Federal Reserve Chair Jerome Powell, right, walks with with Federal Reserve Vice Chair Lael Brainard, center, and Federal Reserve Bank of New York president and CEO John Williams, left, at the central bank's annual symposium in Grand Teton National Park Friday, Aug. 26, 2022. in Moran, Wyo.
Investors had been hoping for a signal from Powell that the Fed might soon moderate its rate increases later this year if inflation were to show further signs of easing. But the Fed chair indicated that that time may not be near, and stocks tumbled in response., even as the unemployment rate has fallen to a half-century low of 3.5%. It has also created political risks for President Joe Biden and congressional Democrats in this fall’s elections, with Republicans denouncing Biden’s $1.
After raising its key short-term rate by a steep three-quarters of a point at each of its past two meetings — part of the Fed's fastest series of hikes since the early 1980s — Powell said the Fed might ease up on that pace “at some point,” suggesting that any such slowing isn't near.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ksatnews - 🏆 442. / 53 Read more »
Source: HuffPostWomen - 🏆 27. / 68 Read more »
Source: NPR - 🏆 96. / 63 Read more »