Latest Jerome Powell News

US consumer prices rose 0.3% amid widespread cost increases

Aug. 13, 2019 8:52 AM EDT

WASHINGTON (AP) — U.S. consumer prices rose 0.3% in July, pushed higher by more expensive gas, medical care and housing. The consumer price index increased 1.8% compared with a year earlier, up from 1.6% in June, the Labor Department said Tuesday. Excluding the volatile food and energy categories, core...

US wholesale prices rise just 0.2% in July

Aug. 9, 2019 8:39 AM EDT

WASHINGTON (AP) — U.S. wholesale prices ticked up just 0.2% in July, the latest sign that inflationary pressures are largely in check. The Labor Department said Friday that the producer price index — which measures price changes before they reach the consumer — increased 1.7% last month...

US long-term mortgage rates fall sharply: 30-year at 3.60%

Aug. 8, 2019 1:51 PM EDT

WASHINGTON (AP) — U.S. long-term mortgage rates fell sharply this week, with the benchmark 30-year loan touching its lowest level since November 2016. Financial markets around the globe have been whipsawed by anxiety over the U.S.-China trade war, sending investors fleeing from stocks to the safety of...

Former Fed leaders defend Powell against Trump's attacks

Aug. 6, 2019 7:16 PM EDT

WASHINGTON (AP) — In a strong rebuke to President Donald Trump, the four living former leaders of the Federal Reserve say that the head of the nation's central bank should be able to make interest-rate decisions free of political pressure and the threat of being removed or demoted. The former chairs...

Global stocks rebound as China eases up on currency

Aug. 6, 2019 8:46 AM EDT

LONDON (AP) — Stock markets turned higher on Tuesday as China stabilized its currency after allowing it to depreciate against the dollar in response to President Donald Trump's decision to put more tariffs on Chinese goods. The more buoyant tone follows a big sell-off Monday, when stocks were hammered...

S&P 500 posts its worst week of 2019 as trade tensions flare

Aug. 2, 2019 5:22 PM EDT

Investors rattled by President Donald Trump's latest escalation in his trade war with China drove another round of selling on Wall Street Friday. The latest losses marked the fifth straight drop for the S&P 500 and the worst week of the year for the market just seven days after the benchmark index hit an...

2 Fed officials say data did not support interest rate cut

Aug. 2, 2019 4:41 PM EDT

WASHINGTON (AP) — Two Federal Reserve officials who dissented from the central bank's decision to cut a key policy rate this week said Friday they did not believe economic conditions justified the move. Eric Rosengren, president of the Fed's Boston regional bank, said that he saw no "clear and compelling"...

July US jobs report shows solid gains amid trade frictions

Aug. 2, 2019 11:55 AM EDT

WASHINGTON (AP) — U.S. employers slowed their hiring in July but still added a solid 164,000 jobs to an economy that appears poised to extend its decade-long expansion. The unemployment rate remained at 3.7% for a second straight month, the government said Friday. Average hourly earnings rose 3.2% from a...

Trump's latest tariffs weighs on markets ahead of payrolls

Aug. 2, 2019 7:45 AM EDT

LONDON (AP) — Global stock markets remained under pressure Friday, particularly in Europe, after President Donald Trump's shocked investors with another tariff announcement on Chinese imports. Monthly U.S. jobs figures could provide a distraction for investors later. Trump's announcement of 10% tariffs on...

Trump says he'll put 10% tariffs on remaining China imports

Aug. 2, 2019 1:15 AM EDT

WASHINGTON (AP) — President Donald Trump intensified pressure on China to reach a trade deal by saying he will impose 10% tariffs Sept. 1 on the remaining $300 billion in Chinese imports he hasn't already taxed. The move immediately sent stock prices sinking. U.S. consumers will likely feel the pain if...