Senate confirms Jerome Powell for a second Federal Reserve chair term
The Senate overwhelmingly confirmed Jerome Powell to a second term as chairman of the Federal Reserve on Thursday, a move that comes at a precarious time for the U.S. central bank as policymakers attempt to tame the hottest inflation in a generation without tipping the economy into a recession.
Inflation gave most Americans a 2.6% wage cut in April
The tightest labor market in decades is fueling rapid wage growth for millions of Americans, but sky-high inflation is quickly eroding those gains.
Fed's Powell could get Senate renomination nod Thursday
Federal Reserve Chairman Jerome Powell could win Senate confirmation as soon as Thursday afternoon, according to CSPAN.
Inflation soars 8.3% in April, hovering near 40-year high
Inflation cooled for the first time in months in April, even as supply chain constraints, the war in Ukraine and strong consumer demand continued to keep consumers prices running near a 40-year-high.
An embattled Biden calls fighting inflation a 'top priority' as consumer prices soar
President Biden on Tuesday called combating the hottest inflation in 40 years his top domestic priority as he sought to reassure Americans over sky-high consumer prices, which have become a majority political liability for Democrats.
Cleveland Fed president endorses more half-point rate hikes, bigger ones if inflation persists
Cleveland Federal Reserve President Loretta Mester said Tuesday she supports consecutive, half-point interest rate hikes at the central bank's next two meetings – and would back an even bigger increase down the road if sky-high inflation doesn't cool off by the second half of the year.
Former Fed officials warn recession may be necessary to tame inflation
Two former Federal Reserve officials are warning the U.S. central bank will struggle to tame the hottest inflation in four decades without sending the economy into a recession.
Americans' inflation fears hovered near record highs in April, New York Fed survey shows
Americans' inflation fears remained near a record-high in April, with consumers expecting the price of everyday goods to stay elevated in the coming years, according to a key Federal Reserve Bank of New York survey published Monday.
April jobs report likely reinforces Fed's aggressive rate hike plan
The April jobs report revealed another month of robust hiring, likely solidifying the case for the Federal Reserve to pivot toward a mega-sized interest rate hike as it seeks to cool red-hot inflation.
What comes next for the Federal Reserve in its fight to tame inflation?
The Federal Reserve ramped up its inflation fight on Wednesday with the biggest interest rate increase in two decades and signaled that additional aggressive moves are likely in coming months.
Fed's Powell calms recession jitters with rebuff of 75-basis point rate hike
Federal Reserve Chairman Jerome Powell alleviated some concerns of a looming economic recession after he rejected the possibility of an even larger interest rate hike than the one announced by the U.S. central bank on Wednesday.
Fed raises interest rates by a half point for first time in 20 years as it ratchets up inflation fight
The Federal Reserve said Wednesday it would raise interest rates by a half point for the first time in two decades as policymakers ramp up their fight to cool red-hot inflation, a move that threatens to slow U.S. economic growth and exacerbate financial pressure on Americans.
How the Federal Reserve missed the mark on surging inflation
Fed Chairman Jerome Powell has pivoted sharply on inflation, transforming into a policy hawk in the months since he conceded that rising prices had proven to be more powerful and persistent than initially expected.
Federal Reserve expected to ramp up inflation fight with super-sized rate hike
The Federal Reserve is expected to ratchet up its fight to tame red-hot inflation this week with the first double-sized rate hike in two decades, a move that threatens to slow U.S. economic growth and exacerbate financial pressure on Americans.
The Fed raising interest rates ‘dangerous’ for the economy, says expert
Independent Advisor Alliance CIO Chris Zaccarelli weighs in on the Federal Reserve raising interest rates.
‘Recession risk has risen,’ Goldman says — but there's a bright spot in the economy
Goldman Sachs strategists led by Jan Hatzius said the probability of an economic downturn within the next 24 months is 38%.
Fed hopes to engineer a 'soft landing,' but history shows it won't be easy
The Federal Reserve is hoping to achieve the rarest of economic feats as it moves into full inflation-fighting mode: cooling consumer demand enough so that prices stop rising, without crushing it so much that it throws the country into a recession.
The Fed's favorite inflation gauge rose 5.2% in March
A key measure of annual inflation that is closely watched by the Federal Reserve is running at the hottest pace in nearly four decades.
US economy on brink of 'major recession,' Deutsche Bank warns
Deutsche Bank economists are doubling down on their prediction, forecasting a severe recession within the next two years as the Federal Reserve moves to tame the hottest inflation in four decades with a series of mega interest rate hikes.
What do a barrage of big Fed rate hikes mean for Americans' wallets?
Federal Reserve Chairman Jerome Powell last week solidified expectations for a half-percentage point rate hike at the central bank's May meeting as officials look to tame red-hot inflation, a move that could have major implications for millions of U.S. households.