Latest Jerome Powell News

Yellen warns delay in raising debt limit will slow economy

Sep. 28, 2021 15:41 PM EDT

WASHINGTON (AP) — Treasury Secretary Janet Yellen sounded an urgent call Tuesday for Congress to raise the government's borrowing limit, a day after Senate Republicans blocked consideration of a bill that would have done so. If the debt limit isn’t raised by Oct....

US consumer confidence slides for third consecutive month

Sep. 28, 2021 10:32 AM EDT

SILVER SPRING, Md. (AP) — U.S. consumer confidence declined for the third straight month in September as the rapidly-spreading delta variant of the coronavirus extends the life of a global pandemic. The Conference Board reported Tuesday that its consumer confidence...

2 top Fed officials retire in wake of trading disclosures

Sep. 27, 2021 19:29 PM EDT

WASHINGTON (AP) — In a rare moment of ethical controversy for the Federal Reserve, two top officials resigned Monday in the wake of revelations about their financial trading that exposed potential shortcomings in the Fed's rules on investments. Eric Rosengren, the...

Powell says spike in inflation lasting longer than expected

Sep. 27, 2021 19:03 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell is preparing to tell Congress that the current spike in U.S. inflation has proven to be larger and more long-lasting than expected. But, in remarks prepared for delivery Tuesday, he says that if inflation does...

Boston Fed's Rosengren to retire early citing health

Sep. 27, 2021 11:28 AM EDT

WASHINGTON (AP) — Boston Federal Reserve President Eric Rosengren said Monday that he will retire this week and disclosed that he has qualified for a kidney transplant. Rosengren's announcement comes after investments by him and other Fed officials last year raised...

Powell meets a changed economy: Fewer workers, higher prices

Sep. 24, 2021 16:21 PM EDT

WASHINGTON (AP) — Restaurant and hotel owners struggling to fill jobs. Supply-chain delays forcing up prices for small businesses. Unemployed Americans unable to find work even with job openings at a record high. Those and other disruptions to the U.S. economy —...

US long-term mortgage rates up slightly; 30-year at 2.88%

Sep. 23, 2021 14:19 PM EDT

WASHINGTON (AP) — Average long-term mortgage rates rose slightly this week continuing a months-long trend of little movement. They remained under 3%. Mortgage buyer Freddie Mac reported Thursday that the average rate for a 30-year mortgage edged up to 2.88% from 2.86%...

Asian shares, Wall Street hold gains after Fed statement

Sep. 22, 2021 21:54 PM EDT

Asian shares were mostly higher on Thursday after the Federal Reserve signaled it may begin easing its extraordinary support measures for the economy later this year. Shares rose in Hong Kong, Shanghai, Australia and Taiwan but fell in South Korea and Malaysia. U.S....

Biden presses fellow Dems: Resolve party split on $3.5T plan

Sep. 22, 2021 21:27 PM EDT

WASHINGTON (AP) — With a personal push, President Joe Biden pressed fellow Democrats to hasten work on his big “build back better” agenda Wednesday, telling them to come up with a final framework and their best topline budget figure as the party labors to bridge its divisions in...

Under pressure, Powell says Fed to revamp its trading rules

Sep. 22, 2021 19:09 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Wednesday that the central bank will overhaul its financial ethics policies in response to growing questions about investing and trading decisions by high-ranking Fed officials that raise potential conflicts of interest. ...