Latest Jerome Powell News
The Fed welcomes a 'soft landing' even if many Americans don't feel like cheering
WASHINGTON (AP) — When Jerome Powell delivered a high-profile speech last month, the Federal Reserve chair came the closest he ever had to declaring that the inflation surge that gripped the nation for three painful years was now essentially defeated. And not only that. The Fed's...
Fed minutes: Most officials favored a rate cut in September if inflation continued to cool
WASHINGTON (AP) — Most Federal Reserve officials agreed last month that they would likely cut their benchmark interest rate at their next meeting in September as long as inflation continued to cool. The minutes of the Fed’s July 30-31 meeting, released Wednesday, said the...
Powell may use Jackson Hole speech to hint at how fast and how far the Fed could cut rates
WASHINGTON (AP) — Federal Reserve officials have said they're increasingly confident that they've nearly tamed inflation. Now, it's the health of the job market that's starting to draw their concern. With inflation cooling toward its 2% target, the pace of hiring slowing and the...
Vance backs Trump's support for a presidential 'say' on Federal Reserve's interest rate policy
WASHINGTON (AP) — JD Vance has endorsed former President Donald Trump's call for the White House to have “a say” over the Federal Reserve's interest rate policies — a view that runs counter to decades of economicresearch suggesting that politically independent central banks are essential to...
Stock market today: Dow drops 600 on weak jobs data as a global sell-off whips back to Wall Street
NEW YORK (AP) — Stocks tumbled Friday on worries the U.S. economy could be cracking under the weight of high interest rates meant to whip inflation. The S&P 500 sank 1.8% for its first back-to-back losses of at least 1% since April. The Dow Jones Industrial Average dropped 610...
Fed Chair Powell says September interest rate cut could be 'on the table' as inflation cools
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell on Wednesday set the stage for the central bank's first rate cut in four years, citing greater progress toward lower inflation as well as a cooler job market that no longer threatens to overheat the economy. Still, the Fed kept...
Fed's Powell highlights slowing job market in signal that rate cuts may be nearing
WASHINGTON (AP) — The Federal Reserve faces a cooling job market as well as persistently high prices, Chair Jerome Powell said in testimony Tuesday to Congress, a shift in emphasis away from the Fed's single-minded fight against inflation of the past two years that suggests it is moving closer to...
Federal Reserve highlights its political independence as presidential campaign heats up
WASHINGTON (AP) — The Federal Reserve is highlighting the importance of its political independence at a time when Donald Trump, who frequently attacked the Fed's policymaking in the past, edges closer to formally becoming the Republican nominee for president. On Friday, the Fed...
Fed Chair Jerome Powell: US inflation is cooling again, though it isn't yet time to cut rates
WASHINGTON (AP) — Inflation in the United States is slowing again after higher readings earlier this year, Federal Reserve Chair Jerome Powell said Tuesday, while adding that more such evidence would be needed before the Fed would cut interest rates. After some persistently high...
Federal Reserve sees some progress on inflation but envisions just one rate cut this year
WASHINGTON (AP) — Federal Reserve officials said Wednesday that inflation has fallen further toward their target level in recent months but signaled that they expect to cut their benchmark interest rate just once this year. The policymakers' forecast for one rate cut was down from...
