Latest Jerome Powell News
Fed's Powell: Elevated inflation will likely delay rate cuts this year
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...
Powell: Fed still sees rate cuts this year; election timing won't affect decision
WASHINGTON (AP) — Federal Reserve officials will likely reduce their benchmark interest rate later this year, Chair Jerome Powell said Wednesday, despite recent reports showing that the U.S. economy is still strong and that U.S. inflation picked up in January and February. “The...
Federal Reserve still foresees 3 interest rate cuts this year despite bump in inflation
WASHINGTON (AP) — Federal Reserve officials signaled Wednesday that they still expect to cut their key interest rate three times in 2024, fueling a rally on Wall Street, despite signs that inflation remained elevated at the start of the year. For now, the officials kept their...
Federal Reserve is likely to preach patience as consumers and markets look ahead to rate cuts
WASHINGTON (AP) — Across the United States, many people are eagerly anticipating the Federal Reserve's first cut to its benchmark interest rate this year: Prospective home buyers hope for lower mortgage rates. Wall Street traders envision higher stock prices. Consumers are looking for a break on...
How major US stock indexes fared Wednesday, 3/6/2024
Stocks recovered some of their losses from the day before, which was Wall Street’s worst in three weeks. The S&P 500 rose 0.5% Wednesday. The Dow added 0.2%, and the Nasdaq climbed 0.6%. Treasury yields edged lower after Federal Reserve Chair Jerome Powell said...
CBO projects a $188 billion decrease in this year's federal budget deficit, but debt would then grow
WASHINGTON (AP) — The Congressional Budget Office said Wednesday that it expects the federal budget deficit to drop by $188 billion this fiscal year to $1.5 trillion, a short-lived dip as the annual shortfall is likely to rise over the next nine years. Two major factors are behind...
Powell: Federal Reserve on track to cut rates this year with inflation slowing and economy healthy
WASHINGTON (AP) — Chair Jerome Powell said in an interview broadcast Sunday night that the Federal Reserve remains on track to cut interest rates three times this year, a move that's expected to begin as early as May. Powell, in an interview recorded Thursday for the CBS news...
Powell: Federal Reserve is on track to cut rates, though not likely for months
WASHINGTON (AP) — Interest rate cuts are coming. Just not yet. The Federal Reserve delivered that message Wednesday, first in a policy statement and then in a news conference at which Chair Jerome Powell reinforced it. The Fed did signal that it’s nearing a...
