Jerome Powell

Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin expressed cautious optimism that the U.S. economy is rebounding from the pandemic-induced recession with federal support but that more help from the government is likely needed

History will remember Paul Volcker and Jerome Powell as standing on the opposite ends of the inflation canyon, with the former taking desperate actions to try to tamp it down and the latter expected this week to announce an unprecedented effort to crank it back up.

Federal Reserve Chair Jerome Powell warned Wednesday that the viral epidemic is endangering the modest economic recovery that followed a collapse in hiring and spending this spring.

Federal Reserve officials are grappling this week with the timing and scope of their next policy moves at a time when the raging viral pandemic has weakened the U.S. economy

Confronted with an economy gripped by recession and high unemployment, the Federal Reserve signaled Wednesday that it expects to keep its key short-term interest rate near zero through 2022

The U.S. economy could shrink by upwards of 30% in the second quarter but will avoid a Depression-like economic plunge over the longer term, Federal Reserve Chairman Jerome Powell told “60 Minutes” in an interview aired Sunday.

Federal Reserve Chair Jerome Powell warned of the threat of a prolonged recession resulting from the viral outbreak and urged Congress and the White House to act further to prevent long-lasting economic damage

President Trump told reporters on Saturday that he was optimistic about the economy following Friday’s stock market growth and the congressional aid package, predicting a “tremendous bounce” in the wake of the coronavirus. Trump also expressed frustration with the Chairman of the Fed and accused him of “following, not leading” global markets.

The Federal Reserve took emergency action Sunday and slashed its benchmark interest rate by a full percentage point to nearly zero and announced it would purchase more Treasury securities to encourage lending to try to offset the impact of the coronavirus outbreak. The central bank said the effects of the outbreak will weigh on economic activity in the near term...

The Federal Reserve kept its key interest rate unchanged at a low level Wednesday amid an economy that looks solid but faces potential global threats, including from China’s viral outbreak. The Fed sketched a mostly bright picture of the U.S. economy in a statement it released after its latest policy meeting. Yet it also cautioned that it would monitor...

The federal government, which ended the 2019 budget year with its largest deficit in seven years, began the new budget year with a deficit in October that was 33.8% bigger than a year ago as spending hit a record. The Treasury Department said Wednesday that the deficit last month totaled $134.5 billion, up from a shortfall in October 2018 of $100.5 billion.

President Donald Trump launched a furious and highly personal Twitter attack Friday against the Federal Reserve and Chairman Jerome Powell, fuming that the Fed once more “did NOTHING!” and wondering who is “our bigger enemy” — Powell or China’s leader. The outburst came after Powell, speaking to central bankers in Jackson Hole, Wyoming, gave vague assurances that the Fed “will...

A day after considering cutting taxes to promote economic growth, President Donald Trump on Wednesday changed course and said he would abandon the idea because the nation already had “a strong economy.” Trump’s flip-flop came after recent market volatility and economic uncertainty, and amid a debate about whether the United States was heading for a slowdown that would imperil his...

President Donald Trump acknowledged Tuesday his aggressive China trade policies may mean economic pain for Americans but insisted they’re needed for more important long-term benefits. He contended he does not fear a recession but is nonetheless considering new tax cuts to promote growth. Asked if his trade war with China could tip the country into recession, Trump brushed off the...

President Donald Trump dismissed concerns of recession on Sunday and offered an optimistic outlook for the economy after last week’s steep drop in the financial markets. “I don’t think we’re having a recession,” Trump told reporters as he returned to Washington from his New Jersey golf club. “We’re doing tremendously well. Our consumers are rich. I gave a tremendous tax...

The Federal Reserve cut its key interest rate Wednesday for the first time in a decade to try to counter the impact of President Donald Trump’s trade wars, stubbornly low inflation and global weakness. It left open the possibility of future rate cuts, but perhaps not as many as Wall Street had been hoping for. During a news conference, Chairman...

U.S. employers added a robust 263,000 jobs in April, suggesting that businesses have shrugged off earlier concerns that the economy might slow this year and now anticipate strong customer demand. The unemployment rate fell to a five-decade low of 3.6% from 3.8%, though that drop reflected a rise in the number of people who stopped looking for work. Average hourly...

The Federal Reserve left its key interest rate unchanged Wednesday and signaled that it’s unlikely to either raise or cut rates in coming months amid signs of renewed economic health but unusually low inflation. The Fed left its benchmark rate — which influences many consumer and business loans — in a range of 2.25% to 2.5%. Its low-rate policy has...

President Donald Trump is considering naming Herman Cain, a former pizza company executive and 2012 Republican presidential candidate, to the Federal Reserve Board, sources familiar with the matter told NBC News. The possible nomination comes as Trump’s most recent Federal Reserve pick, Stephen Moore, has come under fire for reports about his back taxes and failing to make alimony payments...

Federal Reserve Chairman Jerome Powell’s assertion this week that the U.S. economy remains strong is facing a stern test from the bond market, which showed a classic recession sign Friday morning. Short-term government fixed income yields are now ahead of the longer part of the curve, delivering a strong recession indication that hasn’t happened since 2007.