Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it reached in June.
Defying anxiety about a possible recession and raging inflation, America’s employers added a stunning 528,000 jobs last month, restoring all the jobs lost in the coronavirus recession.
Bill Nelson has experienced the workings of the Federal Reserve from both sides of the street, including a top position advising the central bank on interest rates.
Inflation surged in June and workers’ average wages accelerated in the spring – signs that Americans won’t likely feel any relief from rising prices anytime soon and that the Federal Reserve will feel compelled to further raise borrowing costs.
Jerome Powell delivered a tough message at the start of a news conference Wednesday: Inflation is way too high, and the Federal Reserve is laser-focused on taming it with higher borrowing costs.
The Federal Reserve on Wednesday raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation.
Growth appears to be sputtering, home sales are tumbling and economists warn of a potential recession ahead. But consumers are still spending, businesses keep posting profits and the economy keeps adding hundreds of thousands of jobs each month.
Conflicting signs about the health of the U.S. economy have thrust the Federal Reserve into a difficult spot as its interest rate-setting committee begins its latest meeting.
The Senate easily approved Michael Barr to be the Federal Reserve’s top banking regulator in a bipartisan vote Wednesday.
Inflation at the wholesale level climbed 11.3 percent in June compared with a year earlier, the latest painful reminder that inflation is running hot through the American economy.
Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow.
The Federal Reserve Board assessed a $17,000 penalty against Easthampton Savings Bank – known by its brand name bankESB – for allegedly violating National Flood Insurance Program regulations.
After going on a frenzied hiring spree for a year and a half to meet surging shopper demand, America’s retailers are starting to temper their recruiting.
Federal Reserve officials were concerned at their meeting last month that consumers were increasingly anticipating higher inflation, and they signaled that much higher interest rates could be needed to restrain it.
Federal Reserve Chair Jerome Powell said there’s “no guarantee″ that the central bank can tame runaway inflation without hurting the job market.
U.S. consumer confidence slipped to its lowest level in 16 months as persistent inflation and rising interest rates have Americans as pessimistic as they’ve been about the future in almost a decade.
The nation’s largest banks, including many key to the New England economy, have strong capital levels and would be able to continue lending to households and businesses during a severe recession, according to the Federal Reserve’s annual stress test.
Federal Reserve Chair Jerome Powell sought Wednesday to reassure the public that the Fed will raise interest rates high and fast enough to quell inflation, without tightening credit so much as to throttle the economy and cause a recession.
The Federal Reserve will increase its benchmark interest rate by 0.75 percent, the central bank announced Wednesday afternoon. It’s the steepest increase since the 1990s.
For months, Chair Jerome Powell has held out hope that the Federal Reserve will be able to raise interest rates high enough to throttle rampant inflation without tipping the economy into recession.