Latest Jerome Powell News
It's complicated: 'X-date' calculations aim to zero in on when the US may run short of cash
WASHINGTON (AP) — For all the concern over just when the government might run short of money to pay its bills, it turns out that no one can be absolutely sure exactly when the country will default — what officials are calling the “X-date” — if there's no deal to raise the debt limit. ...
A June pause in rate hikes would be a close call for Fed officials, minutes of last meeting show
WASHINGTON (AP) — Federal Reserve officials were divided earlier this month on whether to pause their interest rate hikes at their upcoming meeting in June, according to the minutes of their May 2-3 meeting released Wednesday. “Several (policymakers) noted if the economy evolved...
Survey of economists: Inflation will stay high this year, and so will Fed's key interest rate
WASHINGTON (AP) — The Federal Reserve will make only modest progress in its fight against inflation for the rest of this year, even while keeping its benchmark interest rate at a 16-year high, a group of business economists predict in a survey released Monday. The National...
Federal Reserve Chair Powell hints at a pause in rate hikes when central bank meets next month
WASHINGTON (AP) — Chair Jerome Powell indicated Friday that the Federal Reserve will likely forgo an increase in its benchmark interest rate when it meets in June for the first time since it began raising its key rate 14 months ago to fight high inflation. In signaling so, Powell...
Biden taps Philip Jefferson to be Fed's vice chair, Adriana Kugler as first Hispanic on Fed board
WASHINGTON (AP) — President Joe Biden has nominated Philip Jefferson, a member of the Federal Reserve's Board of Governors, to serve as vice chair of the board, the White House announced Friday. Biden has also chosen Adriana Kugler, a Georgetown University economist, to join the...
Fed raises key rate but hints it may pause amid bank turmoil
WASHINGTON (AP) — The Federal Reserve reinforced its fight against high inflation Wednesday by raising its key interest rate by a quarter-point to the highest level in 16 years. But the Fed also signaled that it may now pause its streak of 10 rate hikes, which have made borrowing for consumers...
How Washington came to rescue US banks
WASHINGTON (AP) — After the sudden collapse of Silicon Valley Bank, California Democratic Rep. Maxine Waters started furiously working the phones to find out what was going on with the failed lender — and what would happen to its panicked depositors. Waters, former chair of the...
Asian stocks follow Wall St lower ahead of US jobs update
BEIJING (AP) — Asian stock markets followed Wall Street lower Friday ahead of an update on United States employment amid worries about possible further interest rate hikes. Shanghai, Tokyo, Hong Kong and Sydney declined. Oil prices edged lower. Wall Street's...
Powell says 'no decision' on the Fed's next move on rates
WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell stressed Wednesday that the central bank's policymakers have yet to decide how large an interest rate hike to impose at its next meeting in two weeks in its drive to defeat high inflation. “If — and I stress that no...
Asian stocks tumble amid fears about faster rate hikes
TOKYO (AP) — Asian shares were mostly lower Wednesday as investors fretted that the Federal Reserve might raise interest rates faster if pressure stays high on inflation. Japan's benchmark Nikkei 225 edged up 0.2% in morning trading to 28,370.92. Australia's S&P/ASX 200...
