The Latest Breaking News from Jerome Powell

The longer the boom can keep carrying the economy, the more it can offset other structural changes.

Jerome Powell's 29 Oct Fed rate cut drops benchmark to 3.75%-4% – explore credit card APR lower, mortgage rates drop, savings yield decline impacts on auto loans, student debt amid inflation

Stocks sold off late Wednesday after Fed Chair Jerome Powell pushed back on expectations for another interest rate cut in December, warning that such a move is "far from a foregone conclusion” as the Federal Open Market Committee remains divided and incoming data remains clouded by shutdown-related gaps.

However, the Fed chair noted that the growth is unevenly distributed and concentrated among only a few companies.

Nvidia became the first company ever to boast a $5 trillion market cap, but it wasn't enough to lift the Dow and the S&P 500.

Rocket Companies Inc (NYSE:RKT) shares are trading lower on Wednesday afternoon, caught in a broader market sell-off fueled by comments from Federal Reserve Chair Jerome Powell. Here’s what investors need to know.

Fed Chair Jerome Powell threw cold water on investor hopes for another interest rate cut in December, stressing that the Federal Open Market Committee remains deeply divided and that the road ahead is clouded by data gaps and conflicting risks between the central bank’s objectives.

The Fed will stop shrinking its $7 trillion balance sheet in December, but Powell stressed it’s a pause in quantitative tightening, rather than a new phase of easing.

The move comes as the ongoing government shutdown restricts the release of critical economic data.