The Fed welcomes a 'soft landing' even if many Americans don't feel like cheering
When Jerome Powell delivered a high-profile speech last month, the Federal Reserve chair came the closest he ever had to declaring that the inflation surge that gripped the nation for three painful years was now essentially defeated.
Federal Reserve's favored inflation gauge shows price pressures easing as rate cuts near
An inflation measure closely tracked by the Federal Reserve remained low last month, extending a trend of cooling price increases that clears the way for the Fed to start cutting its key interest rate next month for the first time in 4 1/2 years.
Fewer Americans file for jobless claims as US labor market continues to defy elevated interest rates
The number of Americans filing for unemployment benefits fell slightly last week as the U.S. labor market remains healthy in the face of high interest rates.
Takeaways from Fed Chair Powell's speech at Jackson Hole
Federal Reserve Chair Jerome Powell all but proclaimed mission accomplished in the fight against inflation and signaled that interest rate cuts are coming in a much-anticipated speech in Jackson Hole, Wyoming.
Stock market today: Wall Street rallies near its record heights as 'time has come' for cuts to rates
U.S. stocks rallied closer to their records after the head of the Federal Reserve finally said out loud what Wall Street has been expecting for a while: Cuts to interest rates are coming soon to help the economy.
Powell at Jackson Hole: 'The time has come' for the Fed to soon begin reducing interest rates
With inflation nearly defeated and the job market cooling, the Federal Reserve is prepared to start cutting its key interest rate from its current 23-year high, Chair Jerome Powell said Friday.
Stock market today: Wall Street weakens ahead of a highly anticipated speech
U.S. stocks closed lower as Wall Street counted down to its main event for the week, a speech by Federal Reserve Chair Jerome Powell coming up on Friday.
Fed minutes: Most officials favored a rate cut in September if inflation continued to cool
Most Federal Reserve officials agreed last month that they would likely cut their benchmark interest rate at their next meeting in September as long as inflation continued to cool.
Stock market today: Wall Street pulls closer to records after retailers top profit forecasts
U.S. stocks ticked higher after more big companies delivered profit reports that topped analystsโ expectations.
Powell may use Jackson Hole speech to hint at how fast and how far the Fed could cut rates
Federal Reserve officials have said theyโre increasingly confident that theyโve nearly tamed inflation.
The Fed's high rates spur fear of slowdown, yet recession signals have so far proved wrong
The turmoil shaking global financial markets reflects a sudden fear that the Federal Reserve may have held its key interest rate too high for too long, heightening the risk of a U.S. recession.
Stock market today: Dow drops 600 on weak jobs data as a global sell-off whips back to Wall Street
Stocks tumbled Friday on worries the U.S. economy could be cracking under the weight of high interest rates meant to whip inflation.
Fed Chair Powell says September interest rate cut could be 'on the table' as inflation cools
Federal Reserve Chair Jerome Powell has set the stage for the central bankโs first rate cut in four years.
Fed's preferred inflation gauge cools, adding to likelihood of a September rate cut
The Federal Reserveโs 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 in September.
Stock market today: Asian stocks are mixed after Dow sets a new record
Asian stocks are mixed as investors grappled with weak economic data from China and waited to see the outcome of a top Communist Party policy meeting in Beijing.
Powell says Federal Reserve is more confident inflation is slowing to its target
Chair Jerome Powell said the Federal Reserve is becoming more convinced that inflation is headed back to its 2% target and said the Fed would cut rates before the pace of price increases actually reached that point.
Stock market today: Asian shares zoom higher, with Nikkei over 42,000 after Wall St sets new records
Asian shares have carried on with the blistering rally on Wall Street, as Japan's Nikkei 225 index surged over 42,000 for the first time.
US inflation cools again, potentially paving way for Fed to cut interest rates soon
Inflation in the United States cooled in June for a third straight month, a sign that the worst price spike in four decades is steadily fading and may soon usher in interest rate cuts by the Federal Reserve.
Powell stresses message that US job market is cooling, a possible signal of coming rate cut
Federal Reserve Chair Jerome Powell reinforced a message that the Fed is paying growing attention to a slowing job market and not only to taming inflation, a shift that signals itโs likely to begin cutting interest rates soon.
Fed's Powell highlights slowing job market in signal that rate cuts may be nearing
The Federal Reserve faces a cooling job market as well as persistently high prices, Chair Jerome Powell said in testimony to Congress, a shift in emphasis away from the Fedโs single-minded fight against inflation that suggests it's moving closer to cutting interest rates.
Stock market today: Asian shares are mixed after Fed chair's comments give scant clues on rate cuts
Shares are mixed in Asia after testimony from Federal Reserve Chair Jerome Powell in front of Congress provided little new guidance on when the U.S. central bank might lower interest rates.
Federal Reserve highlights its political independence as presidential campaign heats up
The Federal Reserve is highlighting the importance of its political independence at a time when Donald Trump, who frequently attacked the Fedโs policymaking in the past, edges closer to formally becoming the Republican nominee for president.
Federal Reserve minutes: Inflation is cooling, but more evidence is needed for rate cuts
Federal Reserve officials at their most recent meeting welcomed recent signs that inflation is slowing and highlighted data suggesting that the job market and the broader economy could be cooling.
Fed Chair Jerome Powell: US inflation is cooling again, though it isn't yet time to cut rates
Inflation in the United States is slowing again after higher readings earlier this year, Federal Reserve Chair Jerome Powell said, while adding that more such evidence would be needed before the Fed would cut interest rates.
Federal Reserve sees some progress on inflation but envisions just one rate cut this year
Federal Reserve officials said inflation has fallen further toward their target level in recent months but signaled that they expect to cut their benchmark interest rate just once this year.
Inflation data this week could help determine Fed's timetable for rate cuts
After Federal Reserve officials meet this week, a statement they will issue may suggest that theyโve seen meaningful progress on inflation this year โ a prelude to eventual interest rate cuts.
US hiring and wage growth picked up last month in sign of sustained economic health
Americaโs employers added a strong 272,000 jobs in May, accelerating from April and a sign that companies are still confident enough in the economy to keep hiring despite persistently high interest rates.
An inflation gauge closely tracked by Federal Reserve rises at slowest pace this year
A price gauge closely tracked by the Federal Reserve cooled slightly last month, a sign that inflation may be easing after running high in the first three months of this year.
Inflation pressures lingering from pandemic are keeping Fed rate cuts on pause
Hopes for interest rate cuts this year by the Federal Reserve are steadily fading, with a stream of recent remarks by Fed officials underscoring their intention to keep borrowing costs high as long as needed to curb persistently elevated inflation.
Federal Reserve minutes: Policymakers saw a longer path to rate cuts
After several unexpectedly high inflation readings, Federal Reserve officials concluded at a meeting earlier this month that it would take longer than they previously thought for inflation to cool enough to justify reducing their key interest rate, now at a 23-year high.
US inflation eased last month in the first slowdown of 2024
Led by lower food and auto prices, inflation in the United States cooled slightly last month after three elevated readings, likely offering a tentative sigh of relief for officials at the Federal Reserve as well as President Joe Bidenโs re-election team.
Fed's Powell downplays potential for a rate hike despite higher price pressures
Federal Reserve Chair Jerome Powell said Tuesday that the central bank is unlikely to raise its key interest rate in response to signs of stubborn inflation and underscored his view that price increases would soon start to cool again.
Stock market today: Asian markets follow Wall Street higher ahead of U.S. key inflation update
Asian stocks have advanced after equities rose on Wall Street, with the Nasdaq composite hitting a record high.
Are US interest rates high enough to beat inflation? The Fed will take its time to find out
The sharp interest rate hikes of the past two years will likely take longer than previously expected to bring down inflation, several Federal Reserve officials have said in recent comments, suggesting there may be few, if any, rate cuts this year.
Stock market today: Asian markets follow Wall Street swings after Fed keeps interest rates high
Asian markets are wobbling in early trading after U.S. stocks swung to a mixed finish with the Federal Reserve delaying cuts to interest rates.
Federal Reserve says interest rates will stay at two-decade high until inflation further cools
The Federal Reserve emphasized that inflation has remained stubbornly high and said it doesnโt plan to cut interest rates until it has โgreater confidenceโ that price increases are slowing sustainably to its 2% target.
Workers' paychecks grew faster in the first quarter, a possible concern for the Fed
Pay and benefits for Americaโs workers grew more quickly in the first three months of this year, a trend that could contribute to higher inflation and raise concerns about the future path of price increases at the Federal Reserve.
Stock market today: Asian shares mostly rise to start a week full of earnings, Fed meeting
Asian shares are trading mostly higher as investors kept their eyes on potentially market-moving reports expected later this week.
Fed's preferred inflation gauge shows price pressures stayed elevated last month
A measure of inflation closely tracked by the Federal Reserve remained uncomfortably high in March, likely reinforcing the Fedโs reluctance to cut interest rates anytime soon and underscoring a burden for President Joe Bidenโs re-election bid.
Fed's Powell: Elevated inflation will likely delay rate cuts this year
Federal Reserve Chair Jerome Powell cautioned that persistently elevated inflation will likely delay any Fed interest rate cuts until later this year, opening the door to a period of higher-for-longer rates.
A top Federal Reserve official opens door to keeping rates high for longer
Federal Reserve Vice Chair Philip Jefferson suggested that the central bankโs key rate may have to remain at its peak for a while to bring down persistently elevated inflation.
Stock market today: Asian benchmarks trade mixed amid expectations for US rates to stay high
Asian shares are trading mixed after most U.S. stocks slipped on rising expectations interest rates may stay high for a while.
Federal Reserve minutes: Some officials highlighted worsening inflation last month
Some Federal Reserve policymakers argued at their most recent meeting in March that inflation was likely worsening, even before the government reported Wednesday that price increases re-accelerated last month.
When will Fed cut rates? As US economy flexes its muscles, maybe later or not at all
Ever since the Federal Reserve signaled last fall that it was likely done raising interest rates, Wall Street traders, economists, would-be homeowners โ pretty much everyone โ began obsessing over a single question: When will the Fed start cutting rates.
Powell: Fed still sees rate cuts this year; election timing won't affect decision
Federal Reserve officials will likely reduce their benchmark interest rate later this year, Chair Jerome Powell said, despite recent reports showing that the U.S. economy is still strong and that U.S. inflation picked up in January and February.
Powell says Fed wants to see 'more good inflation readings' before it can cut rates
Federal Reserve Chair Jerome Powell reiterated a message he has sounded in recent weeks: While the Fed expects to cut interest rates this year, it wonโt be ready to do so until it sees โmore good inflation readingsโโ and is more confident that annual price increases are falling toward its 2% target.
Stock market today: Asian shares rise after Wall Street rallies to records
Asian benchmarks are mostly higher after U.S. stocks rallied to records following the Federal Reserve's indication that it expects to deliver interest rate cuts later this year.
Federal Reserve still foresees 3 interest rate cuts this year despite bump in inflation
Federal Reserve officials signaled that they still expect to cut their key interest rate three times in 2024 despite signs that inflation remained elevated at the start of the year.
Federal Reserve is likely to preach patience as consumers and markets look ahead to rate cuts
Across the United States, many people are eagerly anticipating the Federal Reserveโs first cut to its benchmark interest rate this year: Prospective home buyers hope for lower mortgage rates.
Federal Reserve's Powell: Regulatory proposal criticized by banks will be revised by end of year
A sweeping bank regulatory proposal will be significantly revised by yearโs end, Federal Reserve Chair Jerome Powell said Thursday, a potential victory for the large banks that have aggressively opposed the likely changes.
Europe's economy has stalled. But an interest rate cut will likely have to wait for summer
The European Central Bank has left its key interest rate at a record high even though inflation is way down from its painful double-digit peak and the economy has stalled.
Fed's Powell: Rate cuts likely this year, but more evidence is needed that inflation is tamed
Chair Jerome Powell reinforced his belief that the Federal Reserve will cut its key interest rate this year but said it first wants to see more evidence that inflation is falling sustainably back to the Fedโs 2% target.
Federal Reserve minutes: Officials worried that progress on inflation could stall in coming months
Federal Reserve officials acknowledged at their most recent meeting in January that there had been โsignificant progressโ in reducing inflation.
Wealth disparities by race grew during the pandemic, despite income gains, report shows
A strong performance in financial markets, particularly an outsize gain for the stock market in 2021, helped entrench existing trends of wealth inequality during the pandemic, new data released this week show.
CBO projects a $188 billion decrease in this year's federal budget deficit, but debt would then grow
The Congressional Budget Office says it expects the federal budget deficit to drop by $188 billion this fiscal year to $1.5 trillion.
Powell: Federal Reserve on track to cut rates this year with inflation slowing and economy healthy
Chair Jerome Powell said in an interview broadcast Sunday night that the Federal Reserve remains on track to cut interest rates three times this year, a move thatโs expected to begin as early as May.
Inflation has slowed. Now the Federal Reserve faces expectations for rate cuts
Chair Jerome Powell will enter this weekโs Federal Reserve meeting in a much more desirable position than he likely ever expected: Inflation is getting close to the Fedโs target rate, the economy is still growing at a healthy pace, consumers keep spending and the unemployment rate is near a half-century low.
Federal Reserve minutes: Officials saw inflation cooling but were cautious about timing of rate cuts
The Federal Reserveโs policymakers concluded last month that inflationary pressures were easing and that the job market was cooling.
Federal Reserve on cusp of what some thought impossible: Defeating inflation without steep recession
It was the most painful inflation Americans had experienced since 1981, when โThe Dukes of Hazzardโ and โThe Jeffersonsโ were topping the TV charts.
Congressional Budget Office projects lower inflation and higher unemployment into 2025
The Congressional Budget Office says it expects inflation to nearly hit the Federal Reserveโs 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.
Stock market today: Asian shares are mostly higher after the Dow hits a record high, US dollar falls
Shares are mostly higher in Asia after a powerful rally across Wall Street sent the Dow Jones Industrial Average to a record high as the Federal Reserve indicated that interest rate cuts are likely next year.
Federal Reserve keeps key interest rate unchanged and foresees 3 rate cuts next year
The Federal Reserve kept its key interest rate unchanged for a third straight time, and its officials signaled that they expect to make three quarter-point cuts to their benchmark rate next year.
Speculation about eventual rate cuts is rising, but Fed is set to leave interest rates unchanged
With inflation edging closer to the Federal Reserveโs 2% target, its policymakers are facing โ and in some cases fueling โ hopes that they will make a decisive shift in policy and cut interest rates next year, possibly as soon as spring.
Fed's Powell notes inflation is easing but downplays discussion of interest rate cuts
Inflation is slowing steadily, but itโs too early to declare victory or to discuss when the Federal Reserve might cut interest rates, Chair Jerome Powell said.
Federal Reserve minutes: Officials saw inflation slowing but will monitor data to ensure progress
Federal Reserve officials concluded earlier this month that inflation was steadily falling and agreed to closely monitor incoming data to ensure that the pace of price increases would continue slowing toward their 2% target, according to the minutes of their meeting.
What's pushing inflation down? More goods, workers and housing
Long past its painful peak, inflation in the United States may be heading steadily back toward its pre-pandemic levels, without the need for further interest rate hikes by the Federal Reserve.
Powell reinforces Fed's cautious approach toward further interest rate hikes
Federal Reserve Chair Jerome Powell suggested that the Fed is in no hurry to further raise its benchmark interest rate, given evidence that inflation pressures are continuing to ease at a gradual pace.
Stock market today: Asian shares surge on hopes the Federal Reserveโs rate hikes are done
Asian shares are surging after the U.S. Federal Reserve indicated it may not need to pump the brakes any harder on Wall Street and the economy.
Federal Reserve leaves its key rate unchanged but keeps open possibility of a future hike
The Federal Reserve kept its key short-term interest rate unchanged for a second straight time but left the door open to further rate hikes if inflation pressures should accelerate in the months ahead.
Surge in interest rates and a cloudier economic picture to keep Federal Reserve on sidelines
The Federal Reserve is poised to leave its key interest rate unchanged at a time when the Fed faces an economy that has proved resilient but is nevertheless under pressure from surging interest rates, overseas turmoil and anxious investors.
Fed Chair Powell: Slower economic growth may be needed to conquer stubbornly high inflation
Federal Reserve Chair Jerome Powell said inflation remains too high and that bringing it down to the Fedโs target level will likely require a slower-growing economy and job market.
Federal Reserve minutes: Officials signal cautious approach to rates amid heightened uncertainty
Federal Reserve officials regarded the U.S. economyโs outlook as particularly uncertain last month, according to minutes released Wednesday, and said they would โproceed carefullyโ in deciding whether to further raise their benchmark interest rate.
Fed's Powell gets an earful about inflation and interest rates from small businesses
Federal Reserve officials typically gather many of their insights and observations about the economy from some of the top Ph.D. economists in Washington.
Why the US job market has defied rising interest rates and expectations of high unemployment
Last yearโs spike in inflation, to the highest level in four decades, was painful enough for American households.
Fed keeps rates unchanged and signals optimism about a potential 'soft landing'
The Federal Reserve left its benchmark interest rate unchanged for the second time in its past three meetings, a sign that itโs moderating its fight against inflation as price pressures have eased.
Federal Reserve is poised to leave rates unchanged as it tracks progress toward a 'soft landing'
Since Federal Reserve officials last met in July, the economy has moved in the direction they hoped to see: Inflation continues to ease, if more slowly than most Americans would like, while growth remains solid and the job market cools.
3 officials sworn in at Federal Reserve, as governing board reaches full strength
Federal Reserve Chair Jerome Powell swore in three members of the central bankโs governing board Wednesday, including Philip Jefferson as vice chair and Adriana Kugler to fill a vacant seat as the central bankโs first Latina governor.
Job vacancies, quits plunge in July in stark sign of cooling trend in the US job market
Businesses posted far fewer open jobs in July and the number of Americans quitting their jobs fell sharply for the second straight month, clear signs that the labor market is cooling in a way that could reduce inflation.
Economy's solid growth could require more Fed hikes to fight inflation, Powell says at Jackson Hole
The continued strength of the U.S. economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said in a closely watched speech that also highlighted the uncertain nature of the economic outlook.
Stock market today: Asian shares are mixed ahead of Fed Chair speech and Nvidia earnings
Asian markets are trading mixed ahead of Fed Chair Jerome Powellโs highly anticipated speech later in the week.
Surprisingly durable US economy poses key question: Are we facing higher-for-longer interest rates?
A year ago, Chair Jerome Powell warned that to fight high inflation, the Federal Reserve would continue to sharply raise interest rates, bringing โsome painโ in the form of job losses and weaker economic growth.
Stock market today: Asian stocks follow Wall St higher ahead of Federal Reserve conference
Asian stocks have followed Wall Street higher as traders wait for signs of interest rate plans from this weekโs Federal Reserve conference.
Federal Reserve minutes: Too-high inflation, still a threat, could require more rate hikes
Most Federal Reserve officials last month still regarded high inflation as an ongoing threat that could require further interest rate increases, according to the minutes of their July 25-26 meeting.
Supreme Court's student loan decision will lower US deficit according to new White House projection
The Supreme Court ruling that upended President Joe Bidenโs plan to forgive student loan debt changed his budget math.
US economy unexpectedly accelerated to a 2.4% growth rate in April-June quarter despite Fed hikes
The U.S. economy surprisingly accelerated to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserveโs 16-month-long fight to bring down inflation.
Stock market today: Asian shares gain after the Federal Reserve raises interest rates
Asian shares are higher after the Federal Reserve raised interest rates to their highest level in more than two decades, just as Wall Street expected.
Federal Reserve raises rates for 11th time to fight inflation but gives no clear sign of next move
The Federal Reserve raised its key interest rate for the 11th time in 17 months as part of its ongoing drive to curb inflation.
Federal Reserve minutes: Some officials wanted to raise interest rates last month
Some Federal Reserve officials pushed to raise the Fedโs key interest rate by one-quarter of a percentage point at their meeting last month to intensify their fight against high inflation, though the central bank ultimately decided to forgo a rate hike.
Federal Reserve may tighten financial rules after US bank failures, Powell says
Federal Reserve Chair Jerome Powell says the central bank may have to tighten its oversight of the American financial system after the failure of three large U.S. banks this spring.
Top central bankers assert need for higher interest rates to tackle persistent inflation
Several of the world's top central bankers got together, and their message was clear: interest rates could go even higher to combat inflation.
Fed's Powell reinforces likelihood of more rate hikes because of persistently high inflation
Chair Jerome Powell reiterated that the Federal Reserve will likely raise interest rates at least once more this year because of persistently high inflation in the economyโs service sector and the surprisingly tight job market.
Stock market today: Asian shares mostly lower, tracking Wall Street retreat
Shares are mostly lower in Asia after Wall Street benchmarks retreated following the S&P 500's rise to its highest level since the spring of last year.