Yellen critical of Trump’s grasp of economic policy
WASHINGTON (AP) — Former Federal Reserve Chair Janet Yellen says she doubts that President Donald Trump has a good grasp of economic policy or even knows the Federal Reserve's mandates.
Fed officials feared adverse market reaction in 2013
WASHINGTON (AP) — Federal Reserve officials were worried about an adverse market reaction when they made their first tentative moves in 2013 to pull back on the massive support they had been providing to help the economy recover from the Great Recession.
Fed Chairman Powell says economic challenges remain
WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Monday that despite solid economic progress, the country still faces a number of challenges ranging from slow wage-growth for lower-income workers to sluggish productivity and an aging population.
Powell said in remarks at a Fed award ceremony that these challenges remain even though unemployment is near five-decade low and the financial system has been bolstered since the 2008 financial crisis.
Senate confirms Kansas bank regulator Bowman for Fed board
WASHINGTON (AP) — The Senate on Thursday confirmed Michelle Bowman, a Kansas banking regulator, as a member of the Federal Reserve board.
Bowman was approved on a 64-34 vote to fill the spot on the seven-member board reserved for someone with community banking experience.
With her confirmation, President Donald Trump has now filled three vacant seats on the Fed board. He also nominated Jerome Powell to be Fed chairman, choosing not to tap former Fed Chair Janet Yellen for a second term.
Trump escalates his attacks on Fed: ‘My biggest threat’
WASHINGTON (AP) — Stepping up his attacks on the Federal Reserve, President Donald Trump declared Tuesday that the Fed is "my biggest threat" because he thinks it's raising interest rates too quickly.
Trump said he doesn't speak with Chairman Jerome Powell because of the Fed's political independence but said. "I'm not happy with what he's doing because it's going too fast" in raising rates at a time when inflation has remained relatively low.
Trump in interview says he respects Fed Chairman Powell
WASHINGTON (AP) — President Donald Trump said Thursday that he respects Federal Reserve Chairman Jerome Powell but isn't a fan of the Fed's recent rate hikes.
Speaking about his decision to pick Powell to replace Janet Yellen earlier this year, Trump said, "I put a man in there who I like and respect." But he also said, "we are not being accommodated" by the Fed's string of rate hikes.
"I don't like that," Trump said in an interview with Bloomberg News.
Senate approves monetary policy expert as Fed vice chairman
WASHINGTON (AP) — The Senate on Tuesday confirmed President Donald Trump's nominee for the No. 2 post at the Federal Reserve.
Richard Clarida's nomination four a four-year term as vice chairman was approved on a 69 to 26 vote. The Senate also backed Clarida's nomination for a Fed board term.
Clarida is an economics professor at Columbia University and considered one of the nation's leading experts on monetary policy
The Senate action means the Fed board will now have four of its seven seats filled.
CAMBRIDGE, Mass. (AP) — Hillary Clinton is being honored with a medal during Harvard University's graduation week.
The former First Lady, U.S. Senator, Secretary of State and Democratic candidate for president will be awarded Friday in Cambridge with the Radcliffe Medal, which the university says honors individuals whose life and work have had a "transformative impact on society."
Williams picked as next president of New York Fed
WASHINGTON (AP) — John Williams, currently head of the Federal Reserve's regional bank in San Francisco, has been selected to be the next president of the Fed's New York regional bank, considered the most influential position among the central bank's 12 regional banks.
In his first news conference as head of the world's leading central bank, Jerome Powell avoided any professorial lectures.
His replies were briefer than his predecessors'. He said nothing of himself personally. He projected the air of an experienced technocrat, more steeped in finance than the complexities of economic theory.
WASHINGTON (AP) — The Latest on the Federal Reserve's monetary policy meeting (all times local):
New Fed chairman Jerome Powell's first press conference clocked in at about 45 minutes, shorter than his predecessor Janet Yellen, who typically went for about an hour.
Powell took plenty of questions, but his answers were shorter than Yellen's, who frequently gave careful, economically complex responses that sometimes seemed intended to run out the clock.
WASHINGTON (AP) — Federal Reserve officials are meeting this week for the first time under their new chairman, Jerome Powell, whose news conference to follow is stirring high anticipation.
WASHINGTON (AP) — The Federal Reserve's first meeting under Jerome Powell's leadership will likely end Wednesday with an announcement that the Fed will resume its modest interest rate hikes.
But investors will be most attuned to what Powell signals at his first news conference about whether and how he might steer the Fed's policymaking differently from his predecessor, Janet Yellen. Will he, for example, be inclined to step up the pace of Fed rate hikes?
5 things to watch for as new Fed chair Powell meets Congress
WASHINGTON (AP) — When Jerome Powell testifies to Congress on Tuesday in his first public appearance as chairman of the Federal Reserve, investors will be paying close attention to his every word.
Fed expects economic gains to prompt gradual rate hikes
WASHINGTON (AP) — The Federal Reserve says it expects that the ongoing strength of the U.S. economy will warrant gradual increases in interest rates this year, delivering the same steady-as-it-goes message under new leader Jerome Powell as it had provided under Janet Yellen.
Fed expects economic gains to prompt gradual rate hikes
WASHINGTON (AP) — The Federal Reserve says it expects that the ongoing strength of the U.S. economy will warrant further gradual increases in interest rates this year. It delivered the same steady-as-it-goes message under new leader Jerome Powell as it provided under Janet Yellen. The Fed's projection on rate hikes came with the release Friday of its semi-annual monetary report to Congress.
Fed officials: Stronger economy boosts chance for rate hikes
WASHINGTON (AP) — Federal Reserve officials at their January meeting saw a brightening global economic picture and the effects of recently passed tax cuts raising the prospect for solid growth and continued interest rate increases.
How the market’s turmoil could affect Fed’s rate decisions
WASHINGTON (AP) — Wall Street has thrown a rather sour welcoming party for Jerome Powell.
By Lawrence H. Summers
Special To The Washington Post
Janet Yellen has completed her term with unemployment much lower than it was when she began, with inflation low and closer to target, and with the financial system better capitalized and more liquid. What more can anyone ask from a Fed chair?
Powell sworn in as new Fed chair amid stock market sell-off
WASHINGTON (AP) — Jerome Powell was sworn in Monday as the 16th chairman of the Federal Reserve on what turned out to be a turbulent day for Wall Street, with the Dow Jones industrial average plunging by more than 1,100 points.
Powell, 65, was given the oath of office by Randal Quarles, the Fed's vice chairman for supervision, in a ceremony that took place before stock trading opened on Wall Street.
Yellen disappointed not to get a second term as Fed chair
WASHINGTON (AP) — Janet Yellen said she was disappointed that President Donald Trump didn't offer her a second term as Federal Reserve chair, but supports her central bank successor, Jerome Powell, who takes over on Monday.
Powell, a Fed board member since 2012, is "thoughtful, balanced, dedicated to public service. I've found him to be a very thoughtful policymaker," Yellen said in an interview with CBS' "Sunday Morning."
The Powell era at the Fed seems sure to face some turbulence
WASHINGTON (AP) — When Jerome Powell is sworn in Monday as the new chairman of the Federal Reserve, the pride of the moment may be tempered by Powell's recognition of the risks that lie ahead.
A ferocious sell-off on Wall Street on Friday — with stocks tumbling and bond yields rising after the January U.S. jobs report suggested higher inflation ahead — served as a blunt reminder of the challenges Powell's Fed will face.
WASHINGTON - As Janet Yellen departs the Federal Reserve after four years as chair, her legacy will include having shattered a social barrier: She is the first woman to have led the world's most powerful central bank, a position that carries enormous sway over the global economy.
WASHINGTON - The Federal Reserve announced Friday it is imposing more penalties on Wells Fargo, freezing the bank's growth until it can prove it has improved its internal controls. In addition, bank agreed to replace four board members.
Federal Reserve imposes new penalties on Wells Fargo
WASHINGTON (AP) — The Federal Reserve is imposing more penalties on Wells Fargo, freezing the bank's growth until it can prove it has improved its internal controls. In addition, bank agreed to replace four board members.
It's the latest blow against the San Francisco bank that has had its reputation tarnished by revelations it opened phony customer accounts and sold auto insurance to customers who did not need it.
Yellen lands new job at Brookings Institution
WASHINGTON (AP) — Federal Reserve Chair Janet Yellen, the first woman to head the nation's central bank, got a boisterous send-off from Fed staff, but she isn't taking any time off. After her last day at the Fed on Friday, she will start a new job Monday at the Brookings Institution.
Global markets mixed after Fed keeps rate unchanged
SEOUL, South Korea (AP) — Global markets were mixed Thursday after the U.S. Federal Reserve left its benchmark interest rate unchanged and as investors monitored a raft of corporate earnings reports.
KEEPING SCORE: Britain's FTSE 100 fell 0.1 percent to 7,523 while France's CAC 40 gained 0.2 percent to 5,491. Germany's DAX lost 0.3 percent to 13,155. Futures augured a tepid start on Wall Street with Dow futures down 0.1 percent and S&P futures up 0.1 percent.
WASHINGTON - The Federal Reserve has left its benchmark interest rate unchanged but signaled that it expects to resume raising rates gradually to reflect a healthy job market and economy.
5 Things: What Yellen’s Fed tenure will be remembered for
WASHINGTON (AP) — When Janet Yellen leaves the Federal Reserve this weekend after four years as chair, her legacy will include having shattered a social barrier: She is the first woman to have led the world's most powerful central bank, a position that carries enormous sway over the global economy.
Asian markets mixed after Fed keeps rate unchanged
SEOUL, South Korea (AP) — Asian markets were mixed on Thursday with Tokyo stocks higher as the yen weakened against the U.S. dollar. Chinese markets declined after the U.S. Federal Reserve left its benchmark interest rate unchanged.
Fed leaves key rate unchanged at Yellen’s final meeting
The Federal Reserve has left its benchmark interest rate unchanged but signaled that it expects to resume raising rates gradually to reflect a healthy job market and economy.
Fed is likely to hold rates steady at Yellen’s final meeting
WASHINGTON (AP) — Janet Yellen's final Federal Reserve policy meeting will likely bring an uneventful end this week to her four-year tenure as Fed chair but perhaps offer hints of the central bank's approach to interest rates in the months to follow.
Senators delivered a show of confidence in Jerome Powell, President Trump's pick for chairman of the Federal Reserve System, voting overwhelmingly Tuesday to confirm him to the position.
Powell taking over as Fed chairman at time of economic calm
WASHINGTON (AP) — It would seem like a pretty good time to take over as chairman of the Federal Reserve.
Jerome Powell has won Senate confirmation to head the U.S. central bank, inheriting an economy on a roll, a booming stock market and unemployment at a 17-year low.
He will succeed Janet Yellen, the first woman to serve as Fed chairman, when her term ends on Feb. 3. The position is considered the government's most power economic job.
Senate approves Powell to follow Yellen as Fed chair in Feb.
WASHINGTON (AP) — The Senate on Tuesday approved President Donald Trump's selection of Jerome Powell to be the next chairman of the Federal Reserve beginning next month.
Senators voted 84-13 to confirm Powell to lead the nation's central bank, a post that is considered the most powerful economic position in government.
Senate committee approves nomination of Powell for Fed chair
WASHINGTON (AP) — The Senate Banking Committee has voted for a second time to approve President Donald Trump's nomination of Jerome Powell to be the next chairman of the Federal Reserve.
The approval Wednesday was by voice vote, with Sen. Elizabeth Warren, D-Massachusetts, voting no. The re-vote was needed because the full Senate did not take up Powell's nomination last year. The term of current Fed Chair Janet Yellen ends on Feb. 3.
WASHINGTON — One of Washington's permanent parlor games is how much credit or blame a president deserves for the state of the economy. Inevitably, then, the question being asked now is whether Donald Trump or Barack Obama created today's strong economy. The correct answer is: neither. To the extent that personal responsibility can be assigned, the worthy recipient is Janet Yellen.
The Latest: China raises key policy rate after Fed’s hike
WASHINGTON (AP) — The Latest on the Federal Reserve's monetary policy meeting (all times local):
The People's Bank of China says it is responding to market forces by raising the rate charged by its one-year lending facility by 0.05 percentage points to 3.25 percent. Rates paid on bank reserves rose Thursday by a similar margin.
There was no change in the rates for borrowing by companies and the public and for deposits.
A more tempered view on growth and inflation from the Federal Reserve pushed Treasury yields and the dollar lower as a dovish tone emanated from Janet Yellen's final scheduled press conference.
Fed rate increase is 3rd this year; foresees 3 more in 2018
WASHINGTON (AP) — The Federal Reserve is raising its key interest rate for the third time this year and foresees three additional hikes in 2018, a vote of confidence that the U.S. economy remains on solid footing 8½ years after the end of the Great Recession.
Global stocks steady ahead of expected Fed rate hike
LONDON (AP) — Global stock markets traded in narrow ranges Wednesday ahead of an expected interest rate hike from the U.S. Federal Reserve.
KEEPING SCORE: In Europe, Germany's DAX was down 0.1 percent 13,172 while France's CAC-40 fell 0.3 percent at 5,413. London's FTSE 100 was up 0.1 percent at 7,511. On Tuesday, the CAC-40 rose 0.8 percent, the FTSE 100 rose 0.1 percent to 7,510. U.S. stocks were poised for a flat opening with Dow futures and the broader S&P 500 futures up 0.1 percent.
3 things to watch for from the Federal Reserve on Wednesday
WASHINGTON (AP) — On the day when Janet Yellen will hold her final news conference as Federal Reserve chair, the Fed has left little doubt what it plans to do Wednesday: Raise its benchmark interest rate for the third time this year.
The increase would be in line with the series of incremental rate hikes the Fed has been making to keep up with a steadily rising U.S. economy. Over time, the rate increases could mean somewhat more expensive business and consumer loans, including mortgages.
WASHINGTON - Investors seem certain about this: The Federal Reserve is going to raise interest rates this week for the third time this year.
Fed set to raise rates as Yellen gives final news conference
WASHINGTON (AP) — Investors seem certain about this: The Federal Reserve is going to raise interest rates this week for the third time this year.
They're less sure about what the central bank might have in store for 2018, and they will look to Janet Yellen's final news conference as Fed chair Wednesday for any clues.
Longer-term mortgage rates slip for 2nd straight week
WASHINGTON (AP) — Long-term mortgage rates slipped this week, though shorter-term rates rose in response to better economic news that made it more likely the Federal Reserve will hike rates in December.
The rate on the benchmark 30-year, fixed-rate mortgage slipped to 3.9 percent from 3.92 percent last week, mortgage giant Freddie Mac said. The 15-year, fixed-rate mortgage, popular among homeowners seeking to refinance, also declined 0.02 percentage points, to 3.3 percent.
Trump to nominate economics professor to Federal Reserve
WASHINGTON (AP) — President Donald Trump intends to nominate Marvin Goodfriend, a Carnegie Mellon University economics professor, for a seat on the Federal Reserve Board, the latest step in the administration's effort to put its stamp on the nation's central bank.
Yellen suggests a continuation of gradual rate hikes
WASHINGTON (AP) — Federal Reserve Chair Janet Yellen said Wednesday that the Fed expects to continue raising interest rates gradually. And she sought to assure lawmakers that the Fed would take care not to choke off any extra growth generated by tax cuts as long as inflation stayed tame.