Latest Jerome Powell News

A small victory: Used-car prices slip from dizzy heights

Jul. 21, 2021 13:10 PM EDT

DEARBORN, Mich. (AP) — For months, anyone who wandered onto a dealer lot to look for a used car could be forgiven for doing a double take — and then wandering right off the lot. Prices had rocketed more than 40% from their levels just before the viral pandemic struck,...

Stocks end a wobbly week lower, breaking 3-week win streak

Jul. 16, 2021 17:01 PM EDT

Wall Street ended a milestone-setting week on a down note Friday, as stocks closed lower and the S&P 500 index posted its first weekly loss in four weeks. The benchmark index fell 0.8%, with a good part of its pullback attributable to declines in big technology...

Asian shares track Wall St decline; BOJ policy unchanged

Jul. 16, 2021 00:34 AM EDT

BANGKOK (AP) — Shares were mostly lower in Asia on Friday after Wall Street benchmarks extended losses amid uncertainty over rising coronavirus cases and the risks to pandemic recoveries. Stocks fell in Tokyo, Seoul and Shanghai but rose in Hong Kong. U.S. futures and...

As prices rise at rapid pace, Fed chief seeks patience

Jul. 15, 2021 15:55 PM EDT

WASHINGTON (AP) — For anyone watching with concern as prices surge for everything from food and gas to airplane tickets and clothes, the message from Federal Reserve Chair Jerome Powell over two days of congressional hearings this week was straightforward: Just give it more time and those...

US 30-year mortgage rate falls for 3rd week to average 2.88%

Jul. 15, 2021 13:50 PM EDT

WASHINGTON (AP) — Mortgage rates were mixed this week. The benchmark 30-year loan fell for the third straight week amid lingering concerns over the recent surge in inflation. Mortgage buyer Freddie Mac reported Thursday that the average for the 30-year home loan eased...

Asian shares trading mixed as China reports growth slowed

Jul. 14, 2021 23:11 PM EDT

TOKYO (AP) — Asian shares were mixed Thursday, taking their cue from a wobbly day of trading on Wall Street. China reported its economy expanded at a 7.9% annual rate in the last quarter, down from 18.3% in January-March. But that reflected a...

Fed survey: US economy strong but hindered by bottlenecks

Jul. 14, 2021 16:59 PM EDT

WASHINGTON (AP) — The Federal Reserve's latest nationwide business survey found that the economy strengthened further in late May and early June, despite supply-chain bottlenecks that led to price hikes. The Fed said Wednesday that seven of its 12 regional bank...

How major US stock indexes fared Wednesday

Jul. 14, 2021 16:30 PM EDT

Stocks ended a wobbly day on Wall Street with mixed results Wednesday as investors weighed the latest corporate earning reports and the Federal Reserve chair’s comments on inflation. Technology companies made broad gains, while banks were mostly weaker after several of...

Powell says inflation, though elevated, will likely moderate

Jul. 14, 2021 16:13 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Wednesday that inflation, which has been surging as the recovery strengthens, “will likely remain elevated in coming months" before “moderating." At the same time, in testimony to the House Financial...

Wholesale inflation over past year jumps by record amount

Jul. 14, 2021 09:28 AM EDT

WASHINGTON (AP) — Inflation at the wholesale level jumped 1% in June, pushing price gains over the past 12 months up by a record 7.3%. The Labor Department reported Wednesday that the June increase in its producer price index, which measures inflation pressures before...