May 31 Watch 6:43 Biden meets with Fed chair in push to address record inflation President Biden called in the head of the Federal Reserve Tuesday to talk about the worst inflation in 40 years. But he pledged to respect the central bank's independence. The president met with Jerome Powell, who recently won senate confirmation… Continue watching
May 31 WATCH: Biden meets with Federal Reserve Chair Powell amid inflation worries By Josh Boak, Christopher Rugaber, Zeke Miller, Associated Press Biden hoped the meeting on Tuesday would demonstrate his concern to voters, though he insisted anew the White House will not interfere with the independent central bank's work. Continue reading
May 25 Fed officials signal rates may head to ‘restrictive’ levels to stabilize economy By Christopher Rugaber, Associated Press Federal Reserve officials agreed when they met earlier this month that they might have to raise interest rates to levels that would weaken the economy as part of their drive to curb inflation, which has reached a four-decade high. Continue reading
May 12 Senate confirms Jerome Powell for second term as Fed Chair By Christopher Rugaber, Associated Press The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell's high-stakes efforts to curb the highest inflation in four decades. Continue reading
May 05 Stocks slump 3 percent as worries grow over higher interest rates By Damian J. Troise, Alex Veiga, Associated Press Stocks are slumping on Wall Street, erasing a rally from a day earlier, as markets assess the looming fallout from the Federal Reserve's stepped-up fight against inflation. Continue reading
May 04 How higher Federal Reserve rates stand to affect Americans’ finances By Christopher Rugaber, Associated Press Economists foresee the fastest pace of rate increases since 1989. The result could be much higher borrowing costs for households well into the future as the Fed fights the most painfully high inflation in four decades. Continue reading
May 04 Federal Reserve raises key rate by a half-point in bid to tame inflation By Christopher Rugaber, Associated Press The Federal Reserve intensified its drive to curb the worst inflation in 40 years by raising its benchmark short-term interest rate by an sizable half-percentage point. Continue reading
May 04 WATCH: Federal Reserve Chair Jerome Powell gives update as Fed announces interest rate hike By Christopher Rugaber, Associated Press The Fed also announced that it will start reducing its huge $9 trillion balance sheet, made up mainly of Treasury and mortgage bonds. Reducing those holdings will have the effect of further raising loan costs throughout the economy. Continue reading
May 02 Federal Reserve poised to fight inflation with fastest rate hikes in decades By Christopher Rugaber, Associated Press The Federal Reserve is poised this week to accelerate its most drastic steps in three decades to attack inflation by making it costlier to borrow, which will compound Americans' financial strains and likely weaken the economy. Continue reading
Apr 29 A key inflation gauge jumped 6.6 percent in March, possibly nearing a peak By Christopher Rugaber, Associated Press An inflation gauge closely tracked by the Federal Reserve surged 6.6% in March compared with a year ago, the highest 12-month jump in four decades and further evidence that spiking prices are pressuring household budgets and the health of the… Continue reading