Latest Jerome Powell News

Asian shares rise on Fed rate hopes despite China worries

Nov. 23, 2022 23:39 PM EST

TOKYO (AP) — Asian shares gained Thursday, although optimism about the Federal Reserve holding back on aggressive interest rate raises was countered by some uncertainty about coronavirus restrictions in China. Trading was relatively muted in Asia ahead of U.S. markets being closed...

Most Fed officials at last meeting backed slower rate hikes

Nov. 23, 2022 15:09 PM EST

WASHINGTON (AP) — Most Federal Reserve officials at their last meeting favored reducing the size of their interest rate hikes “soon’’— just before raising their benchmark rate by a substantial three-quarters of a point for a fourth straight time. The central bank's...

Today in History: November 22, JFK is assassinated

Nov. 22, 2022 00:09 AM EST

Today in History Today is Tuesday, Nov. 22, the 326th day of 2022. There are 39 days left in the year. Today’s Highlight in History: On Nov. 22, 1963, John F. Kennedy, the 35th President of the United States, was shot to death during a motorcade in...

Asian stocks down after Wall St weekly loss on rate fears

Nov. 20, 2022 22:46 PM EST

BEIJING (AP) — Asian stock markets sank Monday after Wall Street ended with a loss for the week amid anxiety about Federal Reserve plans for more interest rate hikes to cool inflation. Hong Kong's benchmark fell more than than 3%. Shanghai, Tokyo and Sydney also retreated. Oil...

Fed official suggests substantial rate hikes may be needed

Nov. 17, 2022 18:16 PM EST

The Federal Reserve may have to raise its benchmark interest rate much higher than it has previously projected to get inflation under control, James Bullard, president of the Federal Reserve Bank of St. Louis, said Thursday. Bullard's comments raised the prospect that the Fed's rate...

Key Fed official says he's open to slowing hikes in December

Nov. 16, 2022 16:50 PM EST

WASHINGTON (AP) — Christopher Waller, a key Federal Reserve official, added his voice Wednesday to a rising number of Fed officials who have suggested that the central bank will likely slow the pace of its interest rate hikes beginning in December. Waller, a member of the Fed's...

Wall Street slips, gives back some of last week’s big gains

Nov. 14, 2022 16:33 PM EST

NEW YORK (AP) — Stocks fell on Wall Street Monday, giving back some of their huge gains made last week on hopes the worst of the nation’s inflation may finally have passed. The S&P 500 fell 0.9%, or 35.68 points, to 3,957.25 after drifting between gains and losses several...

Fed Vice Chair Brainard is 'reassured' by inflation report

Nov. 14, 2022 14:52 PM EST

WASHINGTON (AP) — Federal Reserve Vice Chair Lael Brainard said Monday that she was encouraged by last week's U.S. inflation report, which pointed to slower price increases, and said the Fed would likely soon reduce the size of its interest rate hikes. “The inflation data was...

Wall Street rallies, in fits and starts, after jobs report

Nov. 04, 2022 16:34 PM EDT

NEW YORK (AP) — Stocks rallied Friday, but only after yo-yoing several times, as Wall Street struggled with what to make of the latest reading on the U.S. jobs market and what it means for interest rates and the odds of a recession. The S&P 500 climbed 1.4% after seeing an even...

Fed's Kashkari: Jobs report shows why more rate hikes needed

Nov. 04, 2022 14:56 PM EDT

WASHINGTON (AP) — The solid U.S. jobs report for October underscores why the Federal Reserve needs to raise interest rates higher than it had previously forecast in order to control inflation, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said Friday. In an...