Latest Jerome Powell News

EXPLAINER: How do we know when a recession has begun?

Aug. 05, 2022 14:54 PM EDT

WASHINGTON (AP) — Whether the U.S. economy is heading for a recession got more difficult to answer Friday, when a report showed employers hired hundreds of thousands more workers last month than expected. The stunning strength made clear that a linchpin of the economy remains...

Employment market shows signs of cooling amid rate hikes

Aug. 04, 2022 10:06 AM EDT

NEW YORK (AP) — The employment market appears to have lost some of its sizzle, a development that could influence Federal Reserve policy and further raise concerns about an economic recession among investors. Job openings have been edging lower since April as rising inflation...

Ex-Fed economist Bill Nelson on Federal Reserve strategy

Aug. 01, 2022 09:02 AM EDT

WASHINGTON (AP) — Bill Nelson has experienced the workings of the Federal Reserve from both sides of the street. Nelson is the chief economist of the Bank Policy Institute, a trade group for U.S. banks. Earlier in his career, he served as an economist at the Federal Reserve and...

Inflation and wage data suggest US prices will keep climbing

Jul. 29, 2022 11:19 AM EDT

WASHINGTON (AP) — Inflation surged in June and workers' average wages accelerated in the spring — signs that Americans won't likely feel any relief from rising prices anytime soon and that the Federal Reserve will feel compelled to further raise borrowing costs. An inflation...

Inflation hits record 8.9% in euro area, but economy grows

Jul. 29, 2022 08:55 AM EDT

LONDON (AP) — Inflation in the European countries using the euro currency shot up to another record in July, pushed by higher energy prices fueled by Russia's war in Ukraine, but the economy managed better-than-expected, if meager, growth in the second quarter. Annual inflation in...

US economy shrinks for a 2nd quarter, raising recession fear

Jul. 28, 2022 15:05 PM EDT

WASHINGTON (AP) — The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession. The decline that the Commerce Department reported Thursday in the gross domestic...

EXPLAINER: How do we know when a recession has begun?

Jul. 28, 2022 12:35 PM EDT

WASHINGTON (AP) — The U.S. economy has contracted for two straight quarters, intensifying fears that the nation is on the cusp of a recession — if not already in one — barely two years after the pandemic recession officially ended. Six months of contraction is a long-held...

US not yet in recession and 4 other takeaways from the Fed

Jul. 28, 2022 07:12 AM EDT

WASHINGTON (AP) — Jerome Powell delivered a tough message at the start of a news conference Wednesday: Inflation is way too high, and the Federal Reserve is laser-focused on taming it with higher borrowing costs. Yet despite his resolute words, the Fed chair also said for the...

Asian shares, oil prices mostly higher after Fed rate hike

Jul. 28, 2022 01:09 AM EDT

BANGKOK (AP) — Shares were mostly higher in Asia on Thursday after the Federal Reserve ratcheted up its campaign against surging inflation by raising its key interest rate three-quarters of a point. Hong Kong's benchmark Hang Seng index slipped 0.6% to 20,554.09 after the...

Fed unleashes another big rate hike in bid to curb inflation

Jul. 27, 2022 19:34 PM EDT

WASHINGTON (AP) — The Federal Reserve on Wednesday raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in more than three decades to tame high inflation. The Fed’s move will raise its key rate, which...