report boosts odds for higher interest rates

The U.S. stock market had its worst day since October as a sell-off in big technology companies weighed down the broader market. Bond yields surged as a strong jobs report boosted expectations that the Federal Reserve will be forced to hike interest rates at some point this year.

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Jerome Powell strongly defends Fed independence while accepting JFK Profile in Courage Award

Kevin Warsh sworn in as new Federal Reserve Chair

Jerome Powell’s tenure as Fed chair marked by fight for independence while trying to tame inflation

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A "For Sale" sign is displayed outside a home on Friday, July 11, 2025, in Portland, Ore. (AP Photo/Jenny Kane, File)

Average US long-term mortgage rate climbs to 6.53%, the highest level in 9 months

Justice Clarence Thomas, right, administers the oath during the swearing in of Kevin Warsh as Chairman of the Federal Reserve, left, as Warsh's wife Jane Lauder looks on, in the East Room of the White House, Friday, May 22, 2026, in Washington. (AP Photo/Alex Brandon)

Warsh is sworn in as the Fed chair after Trump’s bid for greater control over the independent bank

A "For Sale" sign is displayed outside a home on Friday, July 11, 2025, in Portland, Ore. (AP Photo/Jenny Kane, File)

Average US long-term mortgage rate climbs to 6.51%, highest level in nearly nine months

Trader Patrick Casey works on the floor of the New York Stock Exchange, Wednesday, May 13, 2026. (AP Photo/Richard Drew)

The market powerful enough to sway stocks and Trump is rumbling again

Federal Reserve Chairman Jerome Powell speaks at a news conference at the Federal Reserve, following the Federal Open Market Committee meeting, in Washington, Wednesday, April 29, 2026. (AP Photo/Cliff Owen)

Takeaways from Fed chair Jerome Powell’s legacy

Federal Reserve Chairman Jerome Powell speaks at a news conference at the Federal Reserve, following the Federal Open Market Committee meeting, in Washington, Wednesday, April 29, 2026. (AP Photo/Cliff Owen)

Powell’s tenure as Fed chair marked by fight for independence while trying to tame inflation

A "For Sale" sign is displayed outside a home on Friday, July 11, 2025, in Portland, Ore. (AP Photo/Jenny Kane, File)

Average US long-term mortgage rate eases to 6.36% in first drop after two straight weekly increases

Kevin Warsh is sworn in during his nomination hearing to be a member and chairman of the Federal Reserve Board of Governors before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, in Washington Tuesday, April 21, 2026. (AP Photo/Jose Luis Magana)

Who is incoming Fed chair Kevin Warsh?

Kevin Warsh testifies during his nomination hearing to be a member and chairman of the Federal Reserve Board of Governors before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, in Washington Tuesday, April 21, 2026. (AP Photo/Jose Luis Magana)

Senate confirms Trump pick Warsh as chairman of the Federal Reserve, following Powell

A for sale sign is posted outside a home, Feb. 10, 2026, in Nashville, Tenn. (AP Photo/George Walker IV, file)

US long-term mortgage rate bounce back to levels seen 4 weeks ago

The per-gallon prices for regular unleaded and diesel fuel are displayed on a sign outside a Murphy Express gasoline station, Tuesday, April 28, 2026, in Centennial, Colo. (AP Photo/David Zalubowski)

Lower-income Americans hit hardest by gas price spike, widening inequalities, study finds

Gasoline prices are displayed at a Mobil gas station on Wednesday, April 29, 2026, in Portland, Ore. (AP Photo/Jenny Kane)

America In Focus: Inflation jumps and gas soars but American consumers seemed to take it in stride

Federal Reserve Chairman Jerome Powell speaks at a news conference at the Federal Reserve, following the Federal Open Market Committee meeting, in Washington, Wednesday, April 29, 2026. (AP Photo/Cliff Owen)

Unorthodox leadership change at the Fed: Warsh on deck while Powell remains

Gasoline prices are displayed at a Mobil gas station on Wednesday, April 29, 2026, in Portland, Ore. (AP Photo/Jenny Kane)

Tax refunds and AI boom have offset some US economic pain from Iran war and high gas prices, so far

A for sale sign is posted outside a home, Feb. 10, 2026, in Nashville, Tenn. (AP Photo/George Walker IV, file)

Average US long-term mortgage rate rises to 6.3%, ending a 3-week slide

Luciano V. replaces the fuel nozzel after filling the tank of their 1999 Mazda Miata at an Astro gas station on Wednesday, April 29, 2026, in Portland, Ore. (AP Photo/Jenny Kane)

Key inflation gauge jumps to highest level in 3 years as Iran war spikes gas prices

Pedestrians walk past the Bank of England in London, Thursday, April 30, 2026 as the Bank is expected announce in a press conference later to keep interest rates on hold. (AP Photo/Kirsty Wigglesworth)

Bank of England joins other central banks in freezing rate cuts as Iran war upends global economy

Kevin Warsh testifies during his nomination hearing to be a member and chairman of the Federal Reserve Board of Governors before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, in Washington Tuesday, April 21, 2026. (AP Photo/Jose Luis Magana)

Kevin Warsh is one step closer to top job at the Fed after Trump’s pick approved by Senate committee

Federal Reserve Chair Jerome Powell addresses students at Harvard University, March 30, 2026, in Cambridge, Mass. (AP Photo/Charles Krupa, File)

Powell plans to remain on Fed board, cites legal actions by Trump administration

Chuck Byrd puts away a fuel nozzel after filling two tanks for a truck at a gas station on Tuesday, April 7, 2026, in Aurora, Ore. (AP Photo/Jenny Kane)

US consumer confidence inches higher in April despite Iran war, soaring gasoline prices

President Donald Trump listens to Federal Reserve Chairman Jerome Powell speak during a visit to the Federal Reserve, July 24, 2025, in Washington. (AP Photo/Julia Demaree Nikhinson, File)

Will Powell stay or go? Fed chair may reveal next steps after central bank meeting Wednesday

Sen. Thom Tillis, R-N.C., speaks during the confirmation hearing of Kevin Warsh, nominee for Federal Reserve chair, on Capitol Hill, in Washington Tuesday, April 21, 2026. (AP Photo/Jose Luis Magana)

Tillis says he’s ready to move ahead with confirming Warsh as Trump’s pick as Fed chair

Kevin Warsh testifies during his nomination hearing to be a member and chairman of the Federal Reserve Board of Governors before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, in Washington Tuesday, April 21, 2026. (AP Photo/Jose Luis Magana)

Don’t count on rate cuts just yet: Warsh as Fed chair may not lead to big policy changes

Federal Reserve Chair Jerome Powell addresses students at Harvard University, March 30, 2026, in Cambridge, Mass. (AP Photo/Charles Krupa, File)

Justice Department drops criminal probe of Fed chair Powell, likely clearing the way for Warsh

A House For Sale sign is displayed in front of a home in Evanston, Ill.,Wednesday, March 25, 2026. (AP Photo/Nam Y. Huh)

Average US long-term mortgage rate slips to 6.23%, its third weekly drop

President Donald Trump speaks at a roundtable event about no tax on tips, Thursday, April 16, 2026, in Las Vegas. (AP Photo/Alex Brandon)

Trump picks a University of Minnesota professor to lead his economic council

Kevin Warsh testifies during his nomination hearing to be a member and chairman of the Federal Reserve Board of Governors before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, in Washington Tuesday, April 21, 2026. (AP Photo/Jose Luis Magana)

Warsh says he got no pressure from Trump to cut rates even as president publicly pushes for them

Kevin Warsh speaks to the media about his report on transparency at the Bank of England, in London, Dec., 11, 2014. (AP Photo/Alastair Grant, Pool, File)

Sen. Warren calls for greater transparency into Federal Reserve nominee’s financial holdings

A House For Sale sign is displayed in front of a home in Evanston, Ill.,Wednesday, March 25, 2026. (AP Photo/Nam Y. Huh)

Average US long-term mortgage rate eases to 6.3%, its second weekly drop

Federal Reserve Chairman Jerome Powell, right, and President Donald Trump look over a document of cost figures during a visit to the Federal Reserve, Thursday, July 24, 2025, in Washington. (AP Photo/Julia Demaree Nikhinson, File)

Prosecutors sought access to Federal Reserve building as Trump threatens to fire Powell

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