Latest Jerome Powell News

Why many Americans aren't benefiting from robust US economy

Jun. 16, 2018 9:53 AM EDT

WASHINGTON (AP) — "The economy," Federal Reserve Chairman Jerome Powell declared this week, "is doing very well." And it is. Steady hiring has shrunk unemployment to 3.8 percent — the lowest since the 1960's. Consumers are spending. Taxes are down. Inflation is tame. Factories are busy. Demand for...

Why many Americans aren't benefiting from robust US economy

Jun. 15, 2018 12:04 PM EDT

WASHINGTON (AP) — "The economy," Federal Reserve Chairman Jerome Powell declared this week, "is doing very well." And it is. Steady hiring has shrunk unemployment to 3.8 percent — the lowest since the 1960's. Consumers are spending. Taxes are down. Inflation is tame. Factories are busy. Demand for...

Fed sets limits on biggest banks' loans to each other

Jun. 14, 2018 4:18 PM EDT

WASHINGTON (AP) — The Federal Reserve has set limits aimed at addressing one of the leading causes of the 2008 financial crisis — the buildup of loans extended by one bank to another among the biggest Wall Street institutions. At a meeting Thursday, the Fed governors adopted a new rule that caps a...

US retail sales boom in May, but inflation is lurking

Jun. 14, 2018 10:13 AM EDT

WASHINGTON (AP) — U.S. retail sales rose by the most in six months in May, a sign that confident consumers are leading a strong economic rebound after a slow start to the year. Yet with high gas prices and inflation eating away at income gains made by workers, Americans may not be able to maintain this...

Global stocks sink after Fed hike signal, eyes turn to ECB

Jun. 14, 2018 7:16 AM EDT

SEOUL, South Korea (AP) — Global stocks slumped Thursday after the U.S. Federal Reserve raised its key interest rate and said it would pick up the pace of future increases. Eyes are now on the European Central Bank, which is discussing Thursday when it might end its stimulus program. KEEPING SCORE:...

Weak pay growth puzzles Fed chief, just like everyone else

Jun. 14, 2018 1:56 AM EDT

WASHINGTON (AP) — Halfway through a news conference Wednesday, the head of the world's most powerful central bank was asked a question weighing on the minds — and the checking accounts — of Americans everywhere: When will people finally start getting meaningful pay raises? Jerome Powell, the...

Asian stocks slump after Fed signals faster rate hikes

Jun. 14, 2018 12:28 AM EDT

SEOUL, South Korea (AP) — Asian stocks slumped Thursday after the U.S. Federal Reserve raised its key interest rate and said it would pick up the pace of future increases. South Korea's market benchmark tumbled 1.6 percent on the first trading day after a meeting of U.S. and North Korean leaders. KEEPING...

Fed raises key rate and sees possible acceleration in hikes

Jun. 13, 2018 5:14 PM EDT

WASHINGTON (AP) — The Federal Reserve took note of a resilient U.S. economy Wednesday by raising its benchmark interest rate for the second time this year and signaling that it may step up its pace of rate increases. The Fed now foresees four rate hikes this year, up from the three it had previously...

The Latest: Fed uncertain on banking for marijuana firms

Jun. 13, 2018 3:26 PM EDT

WASHINGTON (AP) — The Latest on the Federal Reserve policy meeting (all times local): 3:20 p.m. Federal Reserve Chair Jerome Powell says the U.S. central bank has not resolved how financial institutions should deal with marijuana businesses. Marijuana usage is permitted in some states, but not by federal...

Anticipation surrounds Fed's rate forecasts after next hike

Jun. 13, 2018 12:16 AM EDT

WASHINGTON (AP) — The Federal Reserve is set Wednesday to modestly raise its key short-term interest rate for the second time this year. But attention will be focused mainly on any hints that the Fed might accelerate its rate hikes in the coming months. Some economists think the Fed will signal that it...