federal reserve
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 […]
Employers added 172,000 jobs last month as US job market shows resilience despite Iran war
WASHINGTON | U.S. employers added a surprising 172,000 jobs in May as the labor market continued to show resilience in the face of rising costs from the Iran war. The Labor Department reported Friday that job growth was down slightly last month from a revised 179,000 in April. The unemployment rate stayed at a low […]
Jerome Powell uses JFK award speech to warn against political pressure on Fed, courts and schools
BOSTON | Former Federal Reserve Chair Jerome Powell used one of his first major public appearances since leaving office to defend independent institutions while accepting an award Sunday honoring his efforts to preserve the central bank’s independence. Speaking at the John F. Kennedy Presidential Library overlooking Boston Harbor, Powell called universities, courts, Congress and the […]
Key inflation gauge worsens as Americans’ income and spending power erodes
WASHINGTON | A key inflation gauge accelerated in April to the highest level in three years, squeezing Americans’ finances and creating political challenges for President Trump and congressional Republicans with midterm elections just five months away. Inflation jumped to 3.8% in April compared with a year ago, the Commerce Department said Thursday, up from 3.5% […]
Powell’s tenure as Fed chair marked by fight for independence while trying to tame inflation
WASHINGTON | When Jerome Powell was sworn in as chair of the Federal Reserve eight years ago, economists worried that inflation and interest rates were too low and that too few Americans had jobs. Now, as Powell steps down from the post after eight tumultuous years, the U.S. economy is transformed: Inflation soared after the […]
The Iran war is hitting home as gasoline prices fuel inflation surge of 3.8% in the US
WASHINGTON | U.S. consumer prices climbed sharply again last month as the 10-week war with Iran delivered higher gasoline prices and more pain for Americans. The Labor Department’s consumer price index rose 3.8% from April 2025, the biggest jump in three years, and up from a 3.3% year-over-year gain in March. On a month-to-month basis, […]