Federal Reserve

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Powell Vows to Stay at Fed Until Investigation Is Over

His term on board won't expire until 2028

(Newser) - Federal Reserve Chair Jerome Powell said Wednesday that he has "no intention" of leaving the central bank until a Justice Department investigation related to his testimony about a building renovation is "well and truly over, with transparency and finality." Powell spoke to reporters after the Fed's...

Fed Extends Pause on Interest Rate Cuts

Central bank says implications of Iran war are 'uncertain'

(Newser) - The Federal Reserve has extended its pause on interest rate cuts. The central bank said Wednesday that it is keeping its key rate unchanged at around 3.6% for the second straight meeting, the AP reports. It projected just one rate cut for this year, with the Iran war expected...

Rising Diesel Prices Should Concern All, Not Just Truckers

Spiking transport costs threaten to push core inflation even higher

(Newser) - Five-dollar diesel isn't just a headache for truckers—it's a fresh problem for inflation. The average price of a gallon of diesel hit $5.07 on Wednesday, AAA reports, up from $3.65 a month ago. That's a jump of about 39%, outpacing the recent surge in...

Iran War Has Exacerbated Fed's 'Worst Nightmare'

High inflation-weak jobs scenario presents a dilemma for Powell and Co. in deciding on rate cuts

(Newser) - Oil and jobs are pulling the Federal Reserve in opposite directions, and a war in Iran just tightened the vise. At its meeting on Wednesday, the Fed faces a familiar dilemma: Inflation remains stubborn, while hiring has cooled. The conflict in Iran adds a new layer of uncertainty, with Goldman...

Judge: 'Zero Evidence' of a Crime by Powell

Ruling says subpoenas apparently aimed to pressure Fed chair to yield to Trump

(Newser) - A federal judge in Washington has dealt a serious setback to the Justice Department's criminal investigation of Federal Reserve Chair Jerome Powell. In a ruling unsealed Friday, US District Judge James Boasberg tossed out two subpoenas the DOJ had sent to the Fed, the Wall Street Journal reports. The...

Wholesale Inflation Jumps Past Predictions

Stronger producer prices may delay anticipated rate-slashing from Federal Reserve

(Newser) - Investors hoping inflation was gliding down got a jolt from January's wholesale price report. The Bureau of Labor Statistics said on Friday that producer prices, a key gauge of inflation pressures earlier in the supply chain, rose more than economists anticipated. Core producer prices, which leave out more erratic...

Fed's Preferred Inflation Gauge Rises More Than Expected

Monthly increase in December was highest since last February

(Newser) - A key inflation gauge accelerated in December to the fastest pace in nearly a year, showing how prices are still rising more quickly than most Americans would prefer—and faster than the Federal Reserve's target of 2% a year.
  • Prices rose 0.4% in December from the previous month,
...

Fed Officials Are Deeply Split on Rate Cuts

Minutes show some wanted to warn of possible rate hikes after January meeting

(Newser) - Federal Reserve officials hit the brakes on interest-rate cuts last month, and they can't quite agree on what comes next. Minutes from the Jan. 27–28 policy meeting, released Wednesday, show a split Fed: several officials said more cuts could be appropriate later this year if inflation continues to...

Ambitious Step for Euro Could Challenge Dollar's Dominance

European Central Bank is becoming a 'lender of last resort' for other central banks

(Newser) - The euro, once written off as a crisis-prone project, is suddenly looking a lot more ambitious. The European Central Bank is rolling out a permanent facility that lets foreign central banks tap euros when needed—an echo of the Federal Reserve's influential dollar "swap lines." ECB chief...

US Inflation Cools More Than Expected

It's now at 2.4%, getting closer to the Fed's goal

(Newser) - Inflation cooled again in January, and by more than expected. The numbers:
  • Main number: Consumer prices were 2.4% higher than a year earlier, down from December's 2.7% and a notch below economists' expectations of 2.5%, reports the Wall Street Journal .
  • Core prices: Stripping out food and
...

Trump Makes His Pick for the Next Fed Chairman

President says he'll nominate Kevin Warsh to replace Jerome Powell

(Newser) - President Trump has made his choice for Fed chairman. The president, who teased the announcement Thursday night, said in a Truth Social post Friday morning that he is nominating economist Kevin Warsh, a former Fed governor, to replace Jerome Powell, whose term ends in May.
  • "I have known Kevin
...

Trump: I'll Reveal My Pick for Next Fed Chair Friday

Prediction markets now see Kevin Warsh as overwhelming favorite

(Newser) - President Trump says the guessing game over who will lead the Federal Reserve next is just about over. At the Thursday night premiere of Melania, the documentary about the first lady , Trump told reporters he'll reveal his choice for Fed chair Friday morning, ending a monthslong search to replace...

Jerome Powell Has Some Advice for His Successor

'Don't get pulled into elected politics. Don't do it'

(Newser) - Jerome Powell is defending his front-row seat at a Supreme Court showdown that could reshape the Federal Reserve's future. At a press conference Wednesday after the Fed held its key interest rate steady , the Fed chair said he attended last week's arguments in a case over whether President...

Fed Hits Pause on Interest Rate Cuts

After 3 consecutive cuts, central bank holds key rate steady

(Newser) - The Federal Reserve, as was widely expected, has hit pause on interest rate cuts despite pressure from the Trump administration. After cutting its key rate at three consecutive meetings, the central bank held the rate at 3.5-3.75% Wednesday, CNN reports. "Available indicators suggest that economic activity has...

The Wealth Gap in America Just Widened Even More

Top 1% now hold as much wealth as bottom 90%

(Newser) - Wealth in the US has rarely been this lopsided. New Federal Reserve data show that the richest 1% of households now possess 31.7% of all American wealth, the largest share since the Fed began tracking the numbers in 1989. Their holdings, roughly $55 trillion as of 2025's third...

SCOTUS Appears Set to Let Lisa Cook Stay at the Fed

Conservative justices were skeptical of administration's arguments in high-stakes case

(Newser) - The Supreme Court signaled Wednesday it may draw a line on President Trump's expansion of presidential powers—and it runs straight through the Federal Reserve. In arguments over Trump's attempt to oust Democratic-appointed Fed governor Lisa Cook, justices from both wings of the court sounded inclined to keep...

Powell Plans Another Public Stand Against White House

Fed chief will attend Lisa Cook's Supreme Court hearing in person this week

(Newser) - Fed chief Jerome Powell now appears to be leaning into his fight with President Trump . Both the New York Times and the AP report that Powell will be in attendance at the Supreme Court on Wednesday when justices hear arguments on whether Trump can fire Lisa Cook as a Federal...

Trump Drops Big Hint on Choice for New Fed Chair

He said he was looking at 'two Kevins,' then appeared to rule one (Hassett) out

(Newser) - President Trump told Reuters on Wednesday that the "two Kevins," National Economic Council Director Kevin Hassett and former Federal Reserve Governor Kevin Warsh, were his leading choices to replace Jerome Powell as Fed chairman. He may have narrowed it down to one Kevin. At a White House event...

Jim Cramer: 'Only a Hack' Would Take Fed Post Now

CNBC host slams the Justice Department's investigation into Jerome Powell

(Newser) - Count CNBC's Jim Cramer as among those critical of the Justice Department's new criminal investigation of Fed chief Jerome Powell. "I think only a hack would want the job now," Cramer said on the network's Squawk on the Street show, reports the Hill . Cramer is...

Pirro Didn't Give Bosses a Heads Up Before Powell Move

Federal prosecutor in DC defends her controversial investigation

(Newser) - Jerome Powell isn't the only person under scrutiny because of the newly launched Justice Department investigation . The federal prosecutor who made the surprise move—former Fox News host Jeanine Pirro—is also very much in the spotlight. Coverage:
  • Pirro, the US attorney for DC since August , did not give
...

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