Latest Jerome Powell News

Leading finance officials acknowledge global slowdown

Apr. 12, 2019 3:58 PM EDT

WASHINGTON (AP) — Finance officials from the world's major powers acknowledged Friday that the global economy is in a slowdown, but they forecast that growth will pick up by the second half of this year, thanks to interest-rate policies from the Federal Reserve and other central banks. Officials of the...

McConnell won't say if Senate would back Herman Cain for Fed

Apr. 12, 2019 7:15 AM EDT

WASHINGTON (AP) — Senate Majority Leader Mitch McConnell is declining to say whether he thinks his chamber would confirm Herman Cain to join the Federal Reserve board, casting doubt on the former Republican presidential candidate's prospects should President Donald Trump advance him for the post. Asked...

McConnell won't say if Senate would back Herman Cain for Fed

Apr. 12, 2019 12:12 AM EDT

WASHINGTON (AP) — Senate Majority Leader Mitch McConnell declined to say Thursday whether he thinks his chamber would confirm Herman Cain to join the Federal Reserve board, casting doubt on the former Republican presidential candidate's prospects should President Donald Trump advance him for the post....

Top IMF official warns global economy facing various threats

Apr. 11, 2019 1:23 PM EDT

WASHINGTON (AP) — The head of the 189-nation International Monetary Fund said Thursday the world is facing a time of high uncertainty with 70% of the global economy caught in a growth slowdown that could be worsened by self-inflicted wounds such as unnecessary trade battles. IMF Managing Director Christine...

Most Fed officials see rates staying on hold for all of 2019

Apr. 10, 2019 4:58 PM EDT

WASHINGTON (AP) — A majority of Federal Reserve officials last month believed that economic conditions would likely warrant keeping the Fed's benchmark policy unchanged for the rest of this year. Several officials said their view could shift in either direction based on incoming data, according to minutes...

Trump: It's up to Cain to move ahead with Fed nomination

Apr. 10, 2019 12:24 PM EDT

WASHINGTON (AP) — President Donald Trump said Wednesday that former GOP presidential candidate Herman Cain is a "wonderful man," but it will be up to him to decide whether to go forward with a nomination to the Federal Reserve's seven-member board. Asked by reporters if the nomination was safe, Trump said...

Trump choice of Herman Cain for Fed board could face hurdles

Apr. 4, 2019 6:38 PM EDT

WASHINGTON (AP) — President Donald Trump said Thursday that he intends to nominate Herman Cain, a conservative political ally and former presidential candidate, for a seat on the Federal Reserve board. "I've told my folks that's the man," Trump told reporters in the Oval Office, adding that Cain is...

US mortgage rates move little after big drop; 30-year 4.08%

Apr. 4, 2019 1:05 PM EDT

WASHINGTON (AP) — U.S. long-term mortgage rates moved little this week after the key 30-year loan rate marked its steepest weekly drop in a decade the week before. Mortgage buyer Freddie Mac said Thursday the average rate on the 30-year, fixed-rate mortgage ticked up to 4.08% from 4.06% — which had...

Trump adviser: White House 'fully behind' Moore for Fed

Apr. 3, 2019 6:36 PM EDT

WASHINGTON (AP) — President Donald Trump is "fully behind" Stephen Moore, his choice to help lead the Federal Reserve, despite unflattering details that have come to light about Moore's personal life, a top White House official said Wednesday while also complaining about Washington's "toxic" environment....

1Q Market Review: Great returns, but with a twist at the end

Mar. 30, 2019 9:02 AM EDT

NEW YORK (AP) — It's been a fabulous start to the year for investors — as long as you ignore all those simmering worries about a possible recession. The S&P 500 on Friday closed out its best quarter in nearly a decade, having jumped 13.1 percent through the first three months of 2019, and many...