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The Latest Breaking News from Jerome Powell

Yellen: inflation to 'remain high;' hopes it's 'coming down'

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

The Independent UK

May Jobs Report Keeps Fed on Track for Half-Point Rate Rises

The strong employment figures released Friday keep the Federal Reserve firmly on track to raise interest rates by a half-percentage point at its meeting in two weeks and again in late July to cool high inflation.

Bangkok Post

To avoid ‘historic shellacking’ in midterms, Biden is promoting a sunny view of US economy

Much of America does not seem to be buying the optimistic vision that Biden and his team are selling

The Guardian - US

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Hiring might have slipped last month to a still-strong level

After months of robust hiring, U.S. employers might have pulled back slightly in May, to levels that would still be consistent with a healthy job market, despite high inflation and rising borrowing costs

The Independent UK

Treasury Secretary Janet Yellen says she was wrong about the risks of inflation

Treasury Secretary Janet Yellen tells CNN she was wrong about the trajectory of inflation during interviews a year ago.

WEKU

Asian shares mixed after stocks retreat on Wall Street

Shares are mixed in Asia after a wobbly day on Wall Street closed out a month buffeted by worries about a possible recession, inflation and rising interest rates

The Independent UK

Treasury Secretary Janet Yellen: "I was wrong about the path inflation would take"

"There have been unanticipated and large shocks to the economy that have boosted energy and food prices," she told CNN.

Axios

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Biden underscores Fed’s ‘independence’ during Powell meeting

The White House is in need of solutions to quell the highest inflation in 40 years and soaring petrol and food prices.

Al Jazeera

US consumer confidence slips in May

U.S. consumer confidence edged down in May as Americans’ view of their present and future prospects dimmed in the midst of persistent inflation

The Independent UK

Biden to meet Fed chair as inflation bites pocketbooks

President Joe Biden will meet Tuesday with Federal Reserve chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks

The Independent UK

Biden to meet with Powell to discuss economy as inflation bites

WASHINGTON — President Joe Biden will hold a rare Oval Office meeting on Tuesday with Federal Reserve Chair Jerome Powell amid the highest inflation in decades, which has angered Americans and hurt his standing with voters.

Tribune News Service

Key inflation gauge slowed to still-high 6.3% over past year

An inflation gauge closely tracked by the Federal Reserve rose 6.3% in April from a year earlier, just below a four-decade high set in March and the first slowdown since November 2020

The Independent UK

Higher Interest Rates Raise Risk of Future Fed Losses

The Federal Reserve's plans to raise interest rates aggressively to combat high inflation could have an overlooked and uncomfortable side effect for the central bank: capital losses.

Bangkok Post

Biden adviser says US economy can withstand Fed inflation fight

White House economic adviser Brian Deese stopped short of ruling out a U.S. recession as the Federal Reserve combats inflation, saying the central bank needs space to do its job.

Tribune News Service

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Axios

Jerome Powell is living rent free in my head

I planned to renovate my kitchen. Then the Fed started raising rates.

Reason

Jerome Powell, Who Wildly Misjudged Inflation, Is Overwhelmingly Reconfirmed as Fed Chair

There is seldom any meaningful accountability for government incompetence.

Axios

What stagflation means and what Biden could do about it

High inflation tends to break out when economic growth is really roaring.

The Guardian - UK

FTSE 100 slide as recession fears weigh on markets – as it happened

Rolling coverage of the latest economic and financial news, as European stocks drop after Wall Street’s worst day since 2020

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The Independent UK

Biden's burdens grow: Sagging global economy adds to US woes

President Joe Biden embarks for Asia on Thursday facing a new risk for the economy at home: a global economic slowdown caused by Russia’s invasion of Ukraine and the pandemic shutting down Chinese cities and factories

Benzinga

Dogecoin Daily: Price Heads Lower, Why You 'Shouldn't Send Your Coins' To Elon Musk And More

Dogecoin (CRYPTO: DOGE) traded 3.2% lower at $0.086 over 24 hours leading up to early Wednesday morning. DOGE slipped into the red alongside other major coins as the global cryptocurrency market cap declined 3.5% to $1.27 trillion.

The Independent UK

Asia stocks mixed after Wall St gain, Powell warns on rates

Asian stock markets are mixed after Wall Street rose and the Federal Reserve's chairman said it will raise interest rates further if needed to cool inflation

Benzinga

Bitcoin, Ethereum, Dogecoin Gains Trail Stocks — Fed Chair Warns Of Pain Yet To Come In Fight Against Inflation

Bitcoin and other major digital coins were in the green at press time, as the global cryptocurrency market cap increased 2.7% to $1.3 trillion.

Tribune News Service

Powell says Fed will ‘keep pushing’ until inflation comes down

Federal Reserve Chair Jerome Powell, in his most hawkish remarks to date, said the US central bank will raise interest rates until there is “clear and convincing” evidence that inflation is in retreat.

The Independent UK

Powell: Fed to keep hiking rates until it controls inflation

Chair Jerome Powell underscored the Federal Reserve’s determination to keep raising interest rates until it has brought inflation under control — a high-stakes effort that carries the risk of causing an eventual recession

Tribune News Service

Stocks roar back at end of nerve-racking week: Markets wrap

Stocks rallied at the end of a chaotic week in financial markets, with a little help from Federal Reserve Chair Jerome Powell’s reassurance that bigger rate hikes would be off the table for now even after the hot inflation readings of the past few days.

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