Jerome Powell

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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 »

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 »

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 »

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... More »

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... More »

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... More »

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 »

Asian, European Markets Join Global Sell-Off

It was a rough first day for the new Fed chief

(Newser) - The first day in a new job is often tough—especially when you're the new chief of the Federal Reserve and the Dow Jones has the largest single-day point drop in its history. The 4.6% drop means Jerome Powell is unlikely to have much of a honeymoon period... 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 »

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 »

Name of Trump's Likely Pick for Fed Chair Released

The president has been looking for a replacement for Janet Yellen

(Newser) - Even as the White House is reeling from the indictments of three former presidential campaign officials, Donald Trump is reportedly moving along with plans to replace the chairwoman of the Federal Reserve, Janet Yellen, the New York Times reports. After several months of speculation and hype from the president, administration... More »

Every Fed Member Is a Millionaire

Although Ben Bernanke appears to just barely qualify

(Newser) - It's a safe bet that whoever replaces Ben Bernanke as Fed chief will be personally familiar with large sums of money. Janet Yellen has assets worth between $4.8 million and $13.2 million—including a stamp collection worth up to $50,000—while fellow frontrunner Larry Summers clocks... More »

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