Biden says Fed made ‘declaration of progress’ with interest rate cut
3 months ago

Biden says Fed made ‘declaration of progress’ with interest rate cut

Associated Press  

WASHINGTON — President Joe Biden said Thursday the Federal Reserve’s decision to lower interest rates was “an important signal” that inflation has eased as he poked at Donald Trump’s economic policies as a failure in the past and sure to “fail again” if revived. “Lowering interest rates isn’t a declaration of victory,” Biden told the Economic Club of Washington, D.C. “It’s a declaration of progress, to signal we’ve entered a new phase of our economy and our recovery.” The Democratic president emphasized that there was more work left to do, but he used his speech to burnish his economic legacy even as he criticized Trump, his Republican predecessor who is running for another term. It will fail again.” Biden said Trump wants to extend tax cuts that disproportionately benefit the wealthy, costing an estimated $5 trillion, and implement tariffs that could raise prices by nearly $4,000 per family, something that Biden described as a “new sales tax.” A spokesman for Trump’s campaign did not immediately respond to a request for comment. “Because if we don’t, the progress we made will remain locked in the fear of a negative mindset that dominated our economic outlook since the pandemic began.” He said businesses should see “the immense opportunities in front of us right now” by investing and expanding.

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History of this topic

Powell says Fed will likely cut rates cautiously given persistent inflation pressures
1 month, 1 week ago

Powell says Fed will likely cut rates cautiously given persistent inflation pressures

Associated Press  

WASHINGTON — Chair Jerome Powell said Thursday that the Federal Reserve will likely cut its key interest rate slowly and deliberately in the coming months, in part because inflation has shown signs of persistence and the Fed’s officials want to see where it heads next. In his remarks Thursday, Powell suggested that inflation may remain stuck somewhat above the Fed’s …

Economist reveals how Trump could make the economy worse
1 month, 1 week ago

Economist reveals how Trump could make the economy worse

Daily Mail  

Former Treasury Secretary Larry Summers addresses the New York Economic Club, expressing serious concerns about the Federal Reserve 's approach to inflation. Summers, who has been vocal about inflation risks, warned that the Federal Reserve, under Jerome Powell, is not acting decisively enough to address "overheating risks" in the economy. Summers speculated that a second Trump administration could exacerbate inflation …

Fed’s Powell: Rate cuts are still underway, but there’s no hurry
1 month, 1 week ago

Fed’s Powell: Rate cuts are still underway, but there’s no hurry

CNN  

Washington CNN — Federal Reserve Chair Jerome Powell said Thursday that interest rates are still expected to decline further, but suggested they might not be that much lower over the next few months. Powell said in a moderated discussion that Fed economists may begin to assess Trump’s plans and how they could affect the economy more seriously as early as …

US Federal Reserve cuts rate by 0.25% after first post-election meeting, notes easing inflation
Trending News
1 month, 2 weeks ago

US Federal Reserve cuts rate by 0.25% after first post-election meeting, notes easing inflation

Firstpost  

The interest rate in the US is now in the range of 4.5-4.75 per cent. The US Federal Reserve on Thursday cut the benchmark lending rates in the country by 0.25 per cent. Inflation has made progress toward the Committee’s 2 per cent objective but remains somewhat elevated,” the Federal Open Market Committee, which is responsible for changes to the …

US Fed interest policy expected today, Trump victory unlikely to change rate cut plans
1 month, 2 weeks ago

US Fed interest policy expected today, Trump victory unlikely to change rate cut plans

Firstpost  

There is a wide expectation that the Federal Reserve will cut interest rates by a quarter point on Thursday, looking beyond the 2024 US Presidential election results to continue easing borrowing costs on the back of cooling inflation The US Federal Reserve is widely expected to cut interest rates by a quarter point Thursday, looking beyond the election results to …

Fed cuts interest rates again, but Trump’s victory makes future path a lot more murky
Trending News
1 month, 2 weeks ago

Fed cuts interest rates again, but Trump’s victory makes future path a lot more murky

LA Times  

The Federal Reserve cut interest rates for a second straight time on Thursday in an effort to keep the economy sailing along by easing the high borrowing costs it engineered to fight inflation. Economists see risks on two fronts: If Trump follows through on his campaign promises to lower taxes and levy across-the-board tariffs, he could reignite inflation and force …

Fed cuts rates in boost for Trump
1 month, 2 weeks ago

Fed cuts rates in boost for Trump

The Telegraph  

The US Federal Reserve cut interest rates on Thursday night in a boost for incoming president Donald Trump. The central bank voted to lower rates by a quarter of a percentage point, two days after the worries about the economy under the Democrats helped propel Mr Trump back into power. Before Thursday evening’s decision, traders had already begun paring forecasts …

Trump already 'set to repeat Biden's mistake': conservative economist
1 month, 2 weeks ago

Trump already 'set to repeat Biden's mistake': conservative economist

Raw Story  

Conservative economist Brian Riedl thinks that President Joe Biden's biggest mistake was the first major piece of legislation that he signed into law: The American Rescue Plan. Writing on Twitter, Riedl acknowledges that inflation was likely to have spiked regardless of what Biden did when he came into office given pandemic-related supply chain disruptions, but he adds that $1.9 trillion …

Trump seizes on Fed rate cut to open new line of attack on economy
3 months ago

Trump seizes on Fed rate cut to open new line of attack on economy

Politico  

The Fed’s move to lower borrowing costs offers Trump a fresh line of attack against the Biden-Harris administration’s economic record — and a new chapter in his often contentious relationship with the Fed chief — that could resonate even as inflation fades. “The decision by the Fed shows the economy and the job market are in very bad shape,” Brian …

Republicans break with Trump, back Fed ahead of rate cut
3 months, 1 week ago

Republicans break with Trump, back Fed ahead of rate cut

Politico  

“It is time for a rate cut,” said Sen. John Kennedy of Louisiana. “This economy — particularly the labor market — is softening very, very, very quickly.” GOP lawmakers’ support for the cut signals that they’re willing to give the Fed room to drive decision-making on monetary policy, despite Trump’s stated desire to have more say over it. “You’ve got …

Takeaways from Fed Chair Powell’s speech at Jackson Hole
4 months ago

Takeaways from Fed Chair Powell’s speech at Jackson Hole

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell all but proclaimed victory in the fight against inflation and signaled that interest rate cuts are coming in a much-anticipated speech Friday in Jackson Hole, Wyoming. Inflation has come down steadily, and investors now expect the Fed to start cutting rates at its next meeting in September — an expectation that essentially got …

Federal Reserve Chief Powell: 'The Time Has Come' To Start Cutting Interest Rates
4 months ago

Federal Reserve Chief Powell: 'The Time Has Come' To Start Cutting Interest Rates

Huff Post  

LOADING ERROR LOADING JACKSON HOLE, Wyoming — With inflation nearly defeated and the job market cooling, the Federal Reserve is prepared to start cutting its key interest rate from its current 23-year high, Chair Jerome Powell said Friday. “The time has come for policy to adjust,” Powell said in his keynote speech at the Fed’s annual economic conference in Jackson …

US Fed paves the way for pre-election rate cut
4 months, 3 weeks ago

US Fed paves the way for pre-election rate cut

The Telegraph  

The chairman of the US Federal Reserve has paved the way for a pre-election rate cut in a sign that the era of high borrowing costs around the world is coming to an end. Speaking after the Fed held borrowing costs in a range of between 5.25pc and 5.5pc for the eighth time, Mr Powell said: “The broad sense of …

Fed’s Powell highlights slowing job market in signal that rate cuts may be nearing
5 months, 2 weeks ago

Fed’s Powell highlights slowing job market in signal that rate cuts may be nearing

Associated Press  

WASHINGTON — The Federal Reserve faces a cooling job market as well as persistently high prices, Chair Jerome Powell said in testimony Tuesday to Congress, a shift in emphasis away from the Fed’s single-minded fight against inflation of the past two years that suggests it is moving closer to cutting interest rates. “The most recent inflation readings, though, have shown …

Fed’s Powell highlights slowing job market, signaling that rate cuts may be near
5 months, 2 weeks ago

Fed’s Powell highlights slowing job market, signaling that rate cuts may be near

LA Times  

The Federal Reserve faces a cooling job market as well as persistently high prices, Chair Jerome H. Powell said in testimony Tuesday to Congress, a shift in emphasis away from the Fed’s single-minded fight against inflation of the last two years that suggests it is moving closer to cutting interest rates. “The most recent inflation readings, though, have shown some …

US inflation eased last month in the first slowdown of 2024
7 months, 1 week ago

US inflation eased last month in the first slowdown of 2024

Associated Press  

WASHINGTON — Led by lower food and auto prices, inflation in the United States cooled slightly last month after three elevated readings, likely offering a tentative sigh of relief for officials at the Federal Reserve as well as President Joe Biden’s re-election team. Instead, he stressed that the Fed’s policymakers need “greater confidence” that inflation is falling to their 2% …

US Fed meet: Jerome Powell likely to signal a rate cut with one condition
7 months, 3 weeks ago

US Fed meet: Jerome Powell likely to signal a rate cut with one condition

Hindustan Times  

After three straight hotter-than-expected inflation reports, Federal Reserve officials have turned more cautious about the prospect of interest rate cuts this year. The big question, after they end their latest policy meeting Wednesday, will be: Jerome Powell, chairman of the US Federal Reserve has said, if higher inflation does persist, we can maintain the current level of for as long …

Federal Reserve expected to cut rates, lift Joe Biden’s re-election prospects
8 months, 4 weeks ago

Federal Reserve expected to cut rates, lift Joe Biden’s re-election prospects

The Hindu  

The U.S. Federal Reserve looks on track to cut interest rates as the Presidential- campaign season heats up, potentially delivering President Joe Biden a boost as polls show Americans dislike his handling of the economy. The Fed could play an outsized — and potentially uncomfortable — election-year role by helping shape attitudes about stubbornly high inflation and mounting housing costs …

Fed rate cut plans may boost Joe Biden’s prospects for US Presidential Polls 2024
8 months, 4 weeks ago

Fed rate cut plans may boost Joe Biden’s prospects for US Presidential Polls 2024

Live Mint  

The US Federal Reserve looks on track to cut interest rates as the presidential campaign season heats up, potentially delivering President Joe Biden a boost as polls show Americans dislike his handling of the economy. Indeed, Trump isn't even waiting for the first rate cut to happen before making that claim, telling Fox Business last month he expects Fed Chair …

Biden Predicts Federal Reserve Will Cut Interest Rates
9 months, 2 weeks ago

Biden Predicts Federal Reserve Will Cut Interest Rates

Live Mint  

-- President Joe Biden predicted the Federal Reserve would move to cut rates, as the administration places greater emphasis on housing costs in its election fight against Donald Trump. Markets expect Federal Reserve Chair Jerome Powell to soon begin easing rates, with investors anticipating cuts beginning in June. Biden veered from that precedent in December, when he said strong jobs …

Jerome Powell testimony: More evidence needed on tamed inflation
9 months, 2 weeks ago

Jerome Powell testimony: More evidence needed on tamed inflation

Associated Press  

WASHINGTON — Chair Jerome Powell reinforced his belief Wednesday that the Federal Reserve will cut its key interest rate this year but said it first wants to see more evidence that inflation is falling sustainably back to the Fed’s 2% target. Instead, he noted that according to the Fed’s preferred gauge, inflation “has eased notably over the past year” even …

Federal Reserve minutes: Officials worried that progress on inflation could stall in coming months
10 months ago

Federal Reserve minutes: Officials worried that progress on inflation could stall in coming months

Associated Press  

WASHINGTON — Federal Reserve officials acknowledged at their most recent meeting in January that there had been “significant progress” in reducing U.S. inflation. In minutes from the Jan. 30-31 meeting released Wednesday, most Fed officials also said they were worried about moving too fast to cut their benchmark interest rate before it was clear that inflation was sustainably returning to …

Powell Navigates ‘Toxic’ Politics of Rate Cuts as Election Nears
10 months, 3 weeks ago

Powell Navigates ‘Toxic’ Politics of Rate Cuts as Election Nears

Live Mint  

For Federal Reserve Chair Jerome Powell, deciding when to cut interest rates is hard enough: Too soon, and inflation could rise again. Several former Fed officials hotly dispute the suggestion that politics would weigh on when or how fast the central bank lowers interest rates this year. Fed officials will be especially focused on how they communicate because everyone inside …

Inflation has slowed. Now the Federal Reserve faces expectations for rate cuts
10 months, 3 weeks ago

Inflation has slowed. Now the Federal Reserve faces expectations for rate cuts

Associated Press  

WASHINGTON — Chair Jerome Powell will enter this week’s Federal Reserve meeting in a much more desirable position than he likely ever expected: Inflation is getting close to the Fed’s target rate, the economy is still growing at a healthy pace, consumers keep spending and the unemployment rate is near a half-century low. The Fed’s consideration of rate cuts is …

Fed to begin rate cut discussions but avoid teeing first one up
11 months ago

Fed to begin rate cut discussions but avoid teeing first one up

Live Mint  

Federal Reserve Chairman Jerome Powell and his colleagues could be forgiven if they’re feeling a bit like parents on an extended road trip with their children. San Francisco Fed President Mary Daly on Friday said it’s “premature” to think interest-rate cuts are around the corner, noting she needs to see more evidence that inflation is on a consistent trajectory back …

Biden is eager to run on the economy — ‘Bidenomics’ — but voters have their doubts
1 year, 5 months ago

Biden is eager to run on the economy — ‘Bidenomics’ — but voters have their doubts

Associated Press  

WASHINGTON — President Joe Biden is eager to take full political ownership of the U.S. economy — a reflection of the White House belief that inflation is fading, job growth is solid and voters need to know about it. For him, there’s a happy confluence of the coming 2024 reelection campaign and a favorable turn in recent economic data, leading …

Biden pushes econ policy as Trump indictment gets attention
1 year, 8 months ago

Biden pushes econ policy as Trump indictment gets attention

Associated Press  

FRIDLEY, Minn. — President Joe Biden ventured to suburban Minneapolis on Monday to talk about factory jobs and contrast his agenda with “the last guy who had this job.” The “last guy,” as Biden calls Donald Trump, was simultaneously touching down in New York to become the first former president to be arrested. The Biden White House, which has shied …

Biden sets up for an election fight with his budget proposal
1 year, 9 months ago

Biden sets up for an election fight with his budget proposal

Al Jazeera  

Biden’s proposal will face stiff opposition in Congress and has ‘little-to-no shot’ at becoming law, experts say. The White House refers to it as the “billionaire minimum income tax.” The budget includes a proposal to raise the corporate tax rate to 28 percent, higher than the current level but still below the 35 percent tax rate that prevailed before 2017 …

Powell signals increased rate hikes if economy stays strong
1 year, 9 months ago

Powell signals increased rate hikes if economy stays strong

Associated Press  

WASHINGTON — The Federal Reserve could increase the size of its interest rate hikes and raise borrowing costs to higher levels than previously projected if evidence continues to point to a robust economy and persistently high inflation, Chair Jerome Powell told a Senate panel Tuesday. “If the totality of the data were to indicate that faster tightening is warranted, we …

How Biden changed his tune on inflation as prices soared and the midterms loomed
2 years, 1 month ago

How Biden changed his tune on inflation as prices soared and the midterms loomed

NPR  

How Biden changed his tune on inflation as prices soared and the midterms loomed Enlarge this image toggle caption Dustin Chambers for NPR Dustin Chambers for NPR When Jack Hunt walked out of the Forsyth County, Ga., elections office after casting his ballot, he had one primary concern on his mind — the economy. At his Turkish restaurant in Lehigh …

Biden’s midterm self-edit: Less talk about inflation woes
2 years, 3 months ago

Biden’s midterm self-edit: Less talk about inflation woes

Associated Press  

WASHINGTON — President Joe Biden has stopped talking so much about inflation worries. Biden has largely put the blame for inflation on global forces such as Russian President Vladimir Putin’s February invasion of Ukraine, even as he says his own policies are reducing the burdens of higher prices. “Since President Biden took office, prices in have spiked by 13%.” That …

Business Highlights: Biden and recession fears, Revlon woes
2 years, 6 months ago

Business Highlights: Biden and recession fears, Revlon woes

Associated Press  

___ AP Interview: Biden says a recession is ‘not inevitable’ WASHINGTON — President Joe Biden says the American people are “really, really down” after a tumultuous two years with the coronavirus pandemic, volatility in the economy and now surging gasoline prices that are hitting family budgets. ___ Wall Street tumbles on fears for economy as more rates rise NEW YORK …

Biden to meet Fed chair as inflation bites pocketbooks
2 years, 6 months ago

Biden to meet Fed chair as inflation bites pocketbooks

Associated Press  

WASHINGTON — President Joe Biden will meet Tuesday with Federal Reserve chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks. The White House said the pair would discuss the state of the U.S. and global economy and especially inflation, described as Biden’s “top economic priority.” The goal, the White House said, is a “transition from an …

Feeling a little dread about the economy? You’re not alone
2 years, 7 months ago

Feeling a little dread about the economy? You’re not alone

CNN  

A version of this story appeared in CNN’s What Matters newsletter. To get it in your inbox, sign up for free here CNN — There are plenty of reasons for that feeling of economic doom that’s going around: And while he’ll cheer stronger-than-expected new job growth data released Friday, there’s very little President Joe Biden or anyone else can do …

Inflation is the buzzword at US Fed chief’s confirmation hearing
2 years, 11 months ago

Inflation is the buzzword at US Fed chief’s confirmation hearing

Al Jazeera  

Federal Reserve Chairman Jerome Powell received a grilling over inflation during a Senate hearing on Tuesday to confirm him for a second term as the United States’ top central banker. But in December, with inflation running at its hottest rate in nearly 40 years and the labour market awash in a near-record number of job openings, Powell retired the word …

Column: The Biden economy is booming. Why aren’t Americans happier with it?
3 years ago

Column: The Biden economy is booming. Why aren’t Americans happier with it?

LA Times  

Federal Reserve Chairman Jerome H. Powell, speaking earlier this month. The pandemic continues to play a pretty significant role in what we’re seeing as the ebbs and flows of the labor market in general, but we’ve added over 6 million jobs this year. The second thing is that there is a competing story, and that’s inflation.” Shapiro notes that even …

Biden to keep Powell as Fed chair, Brainard gets vice chair
3 years, 1 month ago

Biden to keep Powell as Fed chair, Brainard gets vice chair

Associated Press  

WASHINGTON — President Joe Biden said Monday he is nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing his stewardship of the economy through a brutal pandemic recession in which the Fed’s ultra-low rate policies helped bolster confidence and revitalize the job market. Biden also said he would nominate as vice chair Lael Brainard, the lone …

Biden taps Powell for second term as Federal Reserve chief
3 years, 1 month ago

Biden taps Powell for second term as Federal Reserve chief

Al Jazeera  

Federal Reserve Chairman Jerome Powell is set to remain the steward of the United States economy after President Joe Biden on Monday nominated him for a second, four-year term. “In the last administration, he stood up to unprecedented political interference and in doing so successfully maintained the integrity and credibility of this institution,” said Biden.”It’s just one of the many …

Pressure on Fed’s Powell is rising as inflation worsens
3 years, 1 month ago

Pressure on Fed’s Powell is rising as inflation worsens

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell surely expected to have some breathing room after taking the first step this month to dial back the Fed’s emergency aid for the economy. Some Fed officials, though, want to take a more patient approach, allowing the taper to continue through June and then taking time to assess whether rate further rate hikes …

US economy will need support for ‘some time’, Fed’s Powell warns
3 years, 10 months ago

US economy will need support for ‘some time’, Fed’s Powell warns

Al Jazeera  

The United States economic recovery remains “uneven and far from complete” and it will be “some time” before the Federal Reserve considers changing policies it adopted to help the country back to full employment, Fed Chair Jerome Powell said on Tuesday. The US central bank’s interest rate cuts and purchases of $120bn in monthly government bonds “have materially eased financial …

US jobs surge: Donald Trump sees sunshine, Joe Biden 'no victory yet'
4 years, 5 months ago

US jobs surge: Donald Trump sees sunshine, Joe Biden 'no victory yet'

India Today  

The US economy just posted its best single-month job gain in history. “Today’s announcement proves that our economy is roaring back,” Trump exulted to reporters at the White House after the June numbers were released. “But make no mistake, we’re still in a deep, deep job hole because Donald Trump has so badly bungled the response to coronavirus.” Thursday’s data …

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