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The Latest Breaking News from Jerome Powell

Congress and the Federal Reserve Could Be Setting Us Up for Economic Disaster

If lawmakers keep spending like they are, and if the Fed backs down from taming inflation, then the government may create a perfect storm.

Reason

Editorial: Economic downturns hurt Americans. They can kill Somalis

Federal Reserve Chair Jerome Powell kicked off the holiday season with another interest-rate increase. He also lit the fuse for a sell-off in the stock market by telling the world, “We have more work to do,” signaling additional rate hikes in 2023. A year-end “Santa Claus Rally” could still materialize,…

Chicago Tribune

We're in the second biggest home price correction of the post-WWII era—here's the latest data

The Fed’s “difficult [housing] correction” has seen the U.S. housing market flip from inflation mode to deflation mode.

Fortune

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Key inflation gauge cools, US consumer spending misses forecasts

The Federal Reserve’s preferred inflation measures eased in November while consumer spending stagnated, suggesting the central bank’s interest-rate hikes are helping to cool both price pressures and broader demand — with more tightening on the way.

Tribune News Service

Top economist Mohamed El-Erian says there’s a ‘new definition’ for a soft landing and argues ‘we can’t avoid a recession’

Americans may have to accept higher inflation, or face a serious recession as the Federal Reserve raises interest rates to get to its 2% inflation target, El-Erian warns.

Fortune

Economists place 70% chance for US recession in 2023

Economists say there is a 7-in-10 likelihood that the U.S. economy will sink into a recession next year, slashing demand forecasts and trimming inflation projections in the wake of massive interest-rate hikes by the Federal Reserve.

Tribune News Service

The world fears a new China COVID wave, ponders how to help Xi

Officials and global health experts outside China are anxiously watching a COVID-19 surge there, worried a nation of 1.4 billion people is inadequately vaccinated and may not have the healthcare tools to treat a wave of illness expected to kill more than one million people through 2023.

Reuters

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Powell puts US pay hikes at heart of Fed’s 2023 inflation fight

Federal Reserve Chair Jerome Powell has a new North Star to guide his fight against inflation, and it will put American paychecks at the heart of monetary policy next year.

Tribune News Service

Inflation is ‘basically over’ and the Fed is ‘making a terrible mistake’ by continuing to raise interest rates, Wharton professor Jeremy Siegel says

Jeremy Siegel warned that inflation was going to become a problem in 2020. Now, he says the Fed has done too much to fight it, and is set to cause a recession.

Fortune

Fed chair Powell on the U.S. labor shortage: COVID, retirements, missing immigrants

Close to half a million working-age people lost their lives to COVID.

Axios

US recession a growing fear as Fed plans to keep rates high

After scaling 40-year highs, inflation in the United States has been slowly easing since summer

The Independent UK

Asia tracks Wall Street decline

The Stock Exchange of Thailand (SET) and most Asian bourses sagged yesterday, tracking overnight declines on Wall Street, as the Federal Reserve reiterated that US interest rates next year will be higher than previous market estimates, raising fears of a recession.

Bangkok Post

5 takeaways from the front lines of the inflation fight

Inflation may be slowing, but prices are still climbing much faster than Americans are used to. The Federal Reserve's dramatic steps to bring it to heel appear to be working - somewhat.

WEKU

Federal Reserve slows pace of rate hikes, vows to fight on against inflation

The US central bank has raised its benchmark rate to its highest level in 15 years, although at a slower clip than previously. Federal Reserve Chair Jerome Powell argues that while inflation has dipped, it is still too high to warrant a change in monetary policy. Also on the show,…

France 24

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Asharq Al-Awsat

US Federal Reserve Raises Interest Rate, Highest since 2007

The US Federal Reserve reinforced its inflation fight Wednesday by raising its key interest rate for the seventh time this year and signaling more hikes to come. The central bank boosted its benchmark rate a half-point to a range of 4.25% to 4.5% and projected it would continue rising to…

The Independent UK

Asia stocks follow Wall St down as Fed warns of higher rates

Asian shares have skidded after a retreat on Wall Street as markets showed dismay over the Federal Reserve's warning that more interest rate hikes are in store following its latest increase

The Independent UK

Markets fall as Fed raises interest rate by half a point

Fed chair Jerome Powell signalled further pain was in store for the stock market as inflation remains stubbornly high

Chicago Sun-Times

Fed hikes key rate by half-point and signals more to come

The Federal Reserve reinforced its inflation fight by raising its key interest rate for the seventh time this year.

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Tribune News Service

Powell says Fed still has a ‘ways to go’ after half-point hike

Chair Jerome Powell said the Federal Reserve is not close to ending its anti-inflation campaign of interest-rate increases as officials signaled borrowing costs will head higher than investors expect next year.

WEKU

The Fed continues its crackdown on inflation, pushing up interest rates again

The Federal Reserve raised interest rates by half a percentage point Wednesday, which was a smaller increase than the four previous hikes.

The Independent UK

Fed set to extend inflation fight with 7th rate hike of 2022

After four straight three-quarter-point interest rate hikes, the Federal Reserve is set to announce a smaller half-point increase in its key rate Wednesday, a first step toward dialing back its efforts to combat inflation

Tribune News Service

US core inflation slows, giving Fed some breathing room on rates

WASHINGTON — A key gauge of U.S. consumer prices posted the smallest monthly advance in more than a year, indicating the worst of inflation has likely passed and validating an anticipated slowing in the pace of Federal Reserve interest-rate hikes.

Ballotpedia

Vanguard announces exit from net zero climate investment alliance

On December 2, the Federal Reserve’s board of governors released its proposed rule on climate risks for big banks, including its proposed environmental stress tests. The board asked for public comments:

Fortune

'Santa is coming after all': Investors celebrate a cooler-than-expected inflation report

Experts say inflation has peaked and that the Federal Reserve’s interest rate hikes may end soon. Should investors jump into stocks? Or is it a trap?

Tribune News Service

US inflation relief is finally happening, putting Fed pause in view

U.S. inflation data offered the strongest evidence yet that price pressures have peaked, cheering financial markets and putting a pause from the Federal Reserve’s interest-rate hikes in view.

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