Latest Jerome Powell News

US mortgage rates fall for 4th week; 30-year dips to 2.94%

May. 13, 2021 17:41 PM EDT

WASHINGTON (AP) — Mortgage rates declined this week, marking their fourth consecutive week below 3% and further evidence of the strength in the economy’s recovery from the pandemic recession. Mortgage buyer Freddie Mac reported Thursday that the average for the...

Big 0.6% April wholesale price jump catches many off guard

May. 13, 2021 11:03 AM EDT

WASHINGTON (AP) — Wholesale prices, driven by escalating costs for services and food, jumped 0.6% in April, surprising economists and providing more evidence that inflation pressures are starting to mount with the country emerging from a recession brought on by the pandemic. ...

Consumer prices shot up 0.8% in April as worries escalate

May. 12, 2021 18:35 PM EDT

WASHINGTON (AP) — A worrisome bout of inflation struck the U.S. economy in April, with consumer prices for goods and services surging 0.8% — the largest monthly jump in more than a decade — and the year-over-year increase reaching its fastest rate since 2008. The...

EXPLAINER: Why are fears of high inflation getting worse?

May. 12, 2021 12:14 PM EDT

WASHINGTON (AP) — Gas prices are rising. Auto prices are soaring. Consumer goods companies are charging more for household basics like toilet paper, peanut butter and soft drinks. All of which is resurrecting fears of an economic threat that has all but disappeared over...

US job growth slows sharply in sign of hiring struggles

May. 07, 2021 17:36 PM EDT

WASHINGTON (AP) — The recovery of America’s job market hit a pause last month as many businesses — from restaurants and hotels to factories and construction companies — struggled to find enough workers to catch up with a rapidly strengthening economic rebound. ...

US average mortgage rates down slightly; 30-year at 2.96%

May. 06, 2021 13:54 PM EDT

WASHINGTON (AP) — Mortgage rates fell slightly this week, marking their third straight week below 3% amid signs of the recovering economy’s strength. Mortgage buyer Freddie Mac reported Thursday that the average for the benchmark 30-year home-loan rate eased to 2.96%...

Asia markets mixed after Wall St decline

May. 05, 2021 00:25 AM EDT

BEIJING (AP) — Major Asian stock markets advanced Wednesday after Wall Street fell, while Chinese and Japanese markets were closed for holidays. Overnight, Wall Street's benchmark S&P 500 index lost 0.7%, dragged down by more declines for tech stocks including Apple...

Yellen clarifies she is not predicting Fed rate increases

May. 04, 2021 18:44 PM EDT

WASHINGTON (AP) — Treasury Secretary Janet Yellen said Tuesday that she is not predicting when the Federal Reserve may need to start raising interest rates. She was seeking to clarify her earlier remarks that rattled financial markets. Yellen...

Asian shares mixed after strong earnings, data lift Wall St

May. 03, 2021 23:30 PM EDT

Asian shares were mixed after strong corporate earnings and economic data lifted stocks on Wall Street. Hong Kong and Sydney advanced while Seoul declined. Tokyo and Shanghai were closed for holidays. On Monday, a strong dose of positive earnings...

How major US stock indexes fared Monday

May. 03, 2021 16:26 PM EDT

Stocks are closing solidly higher Monday as investors cheer a strong dose of positive earnings reports as well as economic data that showed the U.S. economy is growing. Shares of clothing retailer Gap Inc. and flooring manufacturer Mohawk Industries both gained more than...