Jerome Powell

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Shortlist for Time's Person of the Year Is Out

3 presidential candidates in the US and Mexico, including the 2 victors, make the cut

(Newser) - The year of 2024 was enough to make heads nod, shake, and spin. Time is out with the shortlist of the 10 people around the globe who induced the most of that, and they include some very familiar faces and past winners, along with a few newcomers. In alphabetical order:...

Powell: If Trump Asks Me to Resign, I'll Say No

Fed chair says election will have no near term effect on interest rate decisions

(Newser) - The Federal Reserve cut its key interest rate Thursday by a quarter-point in response to the steady decline in the once-high inflation that had angered Americans and helped drive Donald Trump's presidential election victory this week. In a statement after its latest meeting ended, the Fed said the "...

How Will Fed's 'Great News for the Middle Class' Affect You?

Unusually hefty half-point rate cut will mean possible relief on car loans, mortgages, credit cards

(Newser) - Borrowing over the past couple of years has been a painful prospect for Americans, as high interest rates meant to curb inflation kept consumer payments steep. Now, after the Federal Reserve made its unusually large half-point cut on Wednesday, leading to a key interest rate of between 4.75% and...

Fed Chair Says Big Rate Cut Is 'Timely'

Some critics think central bank 'jumped the gun' with half-point cut

(Newser) - "We know that it is time to recalibrate our policy to something that's more appropriate given the progress on inflation," Federal Reserve Chair Jerome Powell said at a news conference Wednesday after the central bank cut its benchmark interest rate by an unusually large half-point. The move...

The Financial Question Driving Wednesday: How Big?

Whether the Fed will go with a 0.25% or 0.5% cut remains to be seen

(Newser) - Wednesday marks a long-awaited day: the Fed's first rate cut since the COVID pandemic began will likely be announced at 2pm ET. But while there is near-certainty a cut is coming to the current key interest rate of 5.3%, the size of the cut remains murkier.
  • CNN notes
...

Jerome Powell Has a Very Big Week
Jerome Powell
Has a Very
Big Week
Sep 17, 2024 9:19 AM CDT

Jerome Powell Has a Very Big Week

Fed is expected to cut rates for the first time in 4 years, but by how much?

(Newser) - The Federal Reserve begins a highly anticipated two-day meeting on Tuesday in which the central bank is expected to cut interest rates for the first time in four years. The big question is whether the cut to its benchmark rate—currently between 5.25% and 5.5%—will be one...

Fed Chief: 'The Time Has Come for Policy to Adjust'

Jerome Powell hints a rate cut is coming soon in a closely watched speech

(Newser) - The Fed chief gave a highly anticipated speech on Friday and delivered words Wall Street very much wanted to hear: "The time has come for policy to adjust." Translation: The Federal Reserve plans to cut interest rates at its September meeting, reports the Wall Street Journal . While Powell...

July's Inflation Number Could Pave the Way for a Rate Cut

Prices rose 2.9% year over year, the lowest since March 2021

(Newser) - Year-over-year inflation reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading and setting up the Federal Reserve for an interest rate cut in September. Wednesday's report from the Labor Department showed that consumer prices...

Powell: Rate Cut Decision Will Be 'Apolitical'

Fed chairman says September cut 'could be on the table' if conditions are met

(Newser) - Federal Reserve Chairman Jerome Powell said Wednesday that the central bank could cut its key interest rate in September—and he stressed the November election will not affect the timing of cuts.
  • Powell, speaking to reporters after the Fed left the rate unchanged at its highest level in 23 years,
...

New Inflation Numbers Signal an End to the Worst

Fed's favored inflation gauge remains low, signaling that it could cut interest rates in the fall

(Newser) - The Federal Reserve's favored inflation measure remained low last month, bolstering evidence that price pressures are steadily cooling and setting the stage for the Fed to begin cutting interest rates this fall. Prices rose just 0.1% from May to June, the Commerce Department said Friday, up from the...

Inflation Finally Moved in the Right Direction in April

Year-over-year inflation ticked down to 3.4%

(Newser) - Consumer inflation in the US cooled slightly last month after three elevated readings, likely offering a tentative sigh of relief for officials at the Federal Reserve but not bringing things to a level that would indicate a rate cut is nigh, reports the AP . Prices rose 0.3% from March...

Jerome Powell Asks Americans to Be Patient

Fed chair indicates central bank is still on track to cut interest rates this year, though

(Newser) - In an appearance on 60 Minutes Sunday, Jerome Powell said the Federal Reserve is still on track to cut interest rates three times in 2024. The Fed chair acknowledged that as the central bank has raised its benchmark rate 11 times since 2022 to fight inflation, Americans looking to buy...

Fed Chief: 'We Are Prepared to Raise Rates Further'

Jerome Powell gives a closely watched update

(Newser) - The continued resilience of the US economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said Friday in a closely watched speech that also highlighted the uncertain nature of the economic outlook. Powell noted that the economy has been growing faster than expected and that consumers have...

Fed Chair Says US May Have Dodged Recession

Congressional Budget Office is also predicting 'soft landing'

(Newser) - The Federal Reserve believes its policies may have helped the US economy avoid recession and achieve a "soft landing," a possibility analysts once saw as remote. In remarks after the latest interest rate rise was announced Wednesday, Fed Chair Jerome Powell said the central bank is no longer...

Fed Chair: 'What Can I Say?' I'm a Deadhead

At House hearing, Jerome Powell raves about recent Dead & Company show

(Newser) - A blurry photo taken at a Dead & Company concert in Virginia earlier this month caused quite a stir on social media. Viewed 2.8 million times as of this writing, it shows a gray-haired man in a collared shirt and baseball cap among the crowd of fans watching the...

The Federal Reserve Gives Us a Skip and a Surprise

Leaves interest rates alone for first time in 15 months, but 2 more hikes could come

(Newser) - After a 10-meeting run of raising interest rates, the Federal Reserve on Wednesday decided to leave rates alone—but in a surprise, indicated two more hikes could come before 2023 is through, reports CNBC . The decision is being viewed as more of a "skip" than a pause and leaves...

Fed Chief Powell Duped by Russian Pranksters
Russian
Pranksters
Trick
Fed Chief
Apr 27, 2023 2:35 PM CDT

Russian Pranksters Trick Fed Chief

But it doesn't appear Jerome Powell said anything unusual to callers posing as Volodymyr Zelensky

(Newser) - The Fed chief's words can move markets, which makes Russian pranksters' latest victim especially notable. A spokeswoman for Federal Reserve Chair Jerome Powell has confirmed that he was tricked into talking with two Russians who have been fooling world leaders and other big names for years. Powell thought he...

Fed's Powell Speaks, and Markets Aren't Thrilled


Fed Chair Has
More Bad News
Mar 7, 2023 10:45 AM CST

Fed Chair Has More Bad News

Guess what? Higher interest rates likely coming

(Newser) - Jerome Powell opened his mouth on Tuesday before the Senate Banking Committee, Wall Street listened and wasn't happy, and probably no one who's possession of a variable interest rate will be, either. "The latest economic data have come in stronger than expected, which suggests that the ultimate...

Powell Sees Progress Getting Inflation in Check

But Fed chief warns it will be a long process

(Newser) - Wall Street investors waited Tuesday to read the tea leaves in the latest public comments from Fed chief Jerome Powell, and they seem conflicted about the message. After Powell said the process of getting inflation in check was showing progress, the Dow quickly erased morning losses and rose more than...

Mortgage Rates Near 6%
Mortgage Rates Hit 2008 Levels
Sep 8, 2022 4:50 PM CDT

Mortgage Rates Hit 2008 Levels

Climb is tied to Powell's stay-the-course comment, analyst says

(Newser) - A year ago, mortgage rates were below 3%. On Thursday, Freddie Mac data showed the average rate for a 30-year fixed mortgage was up to 5.89%, the highest point since 2008, NBC News reports. Rates briefly dropped this summer as the Federal Reserve raised the key interest rate in...

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