Friday, September 30

Tag: monetary policy

Senate Confirms Powell for 2nd Term as Fed Fights Inflation | Business News
Business

Senate Confirms Powell for 2nd Term as Fed Fights Inflation | Business News

By CHRISTOPHER RUGABER, AP Economics WriterWASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell's high-stakes efforts to curb the highest inflation in four decades.The 80-19 vote reflected broad support in Congress for the Fed's drive to combat surging prices through a series of sharp interest rate hikes that could extend well into next year. The Fed's goal is to slow borrowing and spending enough to ease the inflation pressures.Since February, when his first term expired, Powell had been leading the central bank in a temporary capacity.He faces a difficult and risky task in trying to quell inflation without weakening the economy so much as to cause a recession. The job market remains robu...
Stocks Stagger Higher After Mixed Report on April Inflation | Business News
Business

Stocks Stagger Higher After Mixed Report on April Inflation | Business News

By STAN CHOE, AP Business WriterNEW YORK (AP) — Stocks are stumbling mostly higher on Wall Street Wednesday after inflation slowed last month but still came in worse than feared.The S&P 500 was 0.4% higher after waffling between gains and losses in early trading. The Dow Jones Industrial Average was up 315 points, or 1%, at 32,480, as of 11:49 a.m. Eastern time, and the Nasdaq composite was 0.5% lower as tech stocks again lagged the market.Wall Street has been transfixed on the nation's high inflation, and where it's heading, because it's causing the Federal Reserve to yank the supports it propped under markets for most of the pandemic. The Fed has flipped aggressively toward raising interest rates after seeing high inflation last longer than it expected.Wednesday’s report from the U.S...
US Added 428,000 Jobs in April Despite Surging Inflation | Political News
Politics

US Added 428,000 Jobs in April Despite Surging Inflation | Political News

By PAUL WISEMAN, AP Economics WriterWASHINGTON (AP) — America’s employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs.Friday’s jobs report from the Labor Department showed that last month’s hiring kept the unemployment rate at 3.6%, just above the lowest level in a half-century.The economy’s hiring gains have been strikingly consistent in the face of the worst inflation in four decades. Employers have added at least 400,000 jobs for 12 straight months.At the same time, the April job growth, along with steady wage gains, will help fuel consumer spending and likely keep the Federal Reserve on track to raise borrowing rates sharply to fight inflati...