The Federal Reserve is opening the door to possible interest rate hikes earlier next year than had been expected, as it wrestles with the highest inflation in nearly four decades.
Stocks fell on Tuesday as investors weighed the potential economic fallout from the new coronavirus variant. Federal Reserve Chair Jerome Powell said the central bank could end its bond-buying early.
President Biden has tapped Jerome Powell to serve a second term as chairman of the Federal Reserve as the economy faces huge challenges, including surging inflation.
U.S. employers added 531,000 new jobs as the unemployment rate fell to 4.6%. Millions of would-be workers are still on the sidelines, though, leaving the pace of the recovery in doubt.
The Fed is expected to leave interest rates near zero on Wednesday but is likely to start removing some of the support it has provided to the economy as inflation hits its highest point in 30 years.
President Biden has a big decision to make: Whether to reappoint Jerome Powell to a second term as Federal Reserve chairman or choose someone else for one of the world's most powerful economic jobs.
The Dow Jones slumped over 600 points as financial troubles at property developer China Evergrande Group became the latest in a growing list of concerns for Wall Street.
Federal Reserve Chairman Jerome Powell says the economy continues its recovery, hinting the central bank could dial back its extraordinary efforts to prop up the economy later this year.
The Federal Reserve has provided massive support to markets through the pandemic. Now it faces a tricky decision: how to start removing some of that help without triggering a market sell-off.
The U.S. economy is expected to have grown at a blistering pace in the April-June quarter. A slowdown is inevitable; the question is how much it will slow.
The Fed is maintaining its easy money policies for now in an effort to speed the economic recovery. It left interest rates near zero despite a jump in consumer prices.
Prices are jumping as the economy rebounds from the pandemic, but the Biden Administration and the Federal Reserve say a return to 1970s-style inflation is unlikely.
The Federal Reserve chairman tells NPR that the U.S. economy is on a clear path to recovery thanks to the Fed's rescue plan and the stimulus passed by Congress.
The Federal Reserve has raised its forecast for economic growth, thanks to an improving public health outlook and trillions of dollars in federal spending.
The Commerce Department says the U.S. economy grew just 1% in the last three months of the year, as a rise in coronavirus infections weighed on in-person businesses like restaurants.
The Senate is expected to vote this week on the controversial nomination of Judy Shelton to the Federal Reserve's governing board. She appears to have support from a slim majority of senators.
Powell renews his call for congressional action on the economy, but President Trump tells his representatives to stop negotiating on new relief until after the election.
