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Fed Raises Rates a Quarter of a Point Despite Bank Turmoil

The decision came as policymakers were balancing fighting inflation with avoiding further financial turmoil.

 

How the Banking Crisis Has Had the Same Effect as a Fed Rate Increase

Some analysts say that the banking industry tumult has slowed the economy as banks pull back on lending.

3 min read

The banking crisis could hit the commercial real estate market.

5 min read

Karl Russell
Updates From Reporters
Jeanna Smialek
The Fed’s move matched last month’s in size, and lifted interest rates to a range of 4.75 to 5 percent. Rates were near zero until last March, and this has marked the fastest campaign of Fed rate increases since the 1980s.
Alan Rappeport
Janet Yellen, in prepared remarks, said the problems at two failed banks posed a threat to the U.S. economy. “The federal government’s recent actions have demonstrated our resolute commitment to take the necessary steps to ensure that depositors’ savings remain safe.”
Jim Tankersley
The stakes from the Fed’s interest rate decision are high for President Biden. He has been counting on the central bank to bring down inflation without causing a recession. Now he also needs the Fed to avoid a misstep that could spark a full blown financial crisis.
Ana Swanson
One topic that has really receded from inflation discussions recently is supply chains. Supply bottlenecks during the pandemic helped to kick off the current bout of inflation, but supply chains are now essentially back to normal.

Manhattan Grand Jury in Trump Case Will Not Meet Wednesday

While prosecutors have signaled that an indictment of Donald Trump is likely, its specific timing remains unclear, and grand juries conduct their work in secret.

2 min read

The Legal Intricacies That Could Make or Break the Case Against Trump

To try to convict former President Trump of a felony, prosecutors might attempt to connect New York election law to a federal election.

7 min read

In the classified documents case, a clash erupted over whether a Trump lawyer could be forced to testify.

4 min read

Analysis: In a Brother Act With Putin, Xi Reveals China’s Fear of Containment

Instead of focusing on Ukraine, Xi Jinping and Vladimir Putin’s meetings in Moscow reinforced their shared opposition to American dominance.

6 min read

She Posted About the War in Ukraine. Then She Faced a Prison Term.

The case of Olesya Krivtsova, a Russian student who ended up on the Kremlin’s terrorist list, has underscored the perils of criticizing the invasion.

6 min read

President Volodymyr Zelensky visited Ukrainian troops near Bakhmut, a focal point of the war.

 

Los Angeles School Workers Strike Against Backdrop of Economic Inequality

Roughly 420,000 students went a second day without classes as workers in the nation’s second-largest school district were holding a three-day walkout.

 

The Associated Press
The Great Read

Not Your Daddy’s Freud

A new generation of analysts and patients is embracing the father of psychoanalysis — in magazines and memes and many hours on the couch.

9 min read

Elizabeth Renstrom for The New York Times

In Chicago Mayor’s Race, a Former Teacher Rises With Union Support

Brandon Johnson, a county commissioner who once taught in struggling neighborhoods, soared in the polls after an endorsement from the Chicago Teachers Union.

7 min read

Mr. Johnson shaking hands with a seated resident.Mr. Johnson shaking hands with a seated resident.
Jim Vondruska for The New York Times

U.K. Lawmakers Pass Key Measure of Northern Ireland Trade Deal

The British Parliament’s approval of the Windsor Framework in the long-awaited trade deal was an emphatic victory for Prime Minister Rishi Sunak.

5 min read

Rishi Sunak outside the black door of No. 10 Downing Street in London.Rishi Sunak outside the black door of No. 10 Downing Street in London.
Kirsty Wigglesworth/Associated Press

Macron Denounces Violent Protests, Warning Against ‘Excesses’

President Emmanuel Macron of France, in his first remarks since pushing through a rise in the retirement age, was firm and unapologetic.

5 min read

On the streets of Paris, protests against the pension law have taken on a hint of menace.

5 min read

Alex Eben Meyer

Bracket Busted? Try Round 2 of Our Tournament Prediction Game Instead.

So, your N.C.A.A. tournament bracket is in shambles. How about playing a game that requires no brackets?

Opinion
An illustration of a woman in green pajamas with her laptop on her lap. Her slippered feet are atop a stack of files. A slice of pizza sits next to her.An illustration of a woman in green pajamas with her laptop on her lap. Her slippered feet are atop a stack of files. A slice of pizza sits next to her.

Steven Rattner

Is Working From Home Really Working?

5 min read

Trita Parsi

The U.S. Is Not an Indispensable Peacemaker

4 min read

Ross DouthatRoss Douthat

Ross Douthat

The Politics of a Trump Indictment

5 min read

Thomas B. EdsallThomas B. Edsall

Thomas B. Edsall

The Unsettling Truth About Trump’s First Great Victory

10+ min read

Thomas L. FriedmanThomas L. Friedman

Thomas L. Friedman

Our New Promethean Moment

6 min read

A black-and-white photo of rows of protesters dressed in suits and holding signs objecting to Gov. Kathy Hochul’s housing proposal. One sign reads “Local control not Hochul control.”A black-and-white photo of rows of protesters dressed in suits and holding signs objecting to Gov. Kathy Hochul’s housing proposal. One sign reads “Local control not Hochul control.”

Mara Gay

NIMBYs, NIMBYs, Everywhere

5 min read

Bret StephensBret Stephens

Bret Stephens

20 Years On, I Don’t Regret Supporting the Iraq War

4 min read

Paul KrugmanPaul Krugman

Paul Krugman

How Big a Deal Is the Banking Mess?

4 min read

In Case You Missed ItTop picks from The Times, recommended for you
More News

Medicare Tries to Combat Fraud. Now Insurers Are Fighting Back.

The Biden administration has proposed changes to how it would pay private Medicare Advantage plans, setting off a lobbying frenzy.

7 min read

As Chatbots Spread, Conservatives Dream About a Right-Wing Response

After criticizing A.I. companies for liberal bias, programmers started envisioning right-wing alternatives.

6 min read

U.S. Organ Transplant System, Troubled by Long Wait Times, Faces Overhaul

The Biden administration announced a plan to update how patients are matched to available organs to reduce the number of people who die while waiting.

4 min read

A brown, flat rocky object with specks of debris forming a faint cloud around it and illuminated by light from the sun flies through space against a starry sky.A brown, flat rocky object with specks of debris forming a faint cloud around it and illuminated by light from the sun flies through space against a starry sky.
JPL/NASA

Oumuamua Was a Comet After All, a Study Suggests

Astronomers offered “a surprisingly simple explanation” for the curious behavior of the interstellar visitor in 2017.

4 min read

Well
Culture and Lifestyle
A man runs with his dog along a dirt trail along the side of a hill, with a rocky ocean coastline on his other flank. In the distance houses perched along the shore can be seen. A man runs with his dog along a dirt trail along the side of a hill, with a rocky ocean coastline on his other flank. In the distance houses perched along the shore can be seen.

An Independent Barbados

Rum shops, farmers’ markets and surf breaks will be found if you venture beyond the resorts of the island’s west coast.

Tony Cenicola/The New York Times
The AthleticSign into The Athletic with your New York Times account to read more.

Can Princeton Crack the Elite Eight? Sweet 16 Upset Picks Are In.

The Tigers are the lone remaining double-digit seed in the men’s tournament, but they aren’t the only underdog to watch.

With Ohtani vs. Trout, the World Baseball Classic Scripts the Perfect Ending

The tournament reached its apex when two-way superstar Shohei Ohtani came out of the bullpen to record the game-clinching outs for Team Japan.

N.F.L. Mock Draft: Quarterbacks Fly Off the Board (and a Surprise Trade)

Even if quarterbacks are picked early, the Minnesota Vikings should have a chance to trade up and find Kirk Cousins’ successor.