Latest Jerome Powell News

Federal Reserve still foresees 3 interest rate cuts this year despite bump in inflation

Mar. 20, 2024 17:51 PM EDT

WASHINGTON (AP) — Federal Reserve officials signaled Wednesday that they still expect to cut their key interest rate three times in 2024, fueling a rally on Wall Street, despite signs that inflation remained elevated at the start of the year. For now, the officials kept their...

Federal Reserve is likely to preach patience as consumers and markets look ahead to rate cuts

Mar. 18, 2024 07:12 AM EDT

WASHINGTON (AP) — Across the United States, many people are eagerly anticipating the Federal Reserve's first cut to its benchmark interest rate this year: Prospective home buyers hope for lower mortgage rates. Wall Street traders envision higher stock prices. Consumers are looking for a break on...

How major US stock indexes fared Wednesday, 3/6/2024

Mar. 06, 2024 16:19 PM EST

Stocks recovered some of their losses from the day before, which was Wall Street’s worst in three weeks. The S&P 500 rose 0.5% Wednesday. The Dow added 0.2%, and the Nasdaq climbed 0.6%. Treasury yields edged lower after Federal Reserve Chair Jerome Powell said...

CBO projects a $188 billion decrease in this year's federal budget deficit, but debt would then grow

Feb. 07, 2024 15:02 PM EST

WASHINGTON (AP) — The Congressional Budget Office said Wednesday that it expects the federal budget deficit to drop by $188 billion this fiscal year to $1.5 trillion, a short-lived dip as the annual shortfall is likely to rise over the next nine years. Two major factors are behind...

Powell: Federal Reserve on track to cut rates this year with inflation slowing and economy healthy

Feb. 04, 2024 19:28 PM EST

WASHINGTON (AP) — Chair Jerome Powell said in an interview broadcast Sunday night that the Federal Reserve remains on track to cut interest rates three times this year, a move that's expected to begin as early as May. Powell, in an interview recorded Thursday for the CBS news...

Powell: Federal Reserve is on track to cut rates, though not likely for months

Jan. 31, 2024 17:13 PM EST

WASHINGTON (AP) — Interest rate cuts are coming. Just not yet. The Federal Reserve delivered that message Wednesday, first in a policy statement and then in a news conference at which Chair Jerome Powell reinforced it. The Fed did signal that it’s nearing a...

Federal Reserve minutes: Officials saw inflation cooling but were cautious about timing of rate cuts

Jan. 03, 2024 20:24 PM EST

WASHINGTON (AP) — The Federal Reserve's policymakers concluded last month that inflationary pressures were easing and that the job market was cooling. In response, the officials chose to leave their key interest rate unchanged for the third straight time and signaled that they expected to cut...