The Federal Reserve will need to continue lifting its short-term interest rate to a level that restricts economic growth and keep it there for an extended period, a top Fed official said Wednesday.
Federal Reserve Chair Jerome Powell delivered a stark message Friday: The Fed is resolutely focused on taming the highest inflation in four decades.
The CEO of Bank of America said the recent debate over whether the U.S. economy is technically in a recession or not is missing the point.
Slightly fewer Americans filed for unemployment benefits last week as the labor market continues to stand out as one of the strongest segments of the U.S. economy.
Consumers struggling with skyrocketing prices for food, gas, autos and rent got a tantalizing hint of relief last month, when prices didn’t budge at all from June after 25 straight months of increases. With gas prices continuing to fall, inflation is probably slowing further this month.
Defying anxiety about a possible recession and raging inflation, America’s employers added a stunning 528,000 jobs last month, restoring all the jobs lost in the coronavirus recession.
Bill Nelson has experienced the workings of the Federal Reserve from both sides of the street, including a top position advising the central bank on interest rates.
Jerome Powell delivered a tough message at the start of a news conference Wednesday: Inflation is way too high, and the Federal Reserve is laser-focused on taming it with higher borrowing costs.
Conflicting signs about the health of the U.S. economy have thrust the Federal Reserve into a difficult spot as its interest rate-setting committee begins its latest meeting.
Treasury Secretary Janet Yellen on NBC’s “Meet the Press” on Sunday said the U.S. economy is slowing but pointed to healthy hiring as proof that it is not yet in recession.
The number of Americans applying for unemployment benefits last week rose to the highest level in more than eight months in what may be a sign that the labor market is weakening.
Federal Reserve officials were concerned at their meeting last month that consumers were increasingly anticipating higher inflation, and they signaled that much higher interest rates could be needed to restrain it.
U.S. consumer confidence slipped to its lowest level in 16 months as persistent inflation and rising interest rates have Americans as pessimistic as they’ve been about the future in almost a decade.
Treasury Secretary Janet Yellen said Sunday that she expects the U.S. economy to slow in the months ahead, but that a recession is not inevitable.
President Joe Biden said Thursday the American people are “really, really down” after a tumultuous two years with the coronavirus pandemic, volatility in the economy and now surging gasoline prices that are slamming family budgets. But he stressed that a recession was “not inevitable” and held out hope of giving the country a greater sense of confidence.
Federal Reserve Chair Jerome Powell has pledged to do whatever it takes to curb inflation, now raging at a four-decade high and defying the Fed’s efforts so far to tame it.
After months of robust hiring, U.S. employers might have pulled back slightly in May, to levels that would still be consistent with a healthy job market, despite high inflation and rising borrowing costs.
The U.S. economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported Thursday in a slight downgrade of its previous estimate for the January-March quarter.
