federal reserve
Wholesale price inflation slows last month as gas, food costs fall
WASHINGTON | Wholesale inflation dropped last month as gas prices reversed some of their Iran war spike and other costs also cooled, a sign that consumer inflation could grind lower in the months ahead. The Labor Department’s producer price index — which captures inflation before it reaches consumers — rose 4.7% in July from a […]
Inflation cooled last month as gas prices fell, though costs remain elevated
WASHINGTON | U.S. inflation slowed last month and a measure of underlying price pressures also cooled, suggesting higher oil and gas prices from the Iran war are only having a limited impact on broader costs in the economy. Consumer prices rose 3.4% in July from a year ago, down slightly from 3.5% in June, the […]
US economy grows a sluggish 1.5% second-quarter with inflation remaining stubbornly high
WASHINGTON | The U.S. economy expanded at a sluggish 1.5% pace from April through June as rising imports weighed on growth, yet consumers continued to spend. And the Federal Reserve’s favored measure of inflation grew more slowly last month. But it remained above the central bank’s 2% target at a time when Americans are frustrated […]
Warsh says Fed has ‘no tolerance’ for high inflation but provides no hints on next move
WASHINGTON | Federal Reserve Chair Kevin Warsh said Tuesday that the Fed will make high inflation “a thing of the past,” yet he provided no signal about the central bank’s next steps. Fed policymakers “have no tolerance for persistently elevated inflation,” Warsh said in his first appearance before Congress since becoming chair May 22, replacing […]
Inflation cools more than expected in June as gas costs fall, underlying prices ease
WASHINGTON | U.S. inflation cooled last month as the cost of gas, clothes, and used cars fell, providing some relief to consumers, while underlying price pressures also cooled more than expected. Prices dropped 0.4% from May to June, the largest monthly drop in four years, the Labor Department said Tuesday. On a yearly basis, inflation […]
Takeaways from Supreme Court term: Trump’s power is enhanced, but he lost some high-profile cases
WASHINGTON | President Donald Trump didn’t get what he wanted in some of the biggest Supreme Court cases this year: tariffs, birthright citizenship and the attempted firing of Federal Reserve governor Lisa Cook. But he also emerged from the term with even greater power. His immigration crackdown was largely upheld, his call to redistrict for […]
Supreme Court says Fed’s Cook can keep her job for now, but it upholds other Trump firings
WASHINGTON | The Supreme Court on Monday dramatically expanded presidential power, upholding President Donald Trump’s firings of the heads of independent federal agencies with one important exception: the Federal Reserve. The justices allowed Fed governor Lisa Cook to stay in her job while she fights the Republican president’s effort to fire her over allegations of […]
Former Federal Reserve Chairman Alan Greenspan dies at 100
WASHINGTON | U.S. Federal Reserve Chair Alan Greenspan has died at the age of 100. He died on Monday from complications of Parkinson’s Disease, said his wife of 29 years, NBC News correspondent Andrea Mitchell. “To me he was my husband, who shaped my life from our very first date in 1984,” Mitchell said. “He […]
Federal Reserve policymakers show support for rate hikes as Warsh reins in guidance
WASHINGTON | The Federal Reserve kept its key rate unchanged Wednesday yet almost half the central bank’s policymakers said they could support a rate hike later this year. The unexpectedly aggressive tilt toward higher rates would disappoint President Trump and suggests heightened concerns about persistent inflation among Fed officials. In an unusually short statement after […]
Inflation likely reached 3-year high last month as Iran war spikes gas prices
WASHINGTON | Consumer prices probably jumped in May for the third straight month, heightening concerns for the inflation fighters at the Federal Reserve and underscoring the threat that rising costs pose for the Trump administration as midterm elections near. Inflation is expected to reach 4.2% in May from a year earlier when the Labor Department […]