Federal Reserve Chair Jerome Powell dismissed allegations that the central bank’s first interest rate cut since March 2020 will affect the presidential election in November. The Fed kicked off the easing cycle on Sept. 18 with a half-point cut to the benchmark federal funds rate. Speaking to reporters at the post-meeting press conference, Powell was […]
News Analysis The winds of change are upon the U.S. economy as the Federal Reserve is expected to cut interest rates for the first time in four years, affecting everyone from Main Street to Wall Street. After the Fed launched its inflation-fighting crusade in March 2022, higher interest rates have significantly raised consumer borrowing costs, […]
Former President Donald Trump pledged during a campaign rally on Sept. 12 to eliminate taxes on overtime pay for workers who clock in more than 40 hours a week. Trump’s latest campaign proposal joins the growing list of measures to lower individual taxes for millions of Americans, such as eliminating taxes on tips and Social […]
News Analysis A recent blend of easing inflation rates and cooling labor market trends could force the Federal Reserve to pull the trigger on its first interest rate cut since the onset of the COVID-19 pandemic. U.S. central bankers will kick off their widely anticipated two-day policy meeting on Sept. 17, which could officially be […]
The U.S. annual inflation rate came in below economists’ expectations as broad-based price pressures continue stabilizing across the economy. According to the Bureau of Labor Statistics, the consumer price index (CPI) slowed to 2.5 percent in August, down from 2.9 percent. The consensus estimate was 2.6 percent. Monthly inflation rose by 0.2 percent, unchanged from […]
Vice President Kamala Harris has outlined her economic proposals on her website, addressing a wide range of issues including taxation, inflation, raising the minimum wage, housing shortages, and cutting red tape. It’s the first time the Harris campaign has outlined a detailed policy platform since President Joe Biden ended his reelection campaign and Harris became […]
The U.S. economy created fewer jobs than the market projected in August as the overheated labor market of the past few years continues to show signs of cooling off. Last month, payrolls increased by 142,000, falling short of the consensus estimate of 160,000, according to the Bureau of Labor Statistics (BLS). The unemployment rate eased […]
The Federal Reserve’s preferred inflation metric—the personal consumption expenditure (PCE) price index—came in below expectations, further supporting the central bank’s case for loosening monetary policy and cutting interest rates as early as September. According to the Bureau of Economic Analysis (BEA), the annual PCE price index was unchanged at 2.5 percent in July, below the […]
The U.S. economy expanded better than initially reported in the second quarter, reflecting solid consumer spending levels at a time of record household debt and high borrowing costs, according to the second estimate from the Bureau of Economic Analysis released on Aug. 29. The real gross domestic product (GDP) growth rate from April to June […]
Chipmaker Nvidia’s latest quarterly earnings report failed to impress investors, even as the tech titan topped Wall Street estimates and extended its streak of blockbuster growth. After Wall Street’s closing bell on Aug. 28, the chip juggernaut reported that revenues rose $30 billion, rocketing 122 percent annually during the quarter after three consecutive periods of […]
For the first time in more than four years, the Federal Reserve is getting ready to cut interest rates, which could impact everything from U.S. stocks to bonds to savings accounts. Speaking at the central bank’s annual Jackson Hole Economic Symposium on Aug. 23, Fed Chair Jerome Powell said at the conference of bankers, economists, […]
Employment and inflation data have depicted an evolving situation in the U.S. economy, indicating that “the time has come for policy to adjust,” says Federal Reserve Chair Jerome Powell. Speaking at the central bank’s annual Jackson Hole Economic Symposium, Powell gave the green light to change the institution’s monetary policy stance. He stopped short of […]
The “vast majority” of Federal Reserve officials would likely support cutting interest rates in September if the data continue to favor looser monetary policy, according to minutes from the July meeting. The meeting summary of the policy-making Federal Open Market Committee (FOMC) highlighted that U.S. central bank officials are becoming increasingly confident that inflation is […]
The Jackson Hole Economic Symposium—an annual event of bankers, economists, and monetary policymakers—convenes this week for a three-day gathering from Aug. 22 to Aug. 24 in Jackson Hole, Wyoming. The monetary festivities could set the stage for the Fed loosening policy and laying the groundwork for a September interest rate cut. The theme for this […]
The U.S. economy created 818,000 fewer jobs—or 30 percent—than the Bureau of Labor Statistics (BLS) reported from April 2023 to March 2024, representing the largest downward revision to payrolls since the global financial crisis. The updated numbers were a part of the Department of Labor’s annual benchmark revisions to the payroll data. The BLS adjusts […]
As the 2024 presidential race tightens with just 80 days left before the election, financial security and inflation remain top issues among voters. Amid this, Vice President Kamala Harris and former President Donald Trump are presenting dueling visions for strengthening the U.S. economy. Harris is set to unveil a broader economic plan on Aug. 16 […]
The U.S. annual inflation rate slowed for the fourth consecutive month in July and came in below market forecasts, raising the odds of the Federal Reserve cutting interest rates in September. According to the Bureau of Labor Statistics (BLS), the consumer price index (CPI) eased to 2.9 percent last month, down from 3 percent in […]
The U.S. economy created fewer jobs than expected while the unemployment rate increased, signaling that the labor market could be going through a rapid deceleration at a time when the Federal Reserve could soon be cutting interest rates. According to the Bureau of Labor Statistics (BLS), there were 114,000 new jobs in July, down from […]
The Federal Reserve is inching closer to cutting interest rates, signaling a rate reduction in September if inflation continues trending downward and the labor market remains solid. Fed officials left the policy rate unchanged at a 23-year high of 5.5 percent following the two-day policy meeting that concluded on July 31. While no decisions have […]
In a historic fiscal milestone for the federal government, the national debt rose to $35 trillion for the first time, according to the latest Treasury Department Debt to the Penny data. Current debt levels are equal to $105,000 per person and $266,000 per U.S. household. Washington accumulated another $1 trillion in debt in less than […]