WASHINGTON — Rising U.S. consumer prices moderated again last month, bolstering hopes that inflation’s grip on the economy will continue to ease this year and possibly require less drastic action by the Federal Reserve to control it. Inflation declined to 6.5% in December compared with a year earlier, the government...
Federal Reserve Proposes Loosening Rules on Bank Investments
WASHINGTON — The Federal Reserve approved a proposal Thursday to loosen a financial-crisis era rule that prevents banks from investing in venture capital funds. The proposal would affect the so-called “Volcker Rule," which was created after the 2008 financial meltdown. The rule bars banks from trading with government-insured deposits in an effort...
A Divided Fed Cuts Key Interest Rate for 2nd time This Year
WASHINGTON — A sharply divided Federal Reserve cut its key benchmark interest rate for a second time this year while saying Wednesday that it's prepared to continue doing what it deems necessary to sustain the U.S. economic expansion. The Fed's move will reduce its benchmark rate by an additional quarter-point...
Powell Says Fed Will Aid Economy, but Trump Escalates Attack
WASHINGTON — Federal Reserve Chairman Jerome Powell signaled Friday that the Fed stands ready to cut interest rates further if the economy needs it but wasn't clear about when or by how much. Powell had barely finished speaking to central bankers in Jackson Hole, Wyoming, before President Donald Trump escalated...
Fed Chairman Signals That Rate Cut Could Happen Soon
WASHINGTON — Chairman Jerome Powell signaled Wednesday that the Federal Reserve is likely to cut interest rates late this month for the first time in a decade in light of a weakening global economy and rising trade tensions. Delivering the central bank's semiannual report to Congress, Powell said that since...
US Adds 224,000 Jobs, Making Fed Rate Cut Less Certain
WASHINGTON — U.S. employers sharply stepped up their hiring in June, adding a robust 224,000 jobs, an indication of the economy's durability after more than a decade of expansion. The strength of the jobs report the government issued Friday could complicate a decision for the Federal Reserve late this month...
GOP Senators Line up Against Trump's 5% Mexico Tariff Plan
WASHINGTON — In a rare confrontation, Republican senators are declaring deep opposition to President Donald Trump's threatened tariffs on all goods coming into the U.S. from Mexico. But it's unclear they have the votes to stop him, and Trump said they'd be "foolish" to try. All sides, including officials from Mexico meeting...
Chairman Says Fed Ready to Respond to Trade Conflicts
WASHINGTON — Chairman Jerome Powell said Tuesday the Federal Reserve is prepared to respond to the Trump administration's trade conflicts to protect the U.S. economy, signaling the Fed will cut interest rates if necessary. Powell's comments gave a lift to stock markets, with the Dow Jones industrial average up over...
Powell Says Trump’s Attacks Played No Role in Rate Pause
WASHINGTON — Federal Reserve Chairman Jerome Powell says political attacks by President Donald Trump played no role in the Fed's decision in January to signal that it planned to take a pause in hiking interest rates. He also said in an interview broadcast Sunday that he can't be fired by...
Powell Says He Would Reject Any Trump Request to Resign
WASHINGTON — Federal Reserve Chairman Jerome Powell said Friday that he will not resign if asked to do so by President Donald Trump, a message that heartened investors who had been concerned by Trump's repeated attacks on his hand-picked choice to lead the nation's central bank. Appearing on a panel...