WASHINGTON—The Federal Reserve lowered its benchmark interest rate by a quarter of a percentage point on Wednesday, marking the central bank’s first rate cut since December 2024 and signaling a shift toward easier monetary policy amid concerns over a softening labor market. In an 11-1 vote, the Federal Open Market Committee reduced the target range for the federal funds rate […]
WASHINGTON, DC—The Federal Reserve on Wednesday maintained its benchmark interest rate, signaling two potential rate reductions later this year despite revised projections for higher inflation and slower economic growth. The Federal Open Market Committee (FOMC) kept its key borrowing rate targeted in a range between 4.25% and 4.5%, a level it has held since December. Markets had widely anticipated no […]
BALTIMORE, MD—A federal grand jury charged a Maryland man with conspiracy, wire fraud, and aggravated identity theft for his role in a scheme to fraudulently obtain over $1 million in unemployment benefits, according to the U.S. Attorney’s Office, District of Maryland. Mervyn Fombe Abiko, 35, also known as “Magic,” was indicted on May 22, 2024. The indictment was unsealed upon […]