The Latest Breaking News from the Federal Reserve

Companies including Morgan Stanley are making job cuts as the economy is feared to go into a recession in an unknown period.

First Republic Bank marked the 2nd largest bank failure in U.S. history. Are there more to come? What comes next from regulators?

The Federal Reserve is on track to raise its benchmark interest rate for the 10th time Wednesday, the latest step in its yearlong effort to curb inflation with the fastest pace of hikes in four decades

'We should acknowledge that bank failures are inevitable in a dynamic and innovative financial system,' the FDIC said in a statement.

June S&P 500 futures (ESM23) are up +0.04%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.05% this morning as market participants digested JPMorgan’s takeover of First Republic’s assets while looking ahead to the Federal Reserve’s upcoming interest rate decision as well as Friday’s nonfarm payrolls report.

Jamie Dimon’s remarks follow $10.6bn takeover brokered by US regulators to buy most of failed First Republic

The San Francisco, Calif.-based bank was shut down on May 1, becoming the third major U.S. bank to fail since March 10.

The two big banks have reportedly submitted bids to acquire the struggling Californian firm. The winner will be named on May 1.

Shares have advanced in Tokyo and Sydney while most Asian markets were closed for May 1 holidays

Deadline of Sunday set for companies such as JPMorgan Chase to table offer for California bank whose shares have plummeted

The serial entrepreneur says he has data, through his various companies, that show that the U.S. economy is already in a "mild recession" and things could worsen.