Federal Reserve Chairman Jerome Powell has warned Americans to brace for a long period of economic pain, revealing that he expects the fight against inflation will last "for some time." The Federal Reserve will use its tools “forcefully” to attack the 40-year high level of inflation by continuing to tighten…
Minneapolis Federal Bank President Neel Kashkari has claimed that inflation may still be transitory. The next Federal Open Market Committee (FOMC) policy meeting is more than a month away. However, U.S. central bank officials are providing insights into the Federal Reserve’s plans, inflation, and the broader economy. On Wednesday,…
A leading economic expert is warning that the U.S. Federal Reserve will soon be forced to start printing money again as a "death spiral" of debt is looming. As the Fed continues to hike rates into a rapidly slowing economy, macroeconomic analyst Luke Gromen warns of a growing risk of…
Credit defaults in the United States are expected to soar as borrowing costs continue to rise amid an "extremely high" risk of recession, a group of finance industry leaders is warning. An association of fund managers issued a dire prediction about the growing risk of credit defaults. The International Association…
A key inflation gauge dropped slightly in May but remains stuck at a level that is more than double the target set by the Federal Reserve. The Fed’s preferred inflation gauge, the so-called core Personal Consumption Expenditures (PCE) price index, is heavily relied on by the Federal Reserve when setting…
Federal Reserve Chairman Jerome Powell has insisted that curbing inflation and restoring stability to the U.S. dollar is one of the Fed's highest priorities. Powell spoke before the Board of Governors of the Federal Reserve on Friday. Speaking in his customary address to the Fed’s Board, Powell made a point…
Federal Reserve Chairman Jerome Powell has warned that the central bank will continue raising interest rates to combat elevated inflation until it comes down. Powell said the Fed is committed to fighting inflation during an interview at The Wall Street Journal’s Future of Everything Festival. “We will go until we…
This week's two-day Federal Reserve policy meeting is a major focus point for investors, with markets expecting the central bank to press ahead with a sharp rate hike in an effort to relieve surging inflationary pressures. The Federal Open Market Committee (FOMC) is also expected formally announce the launch of…
Federal Reserve Bank of St. Louis President James Bullard is calling for the Fed to raise interest rates above three percent before the end of 2022. The top Fed official made the call while arguing that the central bank is not doing enough to fight 40-year high inflation. Bullard, who…
West Virginia Democrat Sen. Joe Manchin has dropped the hammer on President Joe Biden by announcing he will vote against his Federal Reserve nominee. On Monday, Manchin revealed he will oppose one of Biden’s Fed nominees, warning against the Democrat president's attempts to "politicize" the Federal Reserve's "critical decisions." Manchin…