Latest Jerome Powell News

Technology companies drive a broad rally on Wall Street

Aug. 19, 2019 5:09 PM EDT

Technology companies powered a rally on Wall Street Monday that gave the market its third straight gain. The surge in tech stocks followed a decision by the U.S. to give Chinese telecom giant Huawei another 90 days to buy equipment from American suppliers. Chipmakers including Qualcomm, Intel and Micron, all...

Q&A: Recession jitters are rising. Is there reason to worry?

Aug. 19, 2019 4:22 PM EDT

WASHINGTON (AP) — Nerves are being frayed by a global economy that increasingly looks breakable. Growth is stalling. Factory output is down. Oil demand is off. U.S. tariffs on China have slowed trade. Investors have crowded into government bonds and sent interest rates sliding in a way that has often...

74% of economists in survey see US recession by end of 2021

Aug. 19, 2019 2:03 PM EDT

WASHINGTON (AP) — A strong majority, 74%, of U.S. business economists appear sufficiently concerned about the risks of some of President Donald Trump's economic policies that they expect a recession in the U.S. by the end of 2021. The economists surveyed by the National Association for Business Economics,...

Trump calls on Federal Reserve to cut interest rates

Aug. 19, 2019 1:02 PM EDT

WASHINGTON (AP) — President Donald Trump is calling on the Federal Reserve to cut interest rates by at least a full percentage point "over a fairly short period of time," saying that such an action would make the U.S. economy even better and would also "greatly and quickly" enhance the global economy. In...

Editorials from around Ohio

Aug. 19, 2019 9:31 AM EDT

Recent editorials of statewide and national interest from Ohio newspapers: Statewide bail reform needs the imprimatur of the Ohio Supreme Court Cleveland Plain Dealer Aug. 18 The seven justices of the Ohio Supreme Court have yet to act on nine powerful bail-reform recommendations from a high-level task force the...

Trump dismisses worries of recession, says economy is strong

Aug. 19, 2019 4:28 AM EDT

BERKELEY HEIGHTS, N.J. (AP) — President Donald Trump dismissed concerns of recession on Sunday and offered an optimistic outlook for the economy after last week's steep drop in the financial markets. "I don't think we're having a recession," Trump told reporters as he returned to Washington from his New...

US consumer prices rose 0.3% amid widespread cost increases

Aug. 13, 2019 8:52 AM EDT

WASHINGTON (AP) — U.S. consumer prices rose 0.3% in July, pushed higher by more expensive gas, medical care and housing. The consumer price index increased 1.8% compared with a year earlier, up from 1.6% in June, the Labor Department said Tuesday. Excluding the volatile food and energy categories, core...

US wholesale prices rise just 0.2% in July

Aug. 9, 2019 8:39 AM EDT

WASHINGTON (AP) — U.S. wholesale prices ticked up just 0.2% in July, the latest sign that inflationary pressures are largely in check. The Labor Department said Friday that the producer price index — which measures price changes before they reach the consumer — increased 1.7% last month...

US long-term mortgage rates fall sharply: 30-year at 3.60%

Aug. 8, 2019 1:51 PM EDT

WASHINGTON (AP) — U.S. long-term mortgage rates fell sharply this week, with the benchmark 30-year loan touching its lowest level since November 2016. Financial markets around the globe have been whipsawed by anxiety over the U.S.-China trade war, sending investors fleeing from stocks to the safety of...

Former Fed leaders defend Powell against Trump's attacks

Aug. 6, 2019 7:16 PM EDT

WASHINGTON (AP) — In a strong rebuke to President Donald Trump, the four living former leaders of the Federal Reserve say that the head of the nation's central bank should be able to make interest-rate decisions free of political pressure and the threat of being removed or demoted. The former chairs...