The Fed's chair comments signal the central bank is determined to continue raising interest rates to bring down inflation.
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.
The Federal Reserve is adopting new restrictions on investments after active trading last year by two regional Fed bank presidents drew criticism.
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.
Treasury Secretary Janet Yellen warned lawmakers the government could run out of money by Oct. 18 unless Congress raises the debt ceiling.
The Federal Reserve is projecting higher inflation this year than it had previously forecast, but says prices will cool more next year.
Federal Reserve Chairman Jerome Powell says the economy continues its recovery, hinting the central bank could dial back its extraordinary efforts to prop up the economy later this year.
The Federal Reserve has provided massive support to markets through the pandemic. Now it faces a tricky decision: how to start removing some of that help without triggering a market sell-off.