Latest Jerome Powell News

Biden's burdens grow: Sagging global economy adds to US woes

May. 18, 2022 14:30 PM EDT

WASHINGTON (AP) — As President Joe Biden embarks for Asia on Thursday, he's facing a new risk at home for the economy and his Democratic Party: a global slowdown caused by Russia's invasion of Ukraine and the pandemic shutting down Chinese cities and factories. The world economy...

Asia stocks mixed after Wall St gain, Powell warns on rates

May. 17, 2022 23:33 PM EDT

BEIJING (AP) — Asian stock markets were mixed Wednesday after Wall Street rose and the Federal Reserve's chairman said it will raise interest rates further if needed to cool inflation. Shanghai and Hong Kong declined. Tokyo and Seoul advanced. Oil prices rose to stay above $110 per...

Powell: Fed to keep hiking rates until it controls inflation

May. 17, 2022 16:43 PM EDT

WASHINGTON (AP) — Chair Jerome Powell on Tuesday underscored the Federal Reserve's determination to keep raising interest rates until there is clear evidence inflation is steadily falling — a high-stakes effort that carries the risk of causing an eventual recession. The Fed's...

Retail sales rise 0.9% in April as consumers show resilience

May. 17, 2022 11:13 AM EDT

WASHINGTON (AP) — U.S. retail sales rose 0.9% in April, a solid increase that underscores Americans' ability to keep ramping up spending even as inflation persists at nearly a 40-year high. The increase was driven by greater sales of cars, electronics, and at restaurants, the...

Bitcoin tumbles, a stablecoin plunges in wild week in crypto

May. 13, 2022 17:00 PM EDT

NEW YORK (AP) — It’s been a wild week in crypto, even by crypto standards. Bitcoin tumbled, stablecoins were anything but stable and one of the crypto industry's highest-profile companies lost a third of its market value. Here's a look at some major developments in...

Asian shares bounce back, shrugging off inflation concerns

May. 13, 2022 01:06 AM EDT

Asian shares bounced back Friday from losses earlier in the week, shrugging off data showing U.S. wholesale prices soared 11% in April from a year earlier. The regional rally followed a mixed and muted close on Wall Street. Oil prices and U.S. futures also were higher. ...

Senate confirms Powell for 2nd term as Fed fights inflation

May. 12, 2022 18:23 PM EDT

WASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell's high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the...

Powell: 'Soft' economic landing may be out of Fed's control

May. 12, 2022 18:10 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell, fresh off winning Senate confirmation for a second term earlier in the day, acknowledged for the first time Thursday that high inflation and economic weakness overseas could thwart his efforts to avoid causing a recession. ...

Jerome Powell confirmed by Senate for a second 4-year term as Fed chair, faces tough challenge in taming high inflation

May. 12, 2022 14:40 PM EDT
WASHINGTON (AP) — Jerome Powell confirmed by Senate for a second 4-year term as Fed chair, faces tough challenge in taming high inflation.

US producer prices surge 11% in April as food prices jump

May. 12, 2022 09:01 AM EDT

WASHINGTON (AP) — U.S. producer prices soared 11% in April from a year earlier, a hefty gain that indicates high inflation will remain a burden for consumers and businesses in the months ahead. The Labor Department said Thursday that its producer price index — which measures...