Latest Jerome Powell News

Wall Street balks as Fed signals party's ending, but is it?

Dec. 02, 2021 13:23 PM EST

NEW YORK (AP) — The Federal Reserve's job, its longest-serving chairman once said, is to “take away the punch bowl just as the party gets going,” and that's exactly the message Wall Street took from comments by current Chair Jerome Powell this week. Stock prices...

US long-term mortgage rates relatively flat this week

Dec. 02, 2021 10:19 AM EST

SILVER SPRING, Md. (AP) — The average interest rate for long-term mortgages in the U.S. remained flat this week, following the Federal Reserve suggesting that it would start tightening credit by raising its benchmark rate. Mortgage buyer Freddie Mac reported Thursday...

Asian markets mixed after Wall St decline, virus unease

Dec. 01, 2021 23:38 PM EST

BEIJING (AP) — Asian stock markets were mixed Thursday after a turbulent day on Wall Street as traders tried to forecast the impact of the coronavirus's omicron variant. Shanghai and Tokyo fell while Hong Kong and Seoul advanced. Wall Street's...

Asian markets mixed after Wall St decline, virus unease

Dec. 01, 2021 23:25 PM EST

BEIJING (AP) — Asian stock markets were mixed Thursday after a turbulent day on Wall Street as traders tried to forecast the impact of the coronavirus's omicron variant. Shanghai and Tokyo fell while Hong Kong and Seoul advanced. Wall Street's...

Fed survey finds supply-chain shortages boosting inflation

Dec. 01, 2021 17:18 PM EST

WASHINGTON (AP) — Many parts of the country were hit by supply chain disruptions and labor shortages in November, the Federal Reserve reported Wednesday. In a survey of business conditions around the country, the Fed's 12 regional banks found that the economy continued...

Powell: Fed 'not at all sure' inflation will fade next year

Dec. 01, 2021 14:05 PM EST

WASHINGTON (AP) — In a fresh sign of his growing concerns about inflation, Chair Jerome Powell said Wednesday that the Federal Reserve can't be sure that price increases will slow in the second half of next year as many economists expect. Powell told the House Financial...

Asian shares mixed after omicron worries rattle Wall Street

Nov. 30, 2021 22:56 PM EST

TOKYO (AP) — Asian shares were mixed Wednesday amid nervous trading due to worries over the newest coronavirus variant. Japan's benchmark Nikkei 225 was up 0.8% in morning trading to 28,062.99, after gyrating earlier in the session. South Korea's Kospi jumped 1.1% to...

Live updates: Obama, Fauci encourage vaccinations at clinic

Nov. 30, 2021 19:10 PM EST

WASHINGTON — Former President Barack Obama and Dr. Anthony Fauci, the nation’s top infectious disease expert, visited a children’s vaccination clinic in Washington Tuesday to encourage kids to get a COVID-19 shot. Speaking to kids and parents at Kimball Elementary...

How major US stock indexes fared Tuesday

Nov. 30, 2021 16:51 PM EST

Wall Street’s losses deepened on Tuesday after the head of the Federal Reserve said it will consider shutting off its support for financial markets sooner than expected. Major indexes started the day lower amid amid worries that the omicron variant would hit the global...

Powell's warning: Fed to tighten credit faster than expected

Nov. 30, 2021 16:32 PM EST

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell took a sharp and unexpected turn Tuesday toward tightening credit for consumers and businesses in the face of mounting concerns about high inflation. Powell signaled that the Fed will likely act more quickly to phase...