Federal Reserve

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Trump's Controversial Pitch: I Want Sway Over the Fed

Former president wants more influence over interest rates should he win in November

(Newser) - During his news conference on Thursday, Donald Trump broached a controversial topic—whether presidents should have more direct influence over interest rates. "I feel the president should have at least (a) say in there," Trump said, as quoted by Reuters . "I think that in my case, I...

Financial Contagion Slams World Markets

Japan's index has worst day since 1987 crash, and Dow futures are down 800 points

(Newser) - The stock market ended last week in rough shape thanks to renewed fears of a US recession . Things appear to be getting worse Monday, with Dow futures plunging and world markets in similar shape:
  • In the US: Dow futures dropped more than 800 points, or 2%, reports CNBC . Futures for
...

Wall Street Selloff Intensifies After Jobs Report
Dow Is Plunging
After Jobs Report
Aug 2, 2024 10:50 AM CDT

Dow Is Plunging After Jobs Report

Index down more than 900 points after weak employment data

(Newser) - Friday morning's weak jobs report has led to a selloff on Wall Street: The Dow plunged more than 900 points, or 2.3%, in late-morning trading, while the S&P 500 was off 2.2% and the tech-centric Nasdaq was down 2.4%. In fact, the benchmark S&P...

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,
...

Federal Reserve Keeps Key Rate Unchanged

But central bank sees 'further progress' toward goal of reducing inflation to 2%

(Newser) - The Federal Reserve has held its key interest rate steady at a 23-year high for a year—and while it decided again on Wednesday to keep it unchanged, it signaled that a cut could be on the way soon. Fed-watchers weren't expecting a rate cut Wednesday, but they were...

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...

US Economy's Q2 Provides 'a Perfect Report for the Fed'

GDP grew, but not too much, at 2.8%

(Newser) - The nation's economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates, reports the AP . Thursday's report from the Commerce Department said the gross domestic product—the economy's total output of...

Fed Predicts Just One Rate Cut This Year
Fed Predicts Just
One Rate Cut This Year
UPDATED
Jun 12, 2024 2:34 PM CDT

Fed Predicts Just One Rate Cut This Year

Central bank holds key rate steady once again

(Newser) - The Federal Reserve, as widely predicted, held its key interest rate steady once again on Wednesday. The Fed's benchmark rate remains at a 23-year-high of between 5.25% and 5.5%. While nobody was expecting a big surprise with interest rates Wednesday, investors were waiting for an update on...

Inflation Finally Cools— Just in Time for Fed Decision

Markets are happy just hours before central bank decides on rates

(Newser) - Wednesday will be another big day on Wall Street, as investors await a decision by the Federal Reserve on interest rates. Some key factors at play:
  • Inflation eases: Hours before the decision, a new report showed that inflation slowed in May, reports the New York Times . The Consumer Price Index
...

Fed Holds Key Rate Steady for a 6th Time in a Row
Fed Says Key Rate
Will Stay at 23-Year High
UPDATED
May 1, 2024 2:17 PM CDT

Fed Says Key Rate Will Stay at 23-Year High

Powell cites lack of 'further progress' on taming inflation, says rate hike is 'unlikely'

(Newser) - This story has been updated with Powell's remarks. As widely expected, the Federal Reserve held its benchmark interest rate unchanged Wednesday for a sixth straight meeting at between 5.25% and 5.5%, the highest level since 2001. The central bank said it won't cut rates until it...

Inflation Is Still Running Too High
Inflation Is Still
Running Too High
Apr 10, 2024 7:50 AM CDT

Inflation Is Still Running Too High

New report is again above expectations, at 3.5%

(Newser) - A new and highly anticipated inflation report is out, and the numbers show that inflation remains stubbornly above where the Federal Reserve wants it to be. The March report marks three months in a row of higher-than-expected inflation, which could further jeopardize the Fed's plan to cut rates three...

Those 3 Fed Rate Cuts Are Starting to Look Shaky

Friday's strong jobs report has economists adjusting their expectations

(Newser) - Fewer than three weeks ago, the Fed signaled that they still expected to cut their key interest rate three times in 2024 , taking it down three-quarters of a point from its current 5.25% to 5.5% range. Traders are now growing increasingly doubtful that many cuts will come to...

Federal Reserve Keeps Rate As-Is Yet Again

It holds for 5th straight time, with 3 cuts still expected in 2024

(Newser) - After ending their latest meeting, Federal Reserve officials kept their benchmark interest rate unchanged for a fifth straight time at between 5.25% and 5.5%, reports the Wall Street Journal. They signaled that they still expect to cut their key interest rate three times in 2024 despite signs that...

Inflation Did Not Cooperate Last Month

Consumer prices ticked up as Biden administration hopes they ease

(Newser) - Consumer prices in the United States picked up last month, a sign that inflation remains a persistent challenge for the Federal Reserve and for President Biden's reelection campaign, both of which are counting on a steady easing of price pressures this year.
  • Slight increase: Prices rose 0.4% from
...

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...

Powell on Rate Cuts: 'Path Forward Is Uncertain'

Federal Reserve holds key rate steady

(Newser) - This story has been updated with Powell's remarks. The Federal Reserve, surprising nobody, left its benchmark interest rate unchanged Wednesday at between 5.25% and 5.5%, its highest in 23 years. This was the fourth Fed meeting in a row that resulted in no change to the key...

New CBO Projections Raise Hopes of a 'Soft Landing'

Agency predicts inflation will nearly reach the Fed's target of 2% next year

(Newser) - The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 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. The office's Current...

In 'Remarkable Shift,' Fed Predicts 3 Rate Cuts in 2024

For now, it's holding benchmark rate steady

(Newser) - Stocks surged on Wednesday after the Federal Reserve left its key interest rate unchanged for the third meeting in a row—and predicted that there would be three rate cuts next year. The Fed signaled that inflation had come down faster than expected, opening the door to interest rate cuts,...

New Inflation Report Should Keep Fed Happy

Annual rate cools slightly to 3.1%, suggesting Federal Reserve won't raise rates this week

(Newser) - US inflation ticked down again last month, with cheaper gas helping further lighten the weight of consumer price increases in the United States. At the same time, the latest data on consumer inflation showed that prices in some areas—services such as restaurants, used cars, and auto insurance—continued to...

Inflation Report Is Better Than Expected

It cools off in October to 3.2%

(Newser) - The new inflation report is out, and it's likely to make the Federal Reserve pretty happy: It cooled down last month in a sign that the Fed's interest rate hikes are having the desired effect, per the AP .
  • Key numbers: Tuesday's report from the Labor Department showed
...

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