Jerome Powell

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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...

Fed Chief: 'We Are Prepared to Raise Rates Further'

Jerome Powell gives a closely watched update

(Newser) - The continued resilience of the US economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said Friday in a closely watched speech that also highlighted the uncertain nature of the economic outlook. Powell noted that the economy has been growing faster than expected and that consumers have...

Fed Chair Says US May Have Dodged Recession

Congressional Budget Office is also predicting 'soft landing'

(Newser) - The Federal Reserve believes its policies may have helped the US economy avoid recession and achieve a "soft landing," a possibility analysts once saw as remote. In remarks after the latest interest rate rise was announced Wednesday, Fed Chair Jerome Powell said the central bank is no longer...

Fed Chair: 'What Can I Say?' I'm a Deadhead

At House hearing, Jerome Powell raves about recent Dead & Company show

(Newser) - A blurry photo taken at a Dead & Company concert in Virginia earlier this month caused quite a stir on social media. Viewed 2.8 million times as of this writing, it shows a gray-haired man in a collared shirt and baseball cap among the crowd of fans watching the...

The Federal Reserve Gives Us a Skip and a Surprise

Leaves interest rates alone for first time in 15 months, but 2 more hikes could come

(Newser) - After a 10-meeting run of raising interest rates, the Federal Reserve on Wednesday decided to leave rates alone—but in a surprise, indicated two more hikes could come before 2023 is through, reports CNBC . The decision is being viewed as more of a "skip" than a pause and leaves...

Fed Chief Powell Duped by Russian Pranksters
Russian
Pranksters
Trick
Fed Chief
Apr 27, 2023 2:35 PM CDT

Russian Pranksters Trick Fed Chief

But it doesn't appear Jerome Powell said anything unusual to callers posing as Volodymyr Zelensky

(Newser) - The Fed chief's words can move markets, which makes Russian pranksters' latest victim especially notable. A spokeswoman for Federal Reserve Chair Jerome Powell has confirmed that he was tricked into talking with two Russians who have been fooling world leaders and other big names for years. Powell thought he...

Fed's Powell Speaks, and Markets Aren't Thrilled


Fed Chair Has
More Bad News
Mar 7, 2023 10:45 AM CST

Fed Chair Has More Bad News

Guess what? Higher interest rates likely coming

(Newser) - Jerome Powell opened his mouth on Tuesday before the Senate Banking Committee, Wall Street listened and wasn't happy, and probably no one who's possession of a variable interest rate will be, either. "The latest economic data have come in stronger than expected, which suggests that the ultimate...

Powell Sees Progress Getting Inflation in Check

But Fed chief warns it will be a long process

(Newser) - Wall Street investors waited Tuesday to read the tea leaves in the latest public comments from Fed chief Jerome Powell, and they seem conflicted about the message. After Powell said the process of getting inflation in check was showing progress, the Dow quickly erased morning losses and rose more than...

Mortgage Rates Near 6%
Mortgage Rates Hit 2008 Levels
Sep 8, 2022 4:50 PM CDT

Mortgage Rates Hit 2008 Levels

Climb is tied to Powell's stay-the-course comment, analyst says

(Newser) - A year ago, mortgage rates were below 3%. On Thursday, Freddie Mac data showed the average rate for a 30-year fixed mortgage was up to 5.89%, the highest point since 2008, NBC News reports. Rates briefly dropped this summer as the Federal Reserve raised the key interest rate in...

Powell Warns of 'Some Pain' for Households, Businesses

But Fed chief says the central bank must keep raising rates to prevent greater pain

(Newser) - Fed chief Jerome Powell delivered a closely watched speech on Friday that made clear he expects the central bank to continue raising interest rates, reports CNBC . Wall Street didn't seem thrilled: The Dow fell 200 points as Powell spoke in Jackson Hole, Wyoming, and it was down more than...

After Fed Chair's Remarks, Stocks Soar to Biggest Gain in 2 Years

Jerome Powell downplayed chances of even bigger rate increase

(Newser) - Stocks soared to their biggest gain in two years Wednesday and bond yields dropped after Federal Reserve Chair Jerome Powell downplayed the likelihood of an even larger rate increase than the one announced Wednesday. That allayed concerns that the central bank was on its way to a massive increase of...

Fed Might Do What It Hasn't Done in 22 Years

Jerome Powell floats possibility of half-point hike in interest rates

(Newser) - Chair Jerome Powell said Monday that the Federal Reserve would raise its benchmark short-term interest rate faster than expected if it decides that this would be necessary to slow rampaging inflation, per the AP . His comments did not please the markets. Immediately afterward, the major indexes fell noticeably, with the...

Fed Confirms Big Move to Tame Inflation

Benchmark interest rate is going up for the first time since 2018

(Newser) - The Federal Reserve, in the first of what is expected to be a series of hikes, is raising its key short-term interest rate by a quarter-point from near zero. The central bank, which is fighting to tame the worst inflation in 40 years, signaled Wednesday that there could be up...

Biden Fed Nominee Withdraws After Manchin Says No

Biden says Sarah Bloom Raskin was 'subject to baseless attacks'

(Newser) - Update: Sarah Bloom Raskin has withdrawn from consideration for a key post on the Federal Reserve's board of governors, handing Sen. Joe Manchin another win. The Democrat joined all 50 Republicans in the Senate Monday in opposition to confirming Bloom at the Fed's top banking regulator. In a...

Fed Chief: We'll Get More Aggressive on Inflation

Jerome Powell tells Congress they'll raise interest rates more if need be

(Newser) - Federal Reserve Chair Jerome Powell acknowledged Tuesday that high inflation has emerged as a serious threat to the Fed's goal of helping put more Americans back to work and that the Fed will raise rates more than it now plans if needed to stem surging prices. "If we...

Fed's Vice Chair, Facing Questions on Trades, Resigns

Richard Clarida is the third top official to leave under a cloud

(Newser) - The vice chair of the Federal Reserve is resigning in the face of questions about his stock trading during the pandemic. Richard Clarida, whose term was in its last month, made the announcement Monday but did not elaborate, the Washington Post reports. "I will miss his wise counsel and...

Only 3 Federal Officials Viewed Favorably by Most in US

John Roberts, the Fed's Jerome Powell, and Anthony Fauci

(Newser) - Gallup put the names of 11 federal officials in front of Americans in a new survey, and only three registered positive ratings from the majority of respondents. The clear No. 1 was Supreme Court Justice John Roberts (60%), followed by Fed chief Jerome Powell (53%) and Dr. Anthony Fauci...

Biden Makes Highly Anticipated Picks to Lead the Fed

President nominates Powell to continue as chair, wants to elevate Democrat Brainard to No. 2

(Newser) - President Biden has settled on a decision that's been awaited by economic markets around the world—he wants Jerome Powell to remain as chair of the Federal Reserve. Powell is a Republican, and while Democrats had been chafing for a switch at the central bank, the president opted for...

Warren Calls Fed Chair a 'Dangerous Man'

She tells Jerome Powell she will oppose his renomination

(Newser) - Sen. Elizabeth Warren addressed what she called the "elephant in the room" at a Senate Banking Committee hearing Tuesday—the question of whether Jerome Powell will be renominated as Federal Reserve chair. The Democrat told Powell that she considers him a "dangerous man" who has weakened the country'...

Fed Considers Its Own Digital Currency

Powell sees no rush, though China's central bank is forging ahead on development

(Newser) - The Federal Reserve expects to issue a paper soon addressing whether it should go ahead with a digital currency of its own. The central bank has been looking into the issue, with the Boston Fed and MIT combining on a study that will precede the paper, CNBC reports. The advantages,...

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