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☆ What’s really happening in America’s economy (Trump and Biden spin aside)
▼ + stars: | 2024-05-24 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +6 min

You’d think that would mean the economy is coasting, since periods of low unemployment are generally associated with higher rates of economic prosperity. That seems to be the case with a lot of recent economic data: No piece of good news comes without other evidence that give economists pause. “I wouldn’t give the economy a clean bill of health,” said Gregory Daco, chief economist at EY. But given consumer spending is one of the biggest drivers of the economy, a pullback can have adverse effects, too. The uglyThe biggest flashing red light in the economy right now is the level of debt people are racking up.

Persons: Zers, ”, Gregory Daco, Joe Biden, there’s, Donald Trump’s, Here’s what’s, Christopher Waller, ” Waller, ” David Alcaly, Daco, ” Sung Won Sohn Organizations: New, New York CNN, EY, of Labor Statistics, Federal, Gov, Lazard, CNN, New York Fed, Loyola Marymount University, SS Locations: New York, Wisconsin

☆ Wealthy Americans are starting to spend more carefully
▼ + stars: | 2024-05-19 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

A robust stock market coupled with rising home values have boosted Americans’ wealth from 2019 through 2022, according to a Federal Reserve report on household finances. There’s been some evidence of wealthy Americans growing cautious in the latest round of company earnings results. Federal Reserve officials Michael Barr, Christopher Waller, Philip Jefferson and Raphael Bostic deliver remarks. Federal Reserve officials Christopher Waller, John Williams, Raphael Bostic, Michael Barr, Loretta Mester and Susan Collins deliver remarks. The Federal Reserve release minutes from its May policymaking meeting.

Persons: they’ve, “, ” Nanette Abuhoff Jacobson, There’s, ” Jonathan Akeroyd, Moet, The Beverly Hilton, Michael Kovac, LVMH Moët Hennessy Louis Vuitton, ”, Jacobson, ’ Ariel Barnes, Barnes, ” Barnes, Baby Boomer, Xers, Matt Egan, Read, Michael Barr, Christopher Waller, Philip Jefferson, Raphael Bostic, John Williams, Loretta Mester, Susan Collins, Robin, Ralph Lauren, Booz Allen Hamilton, Buckle Organizations: CNN Business, Bell, Washington CNN, Federal, Fed, Hartford Funds, CNN, Burberry, The Beverly, The Beverly Hilton Hotel, Walmart, Royal Caribbean Cruises, Jackson State University, Federal Reserve Bank of New, Palo Alto Networks, Urban Outfitters, NVIDIA, National Statistics, National Association of Realtors, Reserve, Intuit, US Labor Department, Chicago Fed, Global, US Commerce Department, Atlanta Fed, Booz, University of Michigan Locations: Washington, British, Americas, Beverly Hills , California, Jackson , Mississippi, Federal Reserve Bank of New York, Palo, Ross, Burlington

☆ Why Americans' confidence in finding a new job is tanking even as the labor market is humming along
▼ + stars: | 2024-05-18 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +7 min

Why Americans might be getting worried about the job marketIn some ways, Americans' growing pessimism in the job market is perplexing. That's because the job market has become more challenging than it was a couple of years ago, when the Great Resignation was at its peak. So, it's possible that some Americans in certain industries are facing a job market where openings are far from abundant. For example, there's some evidence that the job market for high-wage roles has cooled over the past year. Julia Pollak, the chief economist at ZipRecruiter, told Business Insider earlier this month after April's labor market figures were released by the Bureau of Labor Statistics that it is "no longer a white-hot labor market" or a job "candidate's market in every industry where workers can get whatever they want."

Persons: —, they'd, hasn't, What's, Joanne Hsu, Julia Pollak Organizations: Service, York Fed's Survey, Consumer, Business, NY, of Labor Statistics, Bureau of Labor Statistics, New, Fed, LinkedIn, NY Fed, University of, Labor Locations: York

☆ 1 in 7 Gen Z credit card users are ‘maxed out’
▼ + stars: | 2024-05-17 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

CNN —Ariel Barnes plunged into a credit card debt spiral in college, and a decade later she’s yet to escape. Barnes, a manager of gift processing at Jackson State University, has maxed out seven credit cards and is struggling to make minimum payments on $30,000 of credit card debt. Roughly one in seven (15.3%) Gen Z credit card borrowers have maxed out their credit cards, according to new research from the Federal Reserve Bank of New York. For instance, the median Gen Z borrower’s credit limit is just $4,500, compared with $16,300 for Millennials and $21,800 for Gen X, the NY Fed said. There’s never a good time to carry a credit card balance, but right now is arguably the worst time.

Persons: CNN — Ariel Barnes, Barnes, ” Barnes, Baby Boomer, Xers, ”, “ I’ve, Zers, Ted Rossman, Gregory Daco, ” Daco, haven’t, X, it’s, There’s, That’s, Daco, CNN’s Alicia Wallace Organizations: CNN, Jackson State University, Federal Reserve Bank of New, Fed, NY Fed, Bankrate.com, Wall, NY, Federal Locations: Jackson , Mississippi, Federal Reserve Bank of New York

☆ Americans with a college degree say they'd need at least a $100K salary to change jobs. But roles that pay in that range are getting harder to find.
▼ + stars: | 2024-05-14 | by ( Jacob Zinkula | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

As of the most recent March data, the average reservation wage for Americans with a college degree rose to a survey-high of $99,081, up from $97,270 in March 2023 and $81,758 in March 2020. It means that not as many Americans are landing new jobs that pay in the six-figure range. The average reservation wage for people without a degree was $68,390, up from $59,683 in March 2023 and $48,778 in March 2020. The average reservation wage among all respondents was $81,822, up from $75,811 and $61,377 in March 2020. AdvertisementAre you struggling to find a six-figure job?

Persons: —, it's Organizations: Service, York Fed's Survey, Consumer, Business, Bureau of Labor Statistics, of Labor Statistics, New, New York Fed Locations: York, New York

☆ NY Fed: One-year inflation expectations rise
▼ + stars: | 2024-05-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNY Fed: One-year inflation expectations riseCNBC's Steve Liesman joins CNBC's 'Money Movers' to discuss an inflation expectations report from the Federal Reserve Bank of New York.

Persons: Steve Liesman Organizations: Federal Reserve Bank of New Locations: Federal Reserve Bank of New York

☆ The Fed could make a big change today. We’re not talking about interest rates
▼ + stars: | 2024-05-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Wednesday’s Federal Reserve policy decision will likely be pretty boring for investors — officials are widely expected to keep interest rates the same, just as they have since July 2023. They think that the Fed may curtail its quantitative tightening (QT) program — that’s the selling off of its assets to decrease money supply and increase interest rates — by as much as half. Those purchases ended up pushing down interest rates in certain parts of the economy, like housing and auto sales. That led to a “repo crisis”, where the interest rates for overnight loans between banks spiked unusually high. That’s because a taper should send bond prices higher, and interest rates lower.

Persons: there’s, Jamie Dimon, Jerome Powell doesn’t, Krishna Guha, Marco Casiraghi, ”, Bill Adams, Biden, reclassify, General Merrick Garland, Xochitl Hinojosa, “, Nancy Mace, Earl Blumenauer, ” Read, Zhao, Allison Morrow, ” Binance Organizations: CNN Business, Bell, New York CNN, Fed, JPMorgan Chase, Comerica Bank, Bank of America, CNN, US Department of Justice, Federal Register, Congress, Associated Press, Republican, CZ, Binance, Bloomberg Locations: New York, South Carolina, Oregon, Seattle

☆ House Speaker Mike Johnson calls for Columbia president's ousting, echoing a familiar and effective threat
▼ + stars: | 2024-04-24 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +5 min

House Speaker Mike Johnson wants Columbia University's President out. Johnson and other House Republicans have criticized her handling of campus protests and antisemitism. AdvertisementHouse Speaker Mike Johnson wants Columbia University's president to resign, calling her "inept" and "weak." "This president, Shafik, is shown to be a very weak, inept leader. They cannot even guarantee the safety of Jewish students?

Persons: Mike Johnson, Johnson, —, Israel's, UPenn, Claudine Gay, UPenn's Elizabeth Magill, Sally Kornbluth, Hugh Hewitt, it's, They're, Shafik, Harvard's Claudine Gay, they've, shouldn't, Anthony D'Esposito, Yuda Drizin Organizations: Columbia, Republicans, Service, Harvard, MIT, NYPD, Palestinian, NY Republican, The Washington, Columbia Jewish, Washington Post Locations: Israel, Gaza, America, Columbia

☆ South Africa’s 2024 National Election: What to Know
▼ + stars: | 2024-04-18 | by ( John Eligon | ) www.nytimes.com time to read: +1 min

This year is the 30th anniversary of South Africa’s first democratic elections, but millions of people continue to suffer from economic challenges similar to those during apartheid. Most Black South Africans do not earn enough to meet their basic needs. All this has placed the African National Congress, the liberation party that has governed since the start of South Africa’s democracy, under more pressure than ever before as it enters an election on May 29. In the six previous national elections, the party comfortably won an absolute majority in Parliament, allowing it to govern as it wished. The party has also had to work hard to heal its internal divisions and address corruption among its ranks.

Organizations: African National Congress

☆ 14 college majors where the typical graduate is making at least $100,000 by the middle of their careers
▼ + stars: | 2024-03-28 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +1 min

The New York Fed analyzed the mid-career wages of college graduates with a bachelor's degree. Those graduates aged 35 to 45 with one of 14 majors had a median wage of at least $100,000 a year. Nine of those 14 college majors were related to engineering. AdvertisementWhen undergraduate college students choose their majors, there can be several factors that go into their decisions. A New York Fed analysis of 2022 American Community Survey data found that college graduates who majored in one of 14 areas of study had a median mid-career wage of at least $100,000 a year.

Persons: — Organizations: New, Fed, Service, Survey, Business Locations: New York

☆ Key takeaways from the latest jobs report
▼ + stars: | 2024-03-08 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

“The economy remains strong, held up by a robust labor market,” wrote Christopher Rupkey, chief economist with FwdBonds, in a note Friday. Still, Friday’s jobs report also showed that the whopping gains initially recorded for January and December were revised down by a combined 167,000 jobs. January’s job gains now sit at an estimated 229,000 (down from the blowout 353,000); and December’s job growth at 290,000 (down from 333,000). In February, that included construction (up 23,000 jobs); transportation and warehousing (up 19,700 jobs); and retail (up 18,700 jobs). Friday’s jobs report showed that wage growth is indeed slowing.

Persons: ”, Christopher Rupkey, FwdBonds, “, ” Robert Frick, —, ” Diane Swonk, Swonk, February’s, ” Frick, Julissa Carielo, ” Swonk, Gus Faucher, Lydia Boussour, EY, Boussour, Janet Yellen, CNN’s Kate Bolduan, they’re, ” Yellen, Price, CNN’s Bryan Mena Organizations: New, New York CNN, of Labor Statistics, Navy Federal Credit Union, CNN, KPMG US, Health, Baby Boomers, Transportation Security Administration, DreamOn, Inc, Boomers, Fed, Labor, Federal, PNC Financial Services, “ Fed Locations: New York, San Antonio , Texas, Texas

☆ Americans’ credit scores are falling. That hasn’t happened in a decade
▼ + stars: | 2024-03-07 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Even as unemployment remains historically low and recession fears fade, consumer credit scores are starting to buckle. Although FICO scores remain near record highs — and well above pre-pandemic levels — this marks the first drop in a decade. FICO said the one-point drop in credit scores in late 2023 was driven by an increase in Americans missing payments and also by rising debt levels. However, he said this one-point drop in credit scores is not necessarily a red flag. “The overall outlook for consumer credit quality, and consumer spending growth,” Faucher said, “is still very solid.”

Persons: FICO, FICO’s, Arkali, ”, “, ” Arkali, Banks, ‘, Gus Faucher, Faucher, it’s “, ” Faucher Organizations: New, New York CNN, CNN, New York Fed, Federal Deposit Insurance Corporation, ’ Consumers, NY Fed, PNC Locations: New York

☆ The two-letter word helping this lender buck the delinquency storm
▼ + stars: | 2024-02-27 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

But that’s not an accident,” Max Levchin, Affirm’s CEO and a co-founder of PayPal, told CNN in a recent interview. Levchin credits a willingness to say a two-letter word, one that’s not exactly associated with the surging BNPL industry, N-O. It’s that we are honest when we tell them, ‘Hey, we don’t think you should borrow right now.’”Affirm started saying “no” more often in the spring of 2022. That’s when Levchin started observing signs of “financial stress” as inflation surged and gas prices approached record highs. “Say you’re asking to borrow to buy an $800 TV and we really don’t think it’s healthy for you, financially…We can say, ‘That’s too much now.

Persons: “ We’re, that’s, ” Max Levchin, Levchin, “ It’s, ’ ”, ”, “, Max Levchin, Gross, we’ll, ” Levchin, it’s, BNPL, There’s Organizations: New, New York CNN, PayPal, CNN, New York Fed, Target, Walmart, Royal, American Airlines, NY Fed, Federal Reserve, Biden, Trump Locations: New York, Helsinki, Finland, Royal Caribbean, Covid

☆ Educators teaching AI literacy to students should include ethics in their lesson plans, scholars say
▼ + stars: | 2024-02-27 | by ( Ngozi Nwanji | ) www.businessinsider.com time to read: +8 min

While some optimists focus on AI's benefits in education, others fear that using AI in classrooms could catalyze cheating and misinformation. This is where AI literacy can be useful. Created within the Stanford Graduate School of Education, CRAFT is a collaborative effort of Stanford education researchers, software developers, and curriculum developers. Lee also told BI that AI literacy in classrooms "should involve recognition of where AI can be effective and where it requires extra vigilance." He said the school also hopes to grow CRAFT's teacher codesign fellowship through which fellows develop AI literacy lessons.

Persons: —, OpenAI, Victor Lee, Lee, Matthew Ratz, Ratz, ChatGPT, Erin Reddick, who's, Reddick, Houghton Mifflin Harcourt Organizations: Stanford, Service, Allied Market Research, Arizona State University, ASU, Stanford Graduate School of Education, Montgomery College, TED, Ratz, Houghton Locations: North America, Jasper, Houghton Mifflin

☆ Here's how I see the Fed's rate-cut dilemma playing out — and 5 more themes for 2024
▼ + stars: | 2024-02-25 | by ( Jim Cramer | ) www.cnbc.com time to read: +7 min

Here's why: The conversion from three or four cuts to two to one to no cuts won't happen overnight. It won't be a headlong rush out of the stock market. As long as enough people think rate cuts are going to occur, there won't be torrent of money going to the sidelines. What else could influence our thinking for 2024 besides this rate-cut dilemma? As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Cramer's, Nixon, Goldwater, John Ellis, Steve Schwarzman, Blackstone, There's, we're, It's, Estee Lauder, Eaton, Ingersoll Rand, Nucor, Eli Lilly, —, Zepbound, aren't, Jim Cramer, Jim Organizations: CNBC, Club, Fed, Federal Reserve, U.S, Army, U.S . Army, Republican, Federal Trade Commission, Microsoft, Activision, Wynn Resorts, Apple, Palo Alto Networks, Nvidia, GOP, That's, Caterpillar, it's Novo Nordisk, Jim Cramer's Charitable Locations: Vietnam, Wisconsin , Michigan, Pennsylvania, North Carolina , Georgia, Arizona, Nevada, China

☆ Younger Americans are falling behind on credit card and car payments, New York Fed says
▼ + stars: | 2024-02-06 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Delinquencies are rising among younger borrowers in particular, the New York Fed said. Younger borrowers have surpassed pre-pandemic levels of credit card delinquencies. AdvertisementYounger Americans are falling behind on paying credit card and auto loans, with the rate of late payments rising above pre-pandemic levels in the last quarter, the New York Federal Reserve said in a report. Total credit card balances hit $1.13 trillion and auto loans outstanding increased to $1.61 trillion. Advertisement"Serious credit card delinquencies increased across all age groups, notably with younger borrowers surpassing pre-pandemic levels," New York Fed researchers wrote.

Persons: — Organizations: New York Fed, Service, New York Federal Reserve, NY Fed, Fed

☆ Fed’s Barkin: March rate cut isn’t out of the picture. ‘You make the call when you get to the meeting’
▼ + stars: | 2024-01-22 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

The positive economic developments as well as Fed officials’ forecasts for at least three rate cuts this year had investors eying a March pivot. Meanwhile, Barkin — who will also be voting on Fed policy decisions at meetings this year — isn’t ruling March out entirely. For Barkin, “the breadth of inflation settling” and “the consistency of inflation settling” matter in his evaluation of whether the inflation rate is approaching the Fed’s target. Unlike many Fed officials, Barkin does not have a PhD in economics but has an MBA and a law degree. Investors will be paying close attention to any hints of the timing of rate cuts in the central bank’s latest statement and Fed Chair Jerome Powell’s press conference.

Persons: Tom Barkin, Barkin, eying, Christopher Waller, “, Loretta Mester, Barkin —, isn’t, ” Barkin, ”, ” ‘ There’s, John Williams, Jerome Powell, Williams, “ There’s, Jerome Powell’s Organizations: New, New York CNN, Richmond Federal, CNN, Fed, Cleveland Fed, FactSet, Richmond Fed, McKinsey, ” New York Fed, Raleigh Chamber of Commerce, That’s Locations: New York

☆ How our banks Morgan Stanley and Wells Fargo performed against peers this earnings season
▼ + stars: | 2024-01-22 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Here's how our financial names, Morgan Stanley and Wells Fargo, stacked up against their peers. Morgan Stanley reported a fourth-quarter exceeded estimate on adjusted earnings-per-share (EPS) of $1.13, excluding a few one-time charges. MS YTD mountain Morgan Stanley (MS) performance year-to-date On earnings day last week, Morgan Stanley shares came under pressure on CEO Ted Pick's conservative macro outlook and the firm's Wealth Management number. Money center banks Then, there are money centers and traditional lenders like Wells Fargo and JPMorgan Chase . Overall, the quarter didn't discourage our long-term bull case on Wells Fargo as a multiyear recovery play.

Persons: Morgan Stanley, Wells, Morgan, Goldman Sachs, Ted Pick's, Jim Cramer, Jim, Morgan Stanley's, David Solomon, Jim mulled, we're, Wells Fargo's, We're, Jamie Dimon, Jim Cramer's, Brendan Mcdermid Organizations: Valley Bank, Management, Investment, Federal Deposit Insurance Corporation, Institutional Securities, Wealth Management, Investment Management, firm's Wealth, Investment Banking, Goldman's Investment, JPMorgan Chase, JPMorgan, CNBC, Traders, New York Stock Exchange Locations: Valley, Wells Fargo, Wells, Republic, New York City, U.S

☆ Fed's Raphael Bostic expects rate cuts to happen in the third quarter
▼ + stars: | 2024-01-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Atlanta Federal Reserve President Raphael Bostic expects policymakers to start cutting rates in the third quarter of this year, saying Thursday that inflation is well on its way back to the central bank's goal. While the remarks help illuminate a timeline for rate cuts, they also serve as a reminder that Fed officials and market participants have different expectations about policy easing. The implied probability for a quarter percentage point reduction has decreased in recent days but still stood around 57% on Thursday morning. Pricing further indicates a total of six cuts this year, or one at every FOMC meeting but one from March forward. "In such an unpredictable environment, it would be unwise to lock in an emphatic approach to monetary policy," Bostic said.

Persons: Raphael Bostic, Bostic, he's Organizations: Atlanta Federal Reserve, Market, Commerce, Labor Department, CNBC PRO Locations: Atlanta, Washington

Congressional leaders announced a $1.59 trillion deal on top-line spending Sunday as the government races to avoid a potential shutdown. The deal establishes an overall spending budget of $1.59 trillion for the 2024 fiscal year, allocating $886 billion to military spending and $704 billion for non-defense spending, said Republican House Speaker Mike Johnson of Louisiana said in a Sunday note. The deal comes as the House and Senate inch closer to a key Jan.19 deadline, when funding runs out for many federal agencies. "It will also allow us to keep the investments for hardworking American families secured by the legislative achievements of President Biden and Congressional Democrats." Some of the concessions made include a $10-billion cut to IRS mandatory funding under the Inflation Reduction Act and $6.1 billion of the "COVID-era slush funds."

Persons: Chuck Schumer, Mike Johnson, Johnson, Schumer, Hakeem Jeffries, Biden, year's Schumer, Pelosi Organizations: U.S, Capitol, Congressional, Republican, Committee, America Locations: Washington , DC, Louisiana

☆ Mortgages, auto loans, credit cards: Expert predictions for interest rates in 2024
▼ + stars: | 2024-01-03 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

"We are in a high interest rate environment, and we're going to be in a high interest rate environment a year from now," he said. Prediction: Mortgage rates decline to 5.75%Thanks to higher mortgage rates, 2023 was the least affordable homebuying year in at least 11 years, according to a report from real estate company Redfin. McBride also expects mortgage rates to continue to ease in 2024 but not return to their pandemic-era lows. Prediction: Auto loan rates edge down to 7%When it comes to their cars, more consumers are facing monthly payments that they can barely afford, thanks to higher vehicle prices and elevated interest rates on new loans. "It will still be a banner year for savers when those returns are measured against a lower inflation rate," McBride said.

Persons: Tim Quinlan, Greg McBride, McBride, Bankrate Organizations: Finance, Fed, CNBC PRO, CNBC, YouTube Locations: Wells Fargo

☆ Underlying US inflation pressures eased in October, NY Fed says
▼ + stars: | 2023-12-04 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

[1/2] A man passes by The Federal Reserve Bank of New York in New York City, U.S., March 13, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Dec 4 (Reuters) - Underlying inflation pressures eased in October compared to the prior month, according to a report released on Monday by the Federal Reserve Bank of New York. The bank said that its Multivariate Core Trend (MCT) inflation reading for October stood at 2.6%, from September’s 2.88%. The NY Fed MCT index is designed to measure inflation persistence and how broadly price pressures are changing. The NY Fed MCT reading has tracked a broader retreat in price pressures.

Persons: Brendan McDermid, Jerome Powell, John Williams, Powell, Williams, Michael S, Mark Porter, Bill Berkrot Organizations: Federal Reserve Bank of New, REUTERS, NY, New York Fed, Fed, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, September’s

That was the lowest year-over-year inflation rate in more than 2 1/2 years. Core prices rose 3.5% in October from a year earlier, below the 3.7% year-over-year increase in September. Those price increases, though smaller than they were last year, are still faster than was typically true before the pandemic. The declines in spending on those items suggests that the Fed's rate increases are discouraging purchases in some areas. The central bank’s rate rate hikes have elevated the costs of mortgages, auto loans and other forms of consumer borrowing as well as business loans.

Persons: They've, ” Vincent Reinhart, Christopher Waller, Waller Organizations: WASHINGTON, Commerce Department, Dreyfus, Mellon, AAA, Fed Locations: Europe, U.S

WASHINGTON (AP) — A key Federal Reserve official said Tuesday that he is “increasingly confident” that the Fed's interest rate policies will succeed in bringing inflation back to the central bank's 2% target level. The official, Christopher Waller, a member of the Fed's Board of Governors, cautioned that inflation is still too high and that it's not yet certain if a recent slowdown in price increases can be sustained. Waller's remarks follow Chair Jerome Powell's more cautious comments earlier this month, when Powell said “we are not confident” that the Fed's key short-term interest rate was high enough to fully defeat inflation. Inflation, measured year over year, has plunged from a peak of 9.1% in June 2022 to 3.2% in October. Slower spending and hiring, he said, should help further cool inflation.

Persons: “, Christopher Waller, ” Waller, Jerome Powell's, Powell, Waller Organizations: WASHINGTON, Federal Reserve, Fed's, of Governors, American Enterprise Institute Locations: Washington

[1/3] An employee hiring sign is seen in a window of a business in Arlington, Virginia, U.S., April 7, 2023. So far, he said at a Boston Fed labor market conference earlier this month, measures like the employment-to-population ratio largely have not behaved differently for key racial groups, for women versus men, or among those with different education levels. Research has since tended to suggest that there may be untapped pools of labor that only become available when the job market is tight - an argument for keeping monetary policy looser than not. The labor market recovery so far has been "remarkably equitable," she said. Pandemic-era programs threw a safety net under many families, and the tight job market that has since developed helped many get a foothold, Rouse said.

Persons: Elizabeth Frantz, William M, Rodgers III, Rodgers, Torsten Slok, Jerome Powell, quartile, Chris Wheat, Cecilia Rouse, Joe Biden, Rouse, what's, we're, Howard Schneider, Dan Burns, Paul Simao Organizations: REUTERS, Rights, Institute for Economic Equity, St, Louis Federal Reserve, Boston Fed, Blacks, Apollo Global Management, JPMorgan Chase Institute, Workers, Reuters Graphics, of Economic Advisers, Brookings Institution, Thomson Locations: Arlington , Virginia, U.S, joblessness

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