Federal Reserve

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The Markets Like What Fed Chair Powell Has to Say

Seemed to suggest Federal Reserve could pause interest rate hikes next year

(Newser) - Federal Reserve Chairman Jerome Powell cast a bright picture of the US economy Wednesday and appeared to suggest that the Fed might consider a pause in its interest rate hikes next year to assess the impact of its credit tightening. Powell's comments ignited a rally on Wall Street, with... More »

Trump: 'My Gut Tells Me More' Than Others' Brains

President also talks Putin, the murder of Jamal Khashoggi, climate change in wide-ranging chat

(Newser) - President Trump took the Washington Post on a wild ride through his thoughts on climate change, Russia, the killing of Jamal Khashoggi, and more in a 20-minute interview Tuesday. One main topic was the Federal Reserve, which he strongly criticized for raising interest rates. "I'm doing deals, and... More »

Trump on Fed Chief: 'Maybe' I Shouldn't Have Hired Him

President goes after Jerome Powell and central bank for raising interest rates

(Newser) - Framing the state of the economy in personal terms, referring to "my numbers," President Trump blasted Fed chief Jerome Powell and the central bank itself in an interview with the Wall Street Journal . Trump called the Fed the "biggest risk" to the economy, due to the three... More »

Trump: The Fed 'Is Going Loco'

He blames central bank for stock market drop

(Newser) - In a move that is traditionally considered highly unusual for a president, President Trump strongly criticized the Federal Reserve on Wednesday, blaming the central bank for the Dow's 831-point drop . The Federal Reserve has raised rates three times this year, with at least one more rise expected, and the... More »

Fed Again Hikes Interest Rates

And marks the end of 'accommodative' policy era

(Newser) - Federal Reserve officials voted Wednesday to raise a key, short term interest rate for the third time this year, the AP reports. Investors largely expected an increase in the federal funds rate—the interest that banks charge each other—based off public statements by Fed officials. The benchmark overnight lending... More »

Fed Keeps Key Interest Rate Unchanged

Signals future rate hikes

(Newser) - The Federal Reserve on Wednesday left its benchmark interest rate unchanged while signaling further gradual rate hikes in the months ahead as long as the economy stays healthy, the AP reports. The Fed's widely expected decision kept the central bank's key short-term rate at 1.75% to 2%—... More »

In Rare Move for a President, Trump Criticizes Fed

White House issues statement saying POTUS is not trying to influence the central bank

(Newser) - President Trump isn't happy with the Federal Reserve—but the fact that he said so is surprising. The POTUS told CNBC's Joe Kernen, in an interview that will air Friday on Squawk Box, "I'm not thrilled" with the two interest rate increases the Fed has instituted... More »

Fed Lifts Interest Rates, Expects 3.6% Unemployment

Fed: US economy has strengthened considerably since the 2007-2008 recession and is in 'great shape'

(Newser) - The Federal Reserve has hiked the short-term interest rate a quarter of a percentage point, to a range of 1.75% to 2%, and suggested that two more increases are likely to occur this year, for a total of four in 2018, reports CNBC . The rate is closely tied to... More »

Fed Keeps Key Interest Rate Unchanged

But notes rising inflation

(Newser) - The Federal Reserve kept its benchmark interest rate unchanged Wednesday but noted that inflation is nearing the Fed's 2% target rate after years of remaining undesirably low, the AP reports. The Fed ended its latest policy meeting by leaving its key short-term rate unchanged at 1.5% to 1.... More »

Fed Raises Benchmark Interest Rate

Key short-term rate goes from 1.5% to 1.75%

(Newser) - The Federal Reserve is raising its benchmark interest rate and signaling that it's sticking with a gradual approach to rate hikes under its new chairman, Jerome Powell. The Fed is boosting its key short-term rate by a modest quarter-point to a still-low range of 1.5% to 1.75%... More »

More Market Turmoil? Inflation Higher Than Expected

Investors may not be happy because it could lead to a hike in interest rates

(Newser) - Given the markets' recent volatility, investors were keeping a closer eye than usual on Wednesday's new inflation report—and they may not be thrilled with the data. The consumer price index showed that prices for everyday goods rose slightly higher than expected in January, reports the Wall Street Journal ... More »

US Fed Caps Wells Fargo's Assets in 'Unprecedented' Move

Bank can't grow until it proves widespread misconduct is in the past

(Newser) - In what CNN calls an "unprecedented" punishment, the US Federal Reserve on Friday ordered Wells Fargo to halt all growth until "it sufficiently improves its governance and controls" in the wake of "pervasive and persistent misconduct." The bank admitted in 2016 to opening 3.5 million... More »

Here Is the New Fed Chief

Senate confirms Jerome Powell, who isn't expected to break from Janet Yellen's policies

(Newser) - The Senate has approved President Trump's selection of Jerome Powell to be the next chairman of the Federal Reserve beginning next month. Senators voted 85-12 to confirm Powell to lead the nation's central bank, a post that's considered the most powerful economic position in government, per the... More »

Fed Makes Rate Hike Despite Lack of Inflation

Federal Reserve boosts key short-term interest rate

(Newser) - As expected, the Federal Reserve has boosted a key short-term interest rate at the last US central bank meeting that Janet Yellen is expected to lead, the AP reports. Fed officials ended their two-day meeting by hiking the federal funds rate—what banks charge each other for short-term loans—to... More »

Federal Reserve Chair Submits Resignation

Janet Yellen will depart board when term ends

(Newser) - Janet Yellen submitted her resignation from the Federal Reserve board to President Trump on Monday, announcing that she will leave when her successor is sworn in as Fed chairman. In a letter to the president, Yellen said she would do her "utmost" to ensure a smooth transition to Jerome... More »

Fed Move Signals a Stronger Economy

Federal Reserve will begin shrinking portfolio of bonds

(Newser) - The Federal Reserve will begin shrinking the enormous portfolio of bonds it amassed after the 2008 financial crisis to try to sustain a frail economy. The move reflects a strengthened economy and could mean higher rates on mortgages and other loans over time, the AP reports. The Fed announced Wednesday... More »

Cohn's Trump Criticism May Cost Him Fed Chief Post

'Wall Street Journal' reports the president is unlikely to appoint him

(Newser) - White House adviser Gary Cohn delivered a public rebuke of President Trump after the violence in Charlottesville, and the Wall Street Journal reports that it might have cost him his chance at becoming the next Federal Reserve chief. The newspaper says the president is now unlikely to appoint Cohn to... More »

Yellen's Defense of Post-Crisis Regulations May Cost Her

The White House isn't going to like it

(Newser) - Federal Reserve Chair Janet Yellen on Friday emphatically defended the web of regulations the Fed helped enact after the 2008 financial crisis, saying it helped restore the banking system's health and disputing criticism that the rules have hurt lending, the AP reports. Yellen said the Fed is prepared to... More »

There's Gold in Them Thar Fed Vaults. We Think

Some suspect there isn't as much gold as the Fed claims

(Newser) - The New York headquarters of the Federal Reserve is either home to 6,200 tons of gold, a bunch of fake gold bars, or next to no gold, depending on whom you ask. The Fed has long claimed its vaults hold the world's largest gold stockpile worth as much... More »

Interest Rates Hit a Milestone for First Time Since 2008

Fed signals belief in strong economy

(Newser) - The Federal Reserve signaled confidence in a strong economy Wednesday with its second interest rate hike of 2017, bringing its benchmark rate up a quarter-point to push it over 1% for the first time since the 2008 financial crisis. The move, which brings the range to between 1% and 1.... More »

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