Latest Jerome Powell News

FILE - In this March 10, 2020, file photo, traders Steven Kaplan, left, and Gregory Rowe react at the closing on the floor of the New York Stock Exchange. Wall Street is opening slightly higher, Tuesday, Sept. 22, 2020, as markets recover from steep losses Monday. (AP Photo/Richard Drew, File)

Wall Street steadies itself after 4-day losing streak

Sep. 22, 2020 10:46 AM EDT

NEW YORK (AP) — Stocks are drifting higher on Wall Street Tuesday, steadying themselves a day after tumbling amid a raft of worries about the pandemic and governments’ response to it. The S&P 500 was 0.5% higher on the heels of its first four-day losing streak since the market was selling off...

FILE - In this June 30, 2020, file photo Federal Reserve Board Chairman Jerome Powell, reflected in the sneeze guard set up between himself and members of the House Committee on Financial Services, speaks during a hearing on oversight of the Treasury Department and Federal Reserve pandemic response on Capitol Hill in Washington.  The Federal Reserve adjusted its inflation target to seek price increases above 2% annually, a move that will likely keep interest rates low for years to come.  The Fed on Wednesday, Sept. 16,  also left its benchmark short-term rate unchanged at nearly zero, where it has been since the pandemic intensified in March.  (Bill O'Leary/The Washington Post via AP, Pool)

Powell: Many small companies can borrow without Main Street

Sep. 21, 2020 5:40 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell says that many mid-size U.S. businesses are now able to borrow from banks, suggesting that the need for a Fed lending program that was designed to serve struggling medium-size companies has waned. In remarks prepared for delivery Tuesday to the House...

FILE - In this Jan. 3, 2020 file photo, the Wall St. street sign is framed by American flags flying outside the New York Stock Exchange in New York.  Stocks are falling early on Wall Street Thursday, Sept. 17,  as the late selling from the previous day carries over.  (AP Photo/Mary Altaffer, File)

Soaring wealth during pandemic highlights rising inequality

Sep. 21, 2020 2:56 PM EDT

WASHINGTON (AP) — Americans' household wealth rebounded last quarter to a record high as the stock market quickly recovered from a pandemic-induced plunge in March. Yet the gains flowed mainly to the most affluent households even as tens of millions of people endured job losses and shrunken incomes. The...

FILE - Marble sculptures occupy the pediment above the New York Stock Exchange signage, Tuesday Aug. 25, 2020, in New York.  Stocks are drifting in mixed trading on Wall Street Friday, Sept. 18, as another zig-zag week for markets closes out following their abrupt loss of momentum this month.(AP Photo/Bebeto Matthews, File)

US stocks fall as market decline extends for third week

Sep. 18, 2020 5:30 PM EDT

Wall Street capped another turbulent week of trading Friday with a broad slide in stocks that left the S&P 500 with its third-straight weekly loss. The S&P 500 fell 1.1%, led once again by a sell-off in technology companies, with Apple, Amazon and Alphabet weighing particularly on the market. Technology...

FILE - In this Jan. 3, 2020 file photo, the Wall St. street sign is framed by American flags flying outside the New York Stock Exchange in New York.  Stocks are falling early on Wall Street Thursday, Sept. 17,  as the late selling from the previous day carries over.  (AP Photo/Mary Altaffer, File)

Asia slightly higher despite Wall Street slump, virus fears

Sep. 17, 2020 11:33 PM EDT

TOKYO (AP) — Asian shares were slightly higher Friday despite some investor attention shifting again to the uncertainties in global economies amid the coronavirus pandemic, as reflected in the overnight fall on Wall Street. Japan's benchmark Nikkei 225 was little changed but inched up less than 0.1% in...

Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 17, 2020. Asian stock markets declined Thursday after the U.S. Federal Reserve indicated its benchmark interest rate will stay close to zero at least through 2023 but announced no additional stimulus plans. (AP Photo/Ahn Young-joon)

Asian stocks retreat on lack of new Fed action

Sep. 16, 2020 11:28 PM EDT

Asian stock markets declined Thursday after the U.S. Federal Reserve indicated its benchmark interest rate will stay close to zero at least through 2023 but announced no additional stimulus plans. Market benchmarks in Shanghai, Tokyo, Seoul and Hong Kong all retreated. Wall Street's benchmark S&P 500 index...

FILE - In this June 30, 2020, file photo Federal Reserve Board Chairman Jerome Powell, reflected in the sneeze guard set up between himself and members of the House Committee on Financial Services, speaks during a hearing on oversight of the Treasury Department and Federal Reserve pandemic response on Capitol Hill in Washington.  The Federal Reserve adjusted its inflation target to seek price increases above 2% annually, a move that will likely keep interest rates low for years to come.  The Fed on Wednesday, Sept. 16,  also left its benchmark short-term rate unchanged at nearly zero, where it has been since the pandemic intensified in March.  (Bill O'Leary/The Washington Post via AP, Pool)

Fed sees rates near zero through 2023, perhaps longer

Sep. 16, 2020 6:55 PM EDT

WASHINGTON (AP) — With the economy still struggling to recover from the pandemic recession, Federal Reserve policymakers signaled Wednesday that their benchmark short-term interest rate will likely remain at zero at least through 2023 and possibly even longer. Fed chair Jerome Powell said at a press...

Top GOP senator says Fed nominee Judy Shelton short on votes

Sep. 15, 2020 6:20 PM EDT

WASHINGTON (AP) — A top Senate Republican on Tuesday said conservative economist Judy Shelton does not have the votes to be confirmed to one of two vacancies on the Federal Reserve board. Sen. John Thune of South Dakota, who holds the No. 2 spot in the Senate Republican leadership, said Shelton's...

FILE - In this Jan. 30, 2019, file photo, Federal Reserve Chairman Jerome Powell waits for a question from a reporter at a news conference in Washington. Federal Reserve policymakers will meet for two days beginning Tuesday, Sept. 15, 2020, for the first time since they significantly revised the Fed’s operating framework in ways that will likely keep short-term interest rates near zero for years to come. (AP Photo/Alex Brandon, File)

Federal Reserve to meet after sharp changes to its outlook

Sep. 15, 2020 6:54 AM EDT

WASHINGTON (AP) — Federal Reserve policymakers will meet this week for the first time since they significantly revised the Fed's operating framework in ways that will likely keep short-term interest rates near zero for years to come. As a result, analysts expect the Fed will keep its benchmark rate...

A banner for Utz Brands, which is listed at the New York Stock Exchange, hangs on the exterior of the building, Monday, Aug. 31, 2020, in New York. The Hanover, Pa. based company is known for its potato chips and snack foods. (AP Photo/Mark Lennihan)

Asian shares edge lower following Wall St retreat

Sep. 1, 2020 12:38 AM EDT

TOKYO (AP) — Major Asian share indexes edged lower Tuesday in mostly muted trading after a retreat overnight on Wall Street. Australia’s benchmark led the decline, falling more than 2% Tuesday ahead of a Reserve Bank of Australia decision that is expected to keep interest rates unchanged. Newly...