• In this Dec. 17, 2014, file photo, oil pump jacks work behind a natural gas flare near Watford City, N.D. As drivers, shippers and airlines continue to enjoy lower fuel prices, the oil industry is wrestling with layoffs and losses. (AP Photo/Eric Gay, File)

    Extended slump in oil taking toll on industry, economy

    NEW YORK (AP) — As drivers, shippers and airlines continue to enjoy lower fuel prices, the oil industry is responding to much lower profits with sharp cuts in spending and employment that are hurting economic growth.

    Updated: 12:36 pm

  • In this July 16, 2015, file photo, Federal Reserve Chair Janet Yellen prepares to testify before the Senate Banking Committee on Capitol Hill in Washington. Federal Reserve policymakers meet Wednesday, July 29, 2015, to set interest rates and release a statement. (AP Photo/Susan Walsh, File)

    Takeaway from Fed meeting: Expect a rate increase this year

    WASHINGTON (AP) — Expectations have grown that sometime this year, the Federal Reserve will raise interest rates from record lows. The only question seems to be when.

  • In this July 16, 2015, file photo, Federal Reserve Chair Janet Yellen prepares to testify before the Senate Banking Committee on Capitol Hill in Washington. Federal Reserve policymakers meet Wednesday, July 29, 2015, to set interest rates and release a statement. (AP Photo/Susan Walsh, File)

    Fed holds steady on rates, seeks further economic gains

    WASHINGTON (AP) — The Federal Reserve appears on track to raise interest rates later this year but signaled Wednesday that it wants to see further economic gains and higher inflation before doing so.