Latest Jerome Powell News

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...

Federal Reserve on cusp of what some thought impossible: Defeating inflation without steep recession

Dec. 16, 2023 07:29 AM EST

WASHINGTON (AP) — It was the most painful inflation Americans had experienced since 1981, when “The Dukes of Hazzard” and “The Jeffersons” were topping the TV charts. Yet the Federal Reserve now seems on the verge of defeating it — and without the surge in unemployment and the deep...

Congressional Budget Office projects lower inflation and higher unemployment into 2025

Dec. 15, 2023 13:36 PM EST

WASHINGTON (AP) — The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years. ...

Federal Reserve keeps key interest rate unchanged and foresees 3 rate cuts next year

Dec. 13, 2023 17:19 PM EST

WASHINGTON (AP) — The Federal Reserve kept its key interest rate unchanged Wednesday for a third straight time, and its officials signaled that they expect to make three quarter-point cuts to their benchmark rate next year. The Fed’s message Wednesday strongly suggested that it...