Latest Jerome Powell News

Fed's Powell highlights slowing job market in signal that rate cuts may be nearing

Jul. 09, 2024 12:40 PM EDT

WASHINGTON (AP) — The Federal Reserve faces a cooling job market as well as persistently high prices, Chair Jerome Powell said in testimony Tuesday to Congress, a shift in emphasis away from the Fed's single-minded fight against inflation of the past two years that suggests it is moving closer to...

Federal Reserve highlights its political independence as presidential campaign heats up

Jul. 05, 2024 13:09 PM EDT

WASHINGTON (AP) — The Federal Reserve is highlighting the importance of its political independence at a time when Donald Trump, who frequently attacked the Fed's policymaking in the past, edges closer to formally becoming the Republican nominee for president. On Friday, the Fed...

Fed Chair Jerome Powell: US inflation is cooling again, though it isn't yet time to cut rates

Jul. 02, 2024 12:45 PM EDT

WASHINGTON (AP) — Inflation in the United States is slowing again after higher readings earlier this year, Federal Reserve Chair Jerome Powell said Tuesday, while adding that more such evidence would be needed before the Fed would cut interest rates. After some persistently high...

Federal Reserve sees some progress on inflation but envisions just one rate cut this year

Jun. 12, 2024 17:40 PM EDT

WASHINGTON (AP) — Federal Reserve officials said Wednesday that inflation has fallen further toward their target level in recent months but signaled that they expect to cut their benchmark interest rate just once this year. The policymakers' forecast for one rate cut was down from...

US inflation cooled in May in a sign that price pressures may be easing

Jun. 12, 2024 15:56 PM EDT

WASHINGTON (AP) — Inflation in the United States eased in May for a second straight month, a hopeful sign that an acceleration of prices that occurred early this year may have passed. The trend, if it holds, could move the Federal Reserve closer to cutting its benchmark interest rate from its...

Inflation data this week could help determine Fed's timetable for rate cuts

Jun. 10, 2024 13:04 PM EDT

WASHINGTON (AP) — After Federal Reserve officials meet this week, a statement they will issue may suggest that they’ve seen meaningful progress on inflation this year — a prelude to eventual interest rate cuts. Yet it's hard to say, because the officials themselves may not...

An inflation gauge closely tracked by Federal Reserve rises at slowest pace this year

May. 31, 2024 10:39 AM EDT

WASHINGTON (AP) — A price gauge closely tracked by the Federal Reserve cooled slightly last month, a sign that inflation may be easing after running high in the first three months of this year. Friday’s report from the Commerce Department showed that an index that excludes...

Fed's Powell downplays potential for a rate hike despite higher price pressures

May. 14, 2024 12:33 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Tuesday that the central bank is unlikely to raise its key interest rate in response to signs of stubborn inflation and underscored his view that price increases would soon start to cool again. Yet Powell, during a panel...

Fed's preferred inflation gauge shows price pressures stayed elevated last month

Apr. 26, 2024 15:26 PM EDT

WASHINGTON (AP) — A measure of inflation closely tracked by the Federal Reserve remained uncomfortably high in March, likely reinforcing the Fed's reluctance to cut interest rates anytime soon and underscoring a burden for President Joe Biden's re-election bid. Friday's report...

Fed's Powell: Elevated inflation will likely delay rate cuts this year

Apr. 16, 2024 15:39 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell cautioned Tuesday that persistently elevated inflation will likely delay any Fed interest rate cuts until later this year, opening the door to a period of higher-for-longer rates. “Recent data have clearly not given us...