Latest Jerome Powell News

Fed saw evidence of a slowing economy at its last meeting

Aug. 17, 2022 16:10 PM EDT

WASHINGTON (AP) — Federal Reserve officials saw signs that the U.S. economy was weakening at their last meeting but still called inflation “unacceptably high’’ before raising their benchmark interest rate by a sizable three-quarters of a point in their drive to slow spiking prices. ...

US wholesale inflation fell in July for 1st time in 2 years

Aug. 11, 2022 10:54 AM EDT

WASHINGTON (AP) — Prices at the wholesale level fell from June to July, the first month-to-month drop in more than two years and a sign that some of the U.S. economy's inflationary pressures cooled last month. Thursday’s report from the Labor Department showed that the producer...

EXPLAINER: Mixed US inflation signs. Where are prices going?

Aug. 10, 2022 16:49 PM EDT

WASHINGTON (AP) — Consumers struggling with skyrocketing prices for food, gas, autos and rent got a tantalizing hint of relief last month, when prices didn't budge at all from June after 25 straight months of increases. With gas prices continuing to fall, inflation is probably slowing further...

Lower prices offer Americans slight reprieve from inflation

Aug. 10, 2022 16:16 PM EDT

WASHINGTON (AP) — Falling prices for gas, airline tickets and clothes gave Americans a little bit of relief last month, though overall inflation is still running at close to its highest level in four decades. Consumer prices jumped 8.5% in July compared with a year earlier, the...

EXPLAINER: How do we know when a recession has begun?

Aug. 05, 2022 14:54 PM EDT

WASHINGTON (AP) — Whether the U.S. economy is heading for a recession got more difficult to answer Friday, when a report showed employers hired hundreds of thousands more workers last month than expected. The stunning strength made clear that a linchpin of the economy remains...

Employment market shows signs of cooling amid rate hikes

Aug. 04, 2022 10:06 AM EDT

NEW YORK (AP) — The employment market appears to have lost some of its sizzle, a development that could influence Federal Reserve policy and further raise concerns about an economic recession among investors. Job openings have been edging lower since April as rising inflation...

Ex-Fed economist Bill Nelson on Federal Reserve strategy

Aug. 01, 2022 09:02 AM EDT

WASHINGTON (AP) — Bill Nelson has experienced the workings of the Federal Reserve from both sides of the street. Nelson is the chief economist of the Bank Policy Institute, a trade group for U.S. banks. Earlier in his career, he served as an economist at the Federal Reserve and...

Inflation and wage data suggest US prices will keep climbing

Jul. 29, 2022 11:19 AM EDT

WASHINGTON (AP) — Inflation surged in June and workers' average wages accelerated in the spring — signs that Americans won't likely feel any relief from rising prices anytime soon and that the Federal Reserve will feel compelled to further raise borrowing costs. An inflation...

Inflation hits record 8.9% in euro area, but economy grows

Jul. 29, 2022 08:55 AM EDT

LONDON (AP) — Inflation in the European countries using the euro currency shot up to another record in July, pushed by higher energy prices fueled by Russia's war in Ukraine, but the economy managed better-than-expected, if meager, growth in the second quarter. Annual inflation in...

US economy shrinks for a 2nd quarter, raising recession fear

Jul. 28, 2022 15:05 PM EDT

WASHINGTON (AP) — The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession. The decline that the Commerce Department reported Thursday in the gross domestic...