All posts tagged "Fed"

President Donald Trump kept up his pressure campaign against Federal Reserve chairman Jerome Powell.

Federal Reserve officials announced Wednesday they're keeping interest rates steady and indicated they're more concerned with rising inflation than slowing growth, and Trump dashed off a Truth Social post lambasting Powell for resisting his demand to dramatically cut rates.

"'Too Late' Jerome Powell is costing our Country Hundreds of Billions of Dollars," Trump posted Thursday at 10:04 a.m. EST. "He is truly one of the dumbest, and most destructive, people in Government, and the Fed Board is complicit. Europe has had 10 cuts, we have had none."...

A new book written by former Commerce Secretary Wilbur Ross claims that former President Donald Trump was hellbent on axing Federal Reserve Chairman Jerome Powell unless he cut interest rates.

As Forbes reports, Ross writes that Trump summoned him to a meeting where he demanded that Ross set Powell straight about his policy of raising interest rates, which Trump believed was hurting the economy and his political successes.

"Please call this idiot and explain to him that I will repudiate his nomination, even though he has been confirmed," Trump said, according to Ross....

Washington (AFP) - The US Federal Reserve is highly likely to keep interest rates unchanged later this week, as policymakers contend with a recent uptick in inflation that has sharply cut the chance of a summer start to interest rate cuts.  The Fed's decision to hike interest rates and then hold them at a 23-year high has helped to significantly lower elevated inflation, although it remains stuck firmly above the US central bank's long-term target of two percent. Since the start of this year, the Fed's favored inflation measure has actually accelerated, hitting an annual rate of 2.7 percent in......

Washington (AFP) - The US Federal Reserve is poised to announce a fresh quarter percentage-point hike to its benchmark lending rate on Wednesday to tackle inflation, while keeping the option open for more such moves in the coming months. The Fed last month halted its aggressive campaign of monetary tightening after 10 consecutive rate increases to give policymakers more time to assess the health of the world's largest economy. At the June meeting, members of the rate-setting Federal Open Market Committee (FOMC) nevertheless indicated they see possibly two additional interest rate hikes this ye......

Washington (AFP) - US central bankers face an unenviable task when they gather in Washington next week: tackling persistent inflation without adding to financial sector turmoil after Silicon Valley Bank's rapid collapse. The Federal Reserve has raised rates eight times since last year in the face of decades-high inflation as it looks to cool the economy without tipping it into a recession. While Fed Chair Jerome Powell earlier signaled willingness to speed up interest rate hikes if needed, most analysts and traders see a small rise of 25 basis points as the most likely outcome on Wednesday at ......

Washington (AFP) - The dramatic implosion of Silicon Valley Bank (SVB) last week could bring the Federal Reserve's current cycle of interest rate hikes to an end far sooner than many analysts expected.  Traders and analysts who had previously predicted that the Fed would increase the pace of hikes to tackle inflation have now dialed back their expectations, with some saying the US central bank will hold its benchmark rate next week due to the troubles in the banking sector. Last week's collapse of SVB and New York-based Signature Bank marked the biggest banking failures since the 2008 global f......