The Latest Breaking News from Jerome Powell

The nomination of Michael Barr, President Joe Biden’s choice to be the top regulator on the Federal Reserve’s Board of Governors, was approved by a congressional committee and sent on the full Senate

Treasury Secretary Janet Yellen has acknowledged that she and Federal Reserve Chair Jerome Powell “could have used a better word” than transitory when describing the expected run of inflation in the U.S. economy

The strong employment figures released Friday keep the Federal Reserve firmly on track to raise interest rates by a half-percentage point at its meeting in two weeks and again in late July to cool high inflation.

Much of America does not seem to be buying the optimistic vision that Biden and his team are selling

After months of robust hiring, U.S. employers might have pulled back slightly in May, to levels that would still be consistent with a healthy job market, despite high inflation and rising borrowing costs

Washington (AFP) - US President Joe Biden has launched a battle against soaring prices as he tries to claw back waning public support ahead of key congressional elections, but is finding he has few tools to defuse sky-high inflation.

Treasury Secretary Janet Yellen tells CNN she was wrong about the trajectory of inflation during interviews a year ago.

Stock futures edge higher, but inflation worries linger; Fed begins 'quantitative tightening' with balance sheet run-off; Salesforce shares leap after Q1 earning beat, profit forecast boost; Pfizer to exit consumer healthcare JV with GlaxoSmithKline and Elon Musk weighs-in on work-from-home

Shares are mixed in Asia after a wobbly day on Wall Street closed out a month buffeted by worries about a possible recession, inflation and rising interest rates

"There have been unanticipated and large shocks to the economy that have boosted energy and food prices," she told CNN.

The White House is in need of solutions to quell the highest inflation in 40 years and soaring petrol and food prices.