Breaking News: Economy
Powell says the Fed will not hesitate to keep raising rates until inflation comes down
US Federal Reserve Chairman, Jerome Powell, testifies before the House Financial Services Committee on “The Semiannual Monetary Policy Report to the Congress,” in Washington, DC, on March 3, 2022. Jonathan Ernst | AFP | Getty Images Federal Reserve Chairman Jerome Powell emphasized his resolve to get inflation down, saying Tuesday he will back interest rate […]
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Powell says he can’t guarantee a ‘soft landing’ as the Fed looks to control inflation
US Federal Reserve Chairman Jerome Powell speaks during a news conference in Washington, DC, on May 4, 2022. Jim Watson | AFP | Getty Images Federal Reserve Chairman Jerome Powell warned Thursday that getting inflation under control could cause some economic pain but remains his top priority. Powell said he couldn’t promise a so-called soft […]
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Federal Reserve Chair Jerome Powell confirmed by Senate for a second term
Federal Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting on May 04, 2022 in Washington, DC. Powell announced the Federal Reserve is raising interest rates by a half-percentage point to combat record high inflation. Win Mcnamee | Getty Images As he and his colleagues engage in a […]
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Dallas Federal Reserve names Lorie Logan new president to succeed Robert Kaplan
The Dallas Federal Reserve has named a new president to succeed its former one, who left the post last year following a controversy over stock trading. Lorie K. Logan will serve as head of the central bank branch, according to an announcement Wednesday. Central bank watchers know Logan’s name well, as she currently serves as […]
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Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs
Inflation rose again in April, continuing a climb that has pushed consumers to the brink and is threatening the economic expansion, the Bureau of Labor Statistics reported Wednesday. The consumer price index, a broad-based measure of prices for goods and services, increased 8.3% from a year ago, higher than the Dow Jones estimate for an […]
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Fed’s Waller promises to tackle inflation, says mistakes of the ’70s won’t be repeated
Christopher Waller, U.S. President Donald Trump’s nominee for governor of the Federal Reserve, speaks during a Senate Banking Committee confirmation hearing in Washington, D.C., U.S, on Thursday, Feb. 13, 2020. Andrew Harrer | Bloomberg | Getty Images Federal Reserve Governor Christopher Waller pledged Tuesday that the rate-setting group wouldn’t make the same mistakes on inflation […]
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In today’s environment, the notion that the stock market isn’t the economy doesn’t hold up anymore
A Wall Street subway station near the New York Stock Exchange (NYSE) in New York, on Monday, Jan. 3, 2022. Michael Nagle | Bloomberg | Getty Images The stock market may not literally be the economy, but the distinction between the two is getting increasingly harder to draw. With household ownership of stocks scaling new […]
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Fed’s Neel Kashkari confident inflation can come down, but not without some pain
Neel Kashkari Anjali Sundaram | CNBC Minneapolis Federal Reserve President Neel Kashkari said Monday he’s confident inflation will come back to normal though it’s taking longer than he expected. Acknowledging that he was on “team transitory” in believing that surging prices wouldn’t last, he said persistent supply-demand imbalances have generated the highest inflation levels in […]
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Job growth accelerated by 428,000 in April, more than expected as jobs picture stays strong
The U.S. economy added slightly more jobs than expected in April amid an increasingly tight labor market and despite surging inflation and fears of a growth slowdown, the Bureau of Labor Statistics reported Friday. Nonfarm payrolls grew by 428,000 for the month, a bit above the Dow Jones estimate of 400,000. The unemployment rate was […]
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‘Unretirement’ is becoming a hot new trend in the sizzling U.S. labor market
A worker grinds a weld on a safe that is being manufactured at Liberty Safe Company on March 22, 2022 in Payson, Utah. George Frey | Getty Images The Covid pandemic sent more than 8 million workers to the sidelines at one point, including many folks who decided it was the right time to retire […]
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