Latest Jerome Powell News

Fed officials discussed hiking rates to 'restrictive' level

Oct. 17, 2018 3:43 PM EDT

WASHINGTON (AP) — Federal Reserve officials last month debated how high they should raise interest rates to achieve their economic goals, with some arguing that they might need to lift rates to a level that would modestly restrain growth. In the end, the Fed modestly raised its key short-term rate and...

US regulators lift strict oversight of Prudential

Oct. 17, 2018 11:10 AM EDT

WASHINGTON (AP) — A group of federal regulators on Wednesday lifted the strict government oversight imposed on big insurer Prudential Financial Inc. It was the last financial company still carrying the label that subjected it to special restrictions stemming from the 2008 financial crisis. The unanimous...

Trump escalates his attacks on Fed: 'My biggest threat'

Oct. 16, 2018 6:02 PM EDT

WASHINGTON (AP) — Stepping up his attacks on the Federal Reserve, President Donald Trump declared Tuesday that the Fed is "my biggest threat" because he thinks it's raising interest rates too quickly. Trump said he doesn't speak with Chairman Jerome Powell because of the Fed's political independence but...

Tech stock rally helps snap losing streak as rough week ends

Oct. 12, 2018 4:43 PM EDT

NEW YORK (AP) — Stocks rebounded Friday, clawing back some of the week's steep losses, but the turbulent trading of the last few days left no doubt that the relative calm the markets enjoyed all summer had been shattered. Major U.S. indexes ended the week down about 4 percent, their worst weekly loss in...

Mnuchin says Trump respects the independence of the Fed

Oct. 12, 2018 11:48 AM EDT

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin said Friday that President Donald Trump respects the independence of the Federal Reserve and the president's recent comments were simply a reflection of the fact that he favors low interest rates. "The president has been clear," Mnuchin said in an...

Asian markets mixed on strong Chinese trade data

Oct. 11, 2018 11:57 PM EDT

SINGAPORE (AP) — Asian stocks were mixed on Friday as better-than-expected Chinese trade data gave some markets a breather from worries about the impact of punitive tariffs. KEEPING SCORE: Japan's benchmark Nikkei 225 racked up more losses after falling almost 4 percent in the previous day. The index...

Higher rates: Sign of economic strength or a risk? Try both

Oct. 11, 2018 5:03 PM EDT

WASHINGTON (AP) — This week's dizzying sell-offs in the financial markets have been a rude reminder that the U.S. economy is no longer relying on ultra-low interest rates to fuel growth. Borrowing costs are rising for companies, homebuyers and the U.S. government — all of which could eventually...

Trump steps up his attacks on Federal Reserve's rate hikes

Oct. 11, 2018 4:05 PM EDT

WASHINGTON (AP) — President Donald Trump on Thursday escalated his attack on the Federal Reserve's interest rate increases, asserting that "the Fed is out of control" and blaming it for this week's plunge in stock prices. "It's a correction that I think is caused by the Federal Reserve with interest...

Trump steps up his attacks on Federal Reserve's rate hikes

Oct. 11, 2018 4:03 PM EDT

WASHINGTON (AP) — President Donald Trump has escalated his attack on the Federal Reserve's interest rate increases, asserting that "the Fed is out of control" and blaming it for this week's plunge in stock prices. "It's a correction that I think is caused by the Federal Reserve with interest rates," Trump...

US consumer prices up slight 0.1 percent in September

Oct. 11, 2018 10:30 AM EDT

WASHINGTON (AP) — Consumer prices edged up a slight 0.1 percent in September as energy prices retreated after a big gain in August. The Labor Department said Thursday that the September gain in its closely watched consumer price index followed a 0.2 percent rise in August. It was the smallest monthly gain...