Powell and other Fed officials said they expected price increases to quicken this summer
The dollar is down 0.4 per cent for the day, but is headed for a second straight weekly rise. A stronger dollar tends to make gold expensive for buyers holding other currencies
Overnight, the S&P 500 and the Nasdaq again closed at record highs as US data including retail sales and jobless claims beat forecasts, indicating a modest improvement in the economy
Trump is open to the idea of firing Powell, a source told Reuters on Wednesday before Trump said he wouldn't, even as he unleashed a new barrage of criticism against the Fed chair
US Treasury Secretary Scott Bessent says a formal process to find Jerome Powell's successor as Fed Chair has begun and suggests Powell should step down entirely after his term ends in May 2026
Trump reiterated his criticism of the Fed chair in a Cabinet meeting Tuesday, calling Powell "terrible," and telling reporters that deceiving Congress would be grounds for a swift exit
Today's articles revolve around the idea of succession, whether it's the US Federal Reserve's chief, a Pak army chief, or the Dalai Lama
Citigroup and Wells Fargo also expect the Fed to cut rates by 75 basis points in 2025, while UBS Global Research forecasts 100 basis points of reduction
The post-Covid spike in inflation seems to have had a lasting impact on the public's perception about price moves too, a study in the report showed
Trump has unleashed a pressure campaign on the central bank to cut rates, repeatedly assailing Powell and arguing the Fed's policies are keeping government borrowing costs too high
The BSE Sensex ended the day at 83,756, a gain of 1,000 points or 1.2 per cent. The Nifty 50 finished the session at 25,549, up by 304 points or 1.2 per cent
While completing a master's degree in data analysis, Palwasha Zahid moved from Dallas to a town near Silicon Valley. The location made it easy to visit the campuses of tech stalwarts such as Google, Apple, and Nvidia. Zahid, 25, completed her studies in December, but so far she hasn't found a job in the industry that surrounds her. It stings a little bit, she said. I never imagined it would be this difficult just to get a foot in the door. Young people graduating from college this spring and summer are facing one of the toughest job markets in more than a decade. The unemployment rate for degree holders ages 22 to 27 has reached its highest level in a dozen years, excluding the coronavirus pandemic. Joblessness among that group is now higher than the overall unemployment rate, and the gap is larger than it has been in more than three decades. The rise in unemployment has worried many economists as well as officials at the Federal Reserve because it could be an early sign of trouble
The Federal Reserve will continue to wait and see how the economy evolves before deciding whether to reduce its key interest rate, Chair Jerome Powell said on Tuesday, a stance directly at odds with President Donald Trump's calls for immediate cuts. For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance, Powell said in prepared remarks he will deliver early Tuesday before the House Financial Services Committee. Powell is facing two days of what could be tough grilling on Capitol Hill, as Trump has repeatedly urged the Fed to reduce borrowing costs. Powell has often received a positive reception before House and Senate committees that oversee the Fed, or at least muted criticism. Powell has also often cited his support in Congress as a bulwark against Trump's attacks, but that support could wane under the president's ongoing assaults. Trump lashed out again in the early hours of
In his prepared testimony Powell said the economy remains in a "solid position," with low unemployment and inflation far below its pandemic-era peak
Given all of the uncertainty, Powell is right to stay in wait-and-see mode, but he can't linger there too long once the data breaks
US Federal Reserve decided on Wednesday to keep interest rates unchanged, while indicating that reductions could still be on the table in the second half of the year
A fourth straight meeting without a cut could provoke another tirade from President Donald Trump
Donald Trump called the May Consumer Price Index a 'great' number and wrote on Truth Social that the "Fed should lower one full point
The Fed last September did reduce rates by a half of a percentage point, after a faster-than-expected decline in inflation and a marked slowdown in the labor market
Sensex Today | Stock Market close highlights, Thursday, May 29, 2025: On the sectoral front, barring FMCG and PSU Banks, all other sectoral indices settled in green