WASHINGTON — Hopes for interest rate cuts this year by the Federal Reserve are steadily fading, with a stream of recent remarks by Fed officials underscoring their intention to keep borrowing costs high as long as needed to curb persistently elevated inflation.
The Fed, led by Chair Jerome Powell, raised its benchmark rate by 5 percentage points from March 2022 through June 2023 — the fastest such increase in four decades — to try to drive inflation back down to its 2% target. According to the Fed's preferred measure, inflation has tumbled from 7.1% in June 2022
As further data accumulates, so do some signs that the economy is cooling a bit. More Americans, particularly younger adults, areon their credit card bills, for example, with the share of card debt 90 days or more overdue reaching 10.7% in the first quarter, according to the Fed's New York branch. That's the highest proportion in 14 years.and Burger King, are highlighting price cuts or cheaper deals to try to attract financially squeezed consumers.
Last month, rent and homeownership, along with hotel prices, accounted for two-thirds of the annual rise in “core” inflation, which excludes volatile food and energy costs. Powell and other Fed officials have acknowledged that they had expected rents to fall more quickly than they have. NEW YORK — Justice Juan Merchan scolded Trump’s attorney Todd Blanche for improperly invoking the threat of prison time facing the former president toward the end of the defense’s summation at the historic hush money trial. “It’s simply not allowed. Period,” the judge boomed, saying Blanche should have known better as a former prosecutor and longtime defense attorney. “It’s hard for me to ...
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