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WASHINGTON (AP) — Federal Reserve officials signaled Wednesday that they still expect to cut their key interest rate three times in 2024, fueling a rally on Wall Street, despite signs that inflation remained elevated at the start of the year.
President Joe Biden on Thursday said he had "never once spoken" to Federal Reserve Chair Jerome Powell while he was president. But the pair, joined by Treasury Secretary Janet Yellen, met in the Oval Office on May 31, 2022 to discuss inflation, photos and videos from the meeting show. The president made the inaccurate claim during remarks at the Economic Club of Washington, D.C., the day after the Fed announced a decision to cut interest rates by 50 basis points. Touting his own respect for the independence of the central bank, Biden said "By the way, I've never once spoken to the chairman of the Fed since I became presid
Here are five key things investors need to know to start the trading day: Stock markets took a volatile turn Wednesday as investors weighed the Federal Reserve's interest rate decision. Market watchers initially cheered the outsized 50-basis-point rate cut, but it raised concerns that the Fed was trying to get ahead of potential economic weakness. The Dow Jones Industrial Average closed 103.08 points lower, or dow
WASHINGTON ― The Federal Reserve is set to cut interest rates Wednesday, revving up the economy in the pivotal months ahead of the Nov. 5 presidential election.
WASHINGTON (AP) — When Jerome Powell delivered a high-profile speech last month, the Federal Reserve chair came the closest he ever had to declaring that the inflation surge that gripped the nation for three painful years was now essentially defeated.
Here are the most important news items that investors need to start their trading day: Stocks jumped last week as investors looked toward an expected interest rate cut in September. Federal Reserve Chair Jerome Powell bolstered a solid run for stocks when he indicated the central bank would ease borrowing costs soon. All three major U.S. indexes gained more than 1% for the week and notched their second straight positive week. Economic data due this week includes jobless claims Thursday and personal consumption expenditur
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell all but proclaimed victory in the fight against inflation and signaled that interest rate cuts are coming in a much-anticipated speech Friday in Jackson Hole, Wyoming.
JACKSON HOLE, Wyoming (AP) — With inflation nearly defeated and the job market cooling, the Federal Reserve is prepared to start cutting its key interest rate from its current 23-year high, Chair Jerome Powell said Friday.
JACKSON HOLE, Wyoming (AP) — With the Federal Reserve considered certain to start cutting its benchmark interest rate next month, Chair Jerome Powell’s highly anticipated speech Friday morning at an economic conference will be closely watched for any hints about how many additional rate cuts might be in the pipeline.