Inflation hit hard at the wholesale level in June, as producer prices surged a near-record amount from a year ago due to a big jump in energy costs, the Bureau of Labor Statistics reported Thursday. T...
Tag: Breaking News: Economy
Inflation rose 9.1% in June, even more than expected, as consumer pressures intensify
Shoppers paid sharply higher prices for a variety of goods in June as inflation kept its hold on a slowing U.S. economy, the Bureau of Labor Statistics reported Wednesday. The consumer price index, a ...
Fed report finds higher fears of inflation and potential recession
A Federal Reserve economic survey released Wednesday pointed to elevated recession fears along with a belief that soaring inflation will last at least through the end of the year. The central bankR...
Fed officials Waller and Bullard back another big interest rate increase in July
The Marriner S. Eccles Federal Reserve Board Building in Washington, D.C. Sarah Silbiger | Reuters The Federal Reserve is well on its way to another sharp interest rate hike in July and perhaps Septem...
‘More restrictive’ policy likely if inflation fails to come down
Federal Reserve officials in June emphasized the need to fight inflation even if it meant slowing an economy that already appears on the brink of a recession, according to meeting minutes released Wed...
Powell vows to prevent inflation from taking long-run hold in the U.S.
U.S. Federal Reserve Board Chair Jerome Powell testifies before a House Financial Services Committee hearing in Washington, U.S., June 23, 2022. Mary F. Calvert | Reuters Federal Reserve Chairman Jer...
Watch Fed Chair Powell talk live about the economy, interest rates at ECB forum
[The stream is slated to start at 9 a.m. ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chairman Jerome Powell speaks Wednesday to a European Central Bank ...
New York Fed President John Williams says a U.S. recession is not his base case
New York Federal Reserve President John Williams said Tuesday he expects the U.S. economy to avoid recession even as he sees the need for significantly higher interest rates to control inflation. R...
Consumer sentiment survey followed by the Fed shows inflation expectations ease slightly
A shopper inside a women’s clothing store in the East Village neighborhood of Des Moines, Iowa, on Saturday, Feb. 5, 2022. Kathryn Gamble | Bloomberg | Getty Images A widely followed consumer se...
Watch Jerome Powell testify to Congress on the economy and how the Fed plans to fight inflation
[This stream is set to start at 9:30 a.m. ET.] Federal Reserve Chair Jerome Powell on Thursday concluded two days of testimony in front of Congress, speaking in front of House members. In remarks for ...
Powell tells Congress the Fed is ‘strongly committed’ to bringing down inflation
Federal Reserve Chairman Jerome Powell told congressional lawmakers Wednesday that the central bank is determined to bring down inflation and has the ability to make that happen. “At the Fed, we...
Watch Powell’s testimony to Congress on the Fed’s inflation fight, state of the economy
[The stream is set to start at 9:30 a.m. ET] Federal Reserve Chair Jerome Powell on Wednesday began two days of testimony in front of Congress. The central bank chief is expected to provide updates on...
Sales of existing homes fell in May, and more declines are expected
Sales of existing homes in May dropped 3.4% to a seasonally adjusted annualized rate of 5.41 million units, according to the National Association of Realtors. Sales were 8.6% lower than in May 2021. A...
Fed promises ‘unconditional’ approach to taking down inflation in report to Congress
U.S. Federal Reserve Board Chairman Jerome Powell takes questions after the Federal Reserve raised its target interest rate by three-quarters of a percentage point to stem a disruptive surge in inflat...
Powell vows that the Fed is ‘acutely focused’ on bringing down inflation
Federal Reserve Board Chairman Jerome Powell speaks to reporters after the Federal Reserve raised its target interest rate by three-quarters of a percentage point to stem a disruptive surge in inflati...
Fed members predict more hikes with the benchmark rate above 3% by year-end
U.S. Federal Reserve Chairman Jerome Powell testifies during the Senate Banking Committee hearing titled “The Semiannual Monetary Policy Report to the Congress”, in Washington, U.S., March...
Fed hikes its benchmark interest rate by 0.75 percentage point, the biggest increase since 1994
The Federal Reserve on Wednesday launched its biggest broadside yet against inflation, raising benchmark interest rates three-quarters of a percentage point in a move that equates to the most aggressi...
Unexpected 0.3% decline, hammered by inflation
Retail sales turned negative in May as consumers pulled back spending while inflation surged, the Commerce Department reported Wednesday. Advance retail and food service spending fell 0.3% for the mon...
Fed likely to hike rates by three-quarters of a point this week
Markets are beginning to anticipate an even faster pace of interest rate hikes, and Federal Reserve officials apparently are contemplating the possibility as well. Central bank policymakers are entert...
Wholesale prices rose 10.8% in May, near a record annual pace
Wholesale prices rose at a brisk pace in May as inflation pressures mounted on the U.S. economy, the Bureau of Labor Statistics reported Tuesday. The producer price index, a measure of the prices paid...
Here’s everything the Fed is expected to announce, including the biggest rate hike in 28 years
US Federal Reserve Chairman Jerome Powell speaks during a news conference in Washington, DC, on May 4, 2022. Jim Watson | AFP | Getty Images The Federal Reserve on Wednesday is expected to do somethin...
Inflation expectations hit record levels in May, New York Fed says
People shop in a supermarket as inflation affected consumer prices in Manhattan, New York City, U.S., June 10, 2022. Andrew Kelly | Reuters Consumer expectations for inflation and spending in the year...
Disney fires TV content chief Peter Rice as board backs CEO Bob Chapek
LOS ANGELES — Disney has abruptly fired Peter Rice, its most senior television content executive, multiple sources told CNBC on Thursday, while the company’s board expressed support for CEO Bob ...
Mortgage demand falls to the lowest level in 22 years
Mortgage rates are back on the upswing, after a brief decline in May, and the housing market is still suffering from a lack of listings. As a result, mortgage demand continues to drop. Total mortgage ...
Fed’s Mester says half-point rate hikes are needed to fight inflation
Cleveland Federal Reserve President Loretta Mester said Friday that she doesn’t see ample evidence that inflation has peaked and thus is on board with supporting a series of aggressive interest ...
Fed Vice Chair Lael Brainard says it’s ‘very hard to see the case’ for the Fed pausing rate hikes
Federal Reserve Vice Chair Lael Brainard said Thursday that it’s unlikely the central bank will be taking a break from its current rate-hiking cycle anytime soon. Though she stressed that Fed po...
The Fed’s Mary Daly says rate hikes should continue until inflation is tamed
San Francisco Federal Reserve President Mary Daly said Wednesday she backs raising interest rates aggressively until inflation comes down to a reasonable level. Those moves likely would entail multipl...
Mortgage demand falls to lowest level since 2018, even as interest rates ease
A single family home is shown for sale in Encinitas, California. Mike Blake | Reuters Mortgage demand slipped to the lowest level since December 2018, even after rates declined slightly last week. App...
Fed Governor Christopher Waller says he’s prepared to take rates past ‘neutral’ to fight inflation
Christopher Waller, U.S. President Donald Trump’s nominee for governor of the Federal Reserve, listens during a Senate Banking Committee confirmation hearing in Washington, D.C., on Thursday, Fe...
Fed minutes: May 2022 – Monetary policy may move into restrictive territory
Federal Reserve officials earlier this month stressed the need to raise interest rates quickly and possibly more than markets anticipate to tackle a burgeoning inflation problem, minutes from their me...
Fed isn’t focused on impact of rates on stocks, Esther George Says
Kansas City Federal Reserve President Esther George said Thursday that higher interest rates are needed now to bring down inflation and policymakers are not focused on the impact that is having on the...