Latest Jerome Powell News

AP FACT CHECK: Trump goes after Omar at rally

Jul. 17, 2019 9:06 PM EDT

WASHINGTON (AP) — President Donald Trump on Wednesday misrepresented words from Rep. Ilhan Omar to make her sound like an al-Qaida sympathizer and exaggerated the performance of the economy under his watch. A look at claims from his rally in North Carolina: OMAR TRUMP quotes Omar as saying: "You don't say...

Dems pan 'Zuck buck,' want Facebook to rein in currency plan

Jul. 17, 2019 5:06 PM EDT

WASHINGTON (AP) — Facebook endured a second day of criticism from Congress over its plan to create a digital currency as senior House Democrats asked Facebook to scale back the project and threatened legislation that would block big tech companies from getting into banking. Facebook's massive market power...

Fed survey finds widespread concerns over trade

Jul. 17, 2019 2:29 PM EDT

WASHINGTON (AP) — The Federal Reserve's latest nationwide survey released Wednesday reveals that despite growing worries about the impact of President Donald Trump's trade battles, the overall economy remained solid. The Fed said that many of its 12 regions saw slight gains in retail sales and home sales....

Facebook's currency plan gets hostile reception in Congress

Jul. 16, 2019 6:12 PM EDT

WASHINGTON (AP) — Under sharp criticism from senators, a Facebook executive on Tuesday defended the social network's ambitious plan to create a digital currency and pledged to work with regulators to achieve a system that protects the privacy of users' data. "We know we need to take the time to get this...

Wells Fargo 2Q results beat Street estimates

Jul. 16, 2019 5:20 PM EDT

WASHINGTON (AP) — Wells Fargo reported better-than-expected earnings despite lower interest income in the second quarter, a potential concern for investors with a Fed interest rate cut likely on the horizon. Shares in the consumer banking giant slid 3%. Wells Fargo & Co., still under growth...

Powell says financial crisis accelerated economic changes

Jul. 16, 2019 2:54 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Tuesday that the 2008 financial crisis accelerated major changes in the U.S. and global economies, leading to slower growth, lower inflation and lower interest rates. Delivering remarks to a Paris economic conference, Powell said that since the...

Treasury chief: Facebook currency plan ripe for illicit use

Jul. 15, 2019 6:24 PM EDT

WASHINGTON (AP) — The Trump administration came out strongly Monday against Facebook's ambitious plan to create a new digital currency, as the Treasury chief warned it could be used for illicit activity such as money laundering, human trafficking and financing terrorism. Treasury Secretary Steven Mnuchin...

Stocks climb to records on hopes for lower interest rates

Jul. 12, 2019 4:30 PM EDT

NEW YORK (AP) — The major U.S. stock indexes closed at record highs on Friday, with the S&P 500 ending above 3,000 for the first time. The market was driven higher by technology, consumer discretionary and industrial company stocks, which more than offset the drop in drugmakers. Investors continued to...

US producer prices rise a modest 0.1% in June

Jul. 12, 2019 8:41 AM EDT

WASHINGTON (AP) — U.S. producer prices rose modestly in June, another sign that inflationary pressures remain subdued. The Labor Department said Friday that its producer price index, which measures inflation before it reaches consumers, rose 0.1% last month, same as the increase in May. Wholesale prices...

World shares mostly higher after Wall St sets new records

Jul. 12, 2019 6:58 AM EDT

BANGKOK (AP) — World shares were mostly higher on Friday after Wall Street ended overnight with the Dow Jones Industrial Average closing above 27,000 for the first time. Germany's DAX edged 5.68 points higher to 12,337.80 while the CAC 40 in France surged 0.6% to 5,585.27. Britain's FTSE climbed 0.3% to...