The Latest Breaking News from Jerome Powell

The U.S. unemployment rate probably fell to 3.5% in April, matching the lowest reading since the 1960s, and many economists expect it to keep declining — potentially complicating the Federal Reserve’s fight against inflation.

Markets rallied Thursday after the US Federal Reserve played down chances of a huge interest rate hike in the near future, while oil extended gains as the European Union moved to ban imports from Russia.

Federal Reserve Chairman Jerome Powell had some relatively soothing words for the markets after the Fed on Wednesday raised its target fed funds rate by 0.5% to a new range of between 0.75% and 1.0%.

Chair Jerome Powell addressed the American public directly, and owned the current situation

Markets jumped after Fed Chair Jerome Powell said the central bank was not contemplating bigger rate hikes than the half-a-percentage-point increase it delivered on Wednesday.

The US Federal Reserve has increased official interest rates by 0.5 per cent and flagged that more such rises are likely. Meanwhile, the Australian market has followed Wall Street higher.

Under no pressure to throw investors a bone, Jerome Powell nevertheless did, igniting the biggest stock market rally on the day of a Federal Reserve meeting in a decade.

The US Federal Reserve has hiked interest rates by half a percentage point - double its usual rate - to tackle the country’s highest level of inflation in 40 years. Fed Chairman Jerome Powell said it was 'essential' to lower inflation and reduce hardship for American families. Thomas Costerg, Senior…

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.