Latest Sung Won Sohn News

California unemployment rate falls to record low of 4%

Oct. 18, 2019 7:50 PM EDT

SAN FRANCISCO (AP) — California's economy kept humming in September, dropping the unemployment rate to a record low 4% statewide and under 2% in San Francisco and some of its neighboring counties, a level that economists once thought impossible. "That is almost unthinkable," said Sung Won Sohn, professor...

With Trump trade war a threat, Fed is set to cut rates again

Sep. 16, 2019 12:38 PM EDT

WASHINGTON (AP) — For a second straight time, the Federal Reserve is set to cut interest rates this week to try to protect the economy from the consequences of a global slowdown and President Donald Trump's trade war with China. After that, no one — not even the Fed itself — seems sure what...

Ex-Fed official says central bank should stop enabling Trump

Aug. 27, 2019 6:52 PM EDT

WASHINGTON (AP) — A former top Federal Reserve official suggested Tuesday that the Fed should avoid responding to the effects of President Donald Trump's trade war with China and even consider how its actions might affect Trump's re-election prospects — an argument that drew an unusual rejection...

The Latest: Fed vice chairman made no time for Trump tweet

Aug. 23, 2019 5:19 PM EDT

WASHINGTON (AP) — The Latest on the gathering of central bankers in Jackson Hole, Wyoming (all times local): 5:15 p.m. Federal Reserve Vice Chairman Richard Clarida says he was too busy at the central bankers' conference in Jackson Hole, Wyoming, to read President Donald Trump's tweets, including the one...

The Latest: Some see signal in Powell speech of rate cuts

Aug. 23, 2019 12:06 PM EDT

WASHINGTON (AP) — The Latest on the gathering of central bankers in Jackson Hole, Wyoming (all times local): 12 noon. Some economists saw Federal Reserve Chairman Jerome Powell's speech in Jackson Hole as setting the stage for further interest rate cuts this year. A quarter-point rate cut reduction in...

The Latest: Analyst still sees likelihood of Fed rate cuts

Aug. 23, 2019 11:02 AM EDT

WASHINGTON (AP) — The Latest on the gathering of central bankers in Jackson Hole, Wyoming (all times local): 10:35 a.m. In the wake of Federal Reserve Chairman Jerome Powell's speech in Jackson Hole, Wyoming, some analysts still foresee the likelihood of further interest rate cuts. "I still think the Fed...

The Latest: Trump attacks Powell Fed after chairman's speech

Aug. 23, 2019 11:01 AM EDT

WASHINGTON (AP) — The Latest on the gathering of central bankers in Jackson Hole, Wyoming (all times local): 11 a.m. Reacting to Federal Reserve Chairman Jerome Powell's speech in Jackson Hole, Wyoming, President Donald Trump, who has relentlessly attacked Powell and the Fed for its rate policies, kept up...

Economic twilight zone: Bonds that charge you for lending

Aug. 21, 2019 4:56 PM EDT

FRANKFURT, Germany (AP) — Imagine lending money to someone and having to pay for the privilege of doing so. Or being asked to invest and informed of how much money you'll lose. Sounds absurd, but increasingly that's the global bond market these days. A rising share of government and corporate bonds are...

Powell may signal future rate cuts, but would they matter?

Aug. 21, 2019 12:22 PM EDT

WASHINGTON (AP) — The economy is slowing, the trade war is raging and the president is repeatedly attacking. Under the glare of a spotlight, Chairman Jerome Powell may signal Friday what the Federal Reserve will do — or can do — to strengthen the economy and restore confidence at a time of...