Latest Jerome Powell News

Powell meets a changed economy: Fewer workers, higher prices

Sep. 24, 2021 15:28 PM EDT

WASHINGTON (AP) — Restaurant and hotel owners struggling to fill jobs. Supply-chain delays forcing up prices for small businesses. Unemployed Americans unable to find work even with job openings at a record high. Those and other disruptions to the U.S. economy —...

US long-term mortgage rates up slightly; 30-year at 2.88%

Sep. 23, 2021 14:19 PM EDT

WASHINGTON (AP) — Average long-term mortgage rates rose slightly this week continuing a months-long trend of little movement. They remained under 3%. Mortgage buyer Freddie Mac reported Thursday that the average rate for a 30-year mortgage edged up to 2.88% from 2.86%...

Asian shares, Wall Street hold gains after Fed statement

Sep. 22, 2021 21:54 PM EDT

Asian shares were mostly higher on Thursday after the Federal Reserve signaled it may begin easing its extraordinary support measures for the economy later this year. Shares rose in Hong Kong, Shanghai, Australia and Taiwan but fell in South Korea and Malaysia. U.S....

Biden presses fellow Dems: Resolve party split on $3.5T plan

Sep. 22, 2021 21:27 PM EDT

WASHINGTON (AP) — With a personal push, President Joe Biden pressed fellow Democrats to hasten work on his big “build back better” agenda Wednesday, telling them to come up with a final framework and their best topline budget figure as the party labors to bridge its divisions in...

Under pressure, Powell says Fed to revamp its trading rules

Sep. 22, 2021 19:09 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Wednesday that the central bank will overhaul its financial ethics policies in response to growing questions about investing and trading decisions by high-ranking Fed officials that raise potential conflicts of interest. ...

Fed: On track to slow support for economy later this year

Sep. 22, 2021 18:26 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell signaled Wednesday that the Fed plans to announce as early as November that it will start withdrawing the extraordinary support it unleashed after the coronavirus paralyzed the economy 18 months ago. Powell said...

Fed likely to signal a coming pullback in economic support

Sep. 20, 2021 11:46 AM EDT

WASHINGTON (AP) — The Federal Reserve is expected this week to send its clearest signal yet that it will start reining in its ultra-low-interest rate policies later this year, a first step toward unwinding the extraordinary support it's given the economy since the pandemic struck 18 months...

Fed reviews ethics policies after prolific trading uncovered

Sep. 16, 2021 15:29 PM EDT

WASHINGTON (AP) — The Federal Reserve is reviewing the ethics policies that govern the financial holdings and activities of its senior officials in the wake of recent disclosures that two regional Fed presidents engaged in extensive trading last year. Robert Kaplan,...

US producer prices jump an unprecedented 8.3% in August

Sep. 10, 2021 09:10 AM EDT

WASHINGTON (AP) — Inflation at the wholesale level climbed 8.3% last month from August 2020, the biggest annual gain since the Labor Department started calculating the 12-month number in 2010. The Labor Department reported Friday that its producer price index — which...

Fed survey finds growth 'downshifted' in summer due to COVID

Sep. 08, 2021 15:28 PM EDT

WASHINGTON (AP) — U.S. economic activity “downshifted” in July and August due to rising concerns about COVID's delta variant, as well as supply chain problems and labor shortages, the Federal Reserve’s latest survey of the nation's business conditions revealed. ...