Federal Reserve

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Fed Cuts Rates Again, With a Big 'But'

The short-term rate is lowered to between 1.5% and 1.75%

(Newser) - The Federal Reserve cut its benchmark interest rate Wednesday for the third time this year to try to sustain the economic expansion in the face of global threats, the AP reports. But it hinted that it won't likely cut again this year. The Fed's move reduces the short-term... More »

Sharply Divided Fed Again Reduces Rates

But may not do so again this year

(Newser) - A sharply divided Federal Reserve cut its benchmark interest rate Wednesday for a second time this year but declined to signal that further rate cuts are likely this year, the AP reports. The Fed's move reduces its key short-term rate—which influences many consumer and business loans—by an... More »

Trump: Fed 'Boneheads' Need to Try Negative Interest Rates

President is once again criticizing Jerome Powell and his colleagues

(Newser) - President Trump continued his long-running critique of the Federal Reserve Wednesday in a series of tweets blasting his own hand-picked chair, Jerome Powell, and the rest of the "Boneheads" there who, he said, need to be slashing interest rates below zero—a far cry from the comparatively moderate rate... More »

Trump Blasts 'Crazy Inverted Yield Curve'

Economists are split on signs of a recession

(Newser) - President Trump says the American economy is doing magnificently and we are "winning, big time, against China"—but one of the things still holding the economy back is the Federal Reserve chairman he appointed. In a pair of tweets Wednesday, Trump renewed his attacks on Jerome Powell, calling... More »

The Fed Just Made a Major Reversal

Cuts key interest rate by a quarter-point

(Newser) - As expected, the Federal Reserve on Wednesday cut its key interest rate for the first time since December 2008. The benchmark short-term rate was lowered by a quarter-point to a range of 2% to 2.25%, the AP reports. The Fed also repeated a pledge to "act as appropriate... More »

Fed Chief Says He Won't Go If Trump Tries to Fire Him

'The law gives me a 4-year term and I fully intend to serve it,' Jerome Powell says

(Newser) - If President Trump decides that he wants to get rid of Jerome Powell, he's going to find the Federal Reserve chairman a lot harder to fire than a Celebrity Apprentice contestant. Powell, whose policies have frequently been criticized by the president, told the House Financial Services Committee Wednesday that... More »

Fed Chief Indicates We're In for a Rate Cut

Possibly as soon as the July meeting

(Newser) - The S&P 500 crossed the 3,000 threshold for the first time ever Wednesday, as expectations for a July rate cut rise, reports CNBC . Federal Reserve Chairman Jerome Powell said Wednesday that "many" Fed officials believe a weakening global economy and rising trade tensions have strengthened the case... More »

Fed Drops the Word 'Patient' From Its Statement

Some say that could suggest the Fed is now inclined to begin cutting rates

(Newser) - The Federal Reserve left its key interest rate unchanged Wednesday but signaled that it's prepared to start cutting rates if needed to protect the US economy from trade conflicts and other threats. The Fed kept its benchmark rate—which influences many consumer and business loans—in a range of... More »

Trump's Fed Pick Bows Out of Contention

Stephen Moore withdraws name from consideration amid controversy

(Newser) - President Trump says his pick for the Federal Reserve board , conservative commentator Stephen Moore, has withdrawn from contention. The decision comes amid controversy over Moore's past writings about women, per the AP . Moore had lost crucial Republican support in the Senate, which would have to vote on a potential... More »

Why It's Possible the Fed's Next Rate Change Is a Cut

Inflation isn't where the Fed likes it to be

(Newser) - The Federal Reserve left its key interest rate unchanged Wednesday and signaled that no rate hikes are likely in coming months amid signs of renewed economic health but unusually low inflation. The Fed left its benchmark rate—which influences many consumer and business loans—in a range of 2.25%... More »

CNN Unearths Old Columns by Fed Pick Stephen Moore

His views about women are now under scrutiny, but he says these were 'spoof' pieces

(Newser) - One of President Trump's candidates for the Federal Reserve has a new media controversy, one he describes as "character assassination." CNN dug up several old columns written about 20 years ago by Stephen Moore for the conservative National Review. Provocative views about fiscal policy? Nope, Moore jokes... More »

After Controversy, Herman Cain Out of Running for Fed

2012 presidential candidate withdraws his name from consideration

(Newser) - Well, never mind: Herman Cain has withdrawn himself from consideration for the Federal Reserve Board. "My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board," Trump tweeted Monday. "I will respect his wishes. Herman... More »

Cain Nomination Appears Doomed

4 GOP senators don't want him on Fed board

(Newser) - Herman Cain now appears highly unlikely to be raised to the Federal Reserve's board of governors. Administration officials say the former Godfather's Pizza CEO is still President Trump's preferred candidate, but four Republican senators have now spoken out against the potential nomination , the Washington Post reports. With... More »

Name of Next Fed Pick Will Likely Ring a Bell

President will reportedly nominate Herman Cain, former presidential candidate

(Newser) - President Trump is apparently intent on putting another friendly face on the Fed. Both Bloomberg and Axios report that Trump will pick Herman Cain , the former CEO of Godfather's Pizza who ran for president in 2012. Axios says Trump is holding off on announcing the move until a background... More »

Trump's Fed Pick Has Large Unpaid Tax Bill

IRS is pursuing Stephen Moore for $75K

(Newser) - President Trump's controversial choice for a seat on the Federal Reserve board doesn't have his own finances in order, according to court documents. A federal tax lien in Maryland says conservative commentator Stephen Moore, who owns a home in the state, owes $75,328 in taxes and penalties,... More »

Trump Picks a Former Adviser for Fed Board

Stephen Moore has criticized Fed chairman's policies

(Newser) - President Trump said Friday he will nominate Stephen Moore, a conservative economic analyst, to fill a vacancy on the Federal Reserve's seven-member board. Moore, an often polarizing figure in political circles, served as an economic adviser to Trump during the 2016 presidential campaign, the AP reports, and helped draft... More »

The Fed Takes a No-Hike Position for 2019

The Federal Reserve left its key interest rate unchanged Wednesday

(Newser) - The Federal Reserve left its key interest rate unchanged Wednesday and projected no rate hikes in 2019, dramatically underscoring its plan to be "patient" about any further increases. The Fed announced that it was keeping its benchmark rate—which can influence everything from mortgages to credit cards to home... More »

Fed's Powell Delivers Report to Congress

Says US economy will likely experience solid but slower growth in 2019

(Newser) - Federal Reserve Chairman Jerome Powell told Congress on Tuesday the US economy should keep expanding at a solid, though somewhat slower pace this year. But he warned of growing risks, including a global slowdown, volatile financial markets, and uncertainty about US trade policy. In delivering the Fed's semiannual monetary... More »

Trump's Former Fed Chief Is Hitting Back at Him

Janet Yellen says POTUS does not understand the Fed

(Newser) - Janet Yellen, who was chair of the Federal Reserve until President Trump replaced her with Jerome Powell, says she doesn't think the POTUS understands economic policy or the Fed. In an extensive interview with the radio program Marketplace , Yellen cited Trump's statements "about the Fed having an... More »

Fed Keeps Key Rate Unchanged

Federal Reserve says it plans to be 'patient'

(Newser) - The Federal Reserve is keeping its key interest rate unchanged and signaling it could leave rates alone in coming months given economic pressures and mild inflation, the AP reports. The Fed also says it's prepared to slow the reduction of its bond holdings if needed to support the economy.... More »

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