
Fed Chair Says Bank Accounts ‘Safe’ Despite Trump’s Teardown of CFPB
Jerome Powell, testifying before the Senate Banking Committee, said “bank accounts overall across the economy are safe” and backed by government deposit insurance.
Jerome Powell, testifying before the Senate Banking Committee, said “bank accounts overall across the economy are safe” and backed by government deposit insurance.
The Federal Reserve left its benchmark interest rate unchanged Wednesday after cutting it three times in a row last year, a sign of a more cautious approach as the Fed seeks to gauge where inflation is headed and what policies President Donald Trump may pursue.
The Federal Reserve is nearly certain to keep its key interest rate unchanged at its policy meeting this week, just a few days after President Donald Trump said he would soon demand lower rates.
Federal Reserve officials at their meeting Dec. 17-18 expected to dial back the pace of interest rate cuts this year in the face of persistently elevated inflation and the threat of widespread tariffs and other potential policy changes.
The Federal Reserve’s top financial regulator said Monday that he would resign next month, avoiding a potential confrontation with the incoming Trump administration and Republicans in the Senate.
As expected, the central bank made a quarter-point cut in its benchmark interest rate Wednesday, but signaled fewer cuts in 2025 than previously predicted.
Americans hoping for lower borrowing costs for homes and investments may be disappointed after this week’s Federal Reserve meeting.
A top Federal Reserve official said Monday that he is leaning toward supporting an interest rate cut when the Fed meets in two weeks but that evidence of persistent inflation before then could cause him to change that view.
Wall Street is already making big bets on what take two for a White House led by Donald Trump will mean for the economy.
Between mixed economic signals and president-elect Donald Trump’s statements that he wants greater control over interest rate policy, it’s up in the air what happens next.
The president-elect outlined a wide-ranging agenda on the campaign trail that blends traditional conservative approaches to taxes, regulation and cultural issues with a more populist bent on trade.
No one knows how Tuesday’s presidential election will turn out, but the Federal Reserve’s move two days later is much easier to predict: With inflation continuing to cool, the Fed is set to cut interest rates for a second time this year.
Federal Reserve Chair Jerome Powell signaled Monday that more interest rate cuts are in the pipeline but suggested they would occur at a measured pace intended to support a still-healthy economy.
The Federal Reserve on Wednesday cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates helped tame inflation but that also made borrowing painfully expensive for American consumers and businesses.
Plenty of uncertainty still surrounds this week’s Fed meeting. How much will the policymakers decide to reduce their benchmark rate, now at 5.3 percent? By a traditional quarter-point or by an unusually large half-point?
The Fed’s long-awaited cut comes too late to save the housing market, which is now mired in what is likely to be a prolonged slump that could take years to climb out of.
Hiring by America’s employers picked up a bit in August from July’s tepid pace, and the unemployment rate dipped for the first time since March in a sign that the job market may be cooling but remains sturdy.
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.
The minutes of the Fed’s July 30-31 meeting, released Wednesday, said the “vast majority” of policymakers “observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting.”