The markets have rallied this year as investors believe inflation will continue to ease and that the economy will avoid a recession – but it could end in tears.
The Federal Reserve is cracking down hard on inflation, in hopes of avoiding a repeat of the 1970s, when price hikes were so sustained, they got baked in to people's thinking.
Few voters may be thinking of Jerome Powell as they go to the polls in November, but all will be coping with economic conditions strongly influenced by Powell's Federal Reserve Board.
The Federal Reserve is expected to raise its benchmark interest rate by another three-quarters of a percentage point amid fears of a looming recession.
Jerome Powell was confirmed to a second term as Federal Reserve chairman. The Senate vote comes as the central bank faces intense pressure to bring down inflation.
The Federal Reserve raised interest rates by half a percentage point Wednesday, in an effort to cool off demand and lower inflation. Consumer prices have been rising at the fastest pace in 40 years.
The Federal Reserve is expected to approve its largest interest rate hike in more than two decades this week. Additional rate increases are likely, as the Fed tries to regain control over inflation.
The Federal Reserve is preparing to raise interest rates sooner and — perhaps — more aggressively after inflation reached the highest in nearly 40 years.
Stocks fell on Tuesday as investors weighed the potential economic fallout from the new coronavirus variant. Federal Reserve Chair Jerome Powell said the central bank could end its bond-buying early.
President Biden has tapped Jerome Powell to serve a second term as chairman of the Federal Reserve as the economy faces huge challenges, including surging inflation.
President Biden has a big decision to make: Whether to reappoint Jerome Powell to a second term as Federal Reserve chairman or choose someone else for one of the world's most powerful economic jobs.
