Jerome Powell

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Fed Says Outlook for 2021 Has Brightened

But interest rate is staying near zero

(Newser) - The Federal Reserve said Wednesday that it will keep buying government bonds until the economy makes "substantial" progress—a step intended to reassure financial markets and keep long-term borrowing rates low indefinitely. The Fed also reiterated after its latest policy meeting that it expects to keep its short-term benchmark...

Fed Plans to Leave Rates Unchanged Until 2023

Central bank says it will accept higher inflation

(Newser) - The Federal Reserve expects to keep its benchmark interest rate pegged near zero at least through 2023 as it strives to accelerate economic growth and drive down the unemployment rate. The central bank also said Wednesday that it will seek to push inflation above 2% annually. The Fed left its...

Fed Chair Announces Big Change on Interest Rates

Jerome Powell says Fed will keep rates near zero, even after inflation exceeds 2%

(Newser) - The Federal Reserve announced a significant change Thursday in how it manages interest rates by saying it plans to keep rates near zero even after inflation has exceeded the Fed's 2% target level. The change signifies that the Fed is prepared to tolerate a higher level of inflation than...

Stocks Jump After Big News From Fed

Interest rates expected to stay near zero until 2022

(Newser) - The Federal Reserve said Wednesday that it will keep buying bonds to maintain low borrowing rates and support a US economy mired in a deep recession with high unemployment. And it said nearly all its policymakers foresee no rate hikes through 2022. The Fed has cut its benchmark short-term rate...

Fed Indicates It Will Hold Rates Near Zero for Months

Fed will also keep buying Treasury and mortgage bonds

(Newser) - The Federal Reserve signaled Wednesday that it will keep its key short-term interest rate near zero for the foreseeable future as part of its extraordinary efforts to bolster an economy that is sinking into its worst crisis since the 1930s. As part of its emergency steps, the Fed said it...

Fed Chief: Economy's Rebound May Be 'Robust'

Agency unveils $2.3T loan program to help small businesses, cities

(Newser) - The Federal Reserve is taking additional steps to provide up to $2.3 trillion in loans to support the economy, per the AP . The money will target American households and businesses, as well as local governments besieged by the coronavirus outbreak. The Fed said Thursday that it's activating a...

Fed Chief: 'We May Well Be in a Recession'
Fed Chief
Addresses
the R-Word

Fed Chief Addresses the R-Word

Jerome Powell says we 'may well be in a recession'

(Newser) - Are we going to enter a recession? We may already be in one, said Federal Reserve Chair Jerome Powell on Thursday, though he tempered his answer. In a Today Show appearance, Powell acknowledged that "we may well be in a recession," but "I would point to the...

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...

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...

Trump: US Firms 'Hereby Ordered' to Find China Alternatives

President also ratchets up criticism of Fed chief to a new level as markets wobble

(Newser) - It's another volatile day on Wall Street, with the Dow down about 500 points at midday. Renewed friction between the US and China is to blame, as President Trump unleashed a series of angry tweets on that subject as well as Fed chief Jerome "Jay" Powell. After Beijing...

Trump Slams 'Clueless' Fed Chief, 'Crazy' Yield Curve
Trump Blasts
'Crazy Inverted
Yield Curve'
THE RUNDOWN

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...

What It Means If the Fed Cuts Rates This Afternoon
The Fed Just Made
a Major Reversal
the rundown

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...

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...

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...

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...

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...

Fed Keeps Key Rate Unchanged, Pledges to Be 'Patient'
Fed Keeps
Key Rate Unchanged

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....

Fed Chief's Comments Send Markets Surging
Fed Chief's
Comments
Send Markets
Surging
UPDATED

Fed Chief's Comments Send Markets Surging

Jerome Powell says economy looks able to sustain momentum in 2019

(Newser) - A rosy jobs report and comments from Federal Reserve chief Jerome Powell suggesting that the Fed will be patient on rate hikes have helped lift the markets in a big way. The Dow surged 680 points, or 3%, in early trading, while the S&P 500 and Nasdaq each were...

Trump Lights Into Fed Again, This Time With Golf Analogy

'Like a powerful golfer who can’t score because he has no touch - he can’t putt!'

(Newser) - This much is clear: President Trump is unhappy with Federal Reserve chief Jerome Powell. Whether he can do anything about it, however, is another question entirely. A slew of reports, including in the Wall Street Journal , say Trump has been asking about whether he has the authority to fire the...

Fed Ends 2018 With a 4th Rate Hike
Fed Ends 2018
With a 4th Rate Hike

Fed Ends 2018 With a 4th Rate Hike

But it signals there will be fewer coming down the pike

(Newser) - The finally tally for 2018 will be four interest-rate hikes by the Federal Reserve, but the 2019 count will likely be half of that. The Fed on Wednesday announced a quarter-point increase for its key interest rate to a range of 2.25% to 2.5%. That's the highest...

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