Jun 15 WATCH: Federal Reserve Chair Powell gives news briefing following interest rate hike By Christopher Rugaber, Associated Press The Federal Reserve on Wednesday intensified its drive to tame high inflation by raising its key interest rate by three-quarters of a point — its largest hike in nearly three decades — and signaling more large rate increases to come… Continue reading
Jun 13 Watch 6:02 Markets plunge amid fears of sharply higher interest rates Wall Street has gone into meltdown mode over inflation fears and the possibility that higher interest rates are imminent. The Dow Jones Industrial Average, NASDAQ and the S&P 500 all fell significantly. It is now officially a bear market, down… Continue watching
Jun 07 WATCH: Treasury Secretary Yellen testifies on President Biden's budget in Senate hearing By Fatima Hussein, Associated Press Treasury Secretary Janet Yellen has acknowledged that she and Federal Reserve Chair Jerome Powell "could have used a better word" than transitory when describing the expected run of inflation in the U.S. economy. Continue reading
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