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☆ Climate Protesters Get in Fed’s Face as Policy Clash Grows Louder
▼ + stars: | 2023-12-01 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +1 min

A protest that disrupted a speech by Jerome H. Powell, the Fed chair, at the Economic Club of New York this fall generated extensive coverage. All three upheavals were caused by the same group, Climate Defiance, which a now-30-year-old activist named Michael Greenberg founded in the spring. Mr. Greenberg had long worked in traditional climate advocacy, but he decided that something louder was needed to spur change at institutions like the Fed. “I realized there was a big need for disruptive direct action,” he explained in an interview. “It just gets so, so, so, so, so much more attention.”

Persons: Jerome H, Powell, Michael Greenberg, Greenberg, “, ” Organizations: Federal, Economic, of New, International Monetary Fund Locations: Jackson, Lodge, Wyoming, of New York

☆ 41-year-old's side hustle brings in $125,500 a year, and costs $0 to start: 'The riches are found in niches'
▼ + stars: | 2023-11-28 | by ( Megan Sauer | ) www.cnbc.com time to read: +5 min

She posts her worksheet booklets — designed to help teach literacy to young students — to her online store on Teachers Pay Teachers, an Etsy-style marketplace. Jerome and Becky Powell run their Teachers Pay Teachers stores separately — but the money all goes to the same place, they say. You don't have to spend any money to get started, Powell notes: Teachers Pay Teachers has both free and paid tiers for sellers. Powell pays that subscription fee, as does her husband Jerome — a full-time computer engineer who manages another Teachers Pay Teachers store, called Editable Activities. I have helped eight friends and coworkers open their own stores on Teachers Pay Teachers.

Persons: —, Becky Powell, they've, Jerome, Powell, Jerome —, You've, I've, It's, it's, Warren Buffett Organizations: CNBC, Pay Teachers, Teachers, Pay Locations: Beaverton , Oregon, AskMakeIt@cnbc.com

☆ Risks to global economy are on the rise and growth slowdown is a reality, Swiss Re economist says
▼ + stars: | 2023-11-21 | 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 EmailRisks to global economy are on the rise and growth slowdown is a reality, Swiss Re economist saysJerome Haegeli, group chief economist at Swiss Re, discusses the outlook for the global economy.

Persons: Jerome Haegeli Organizations: Swiss, Swiss Re Locations: Swiss

☆ Fed Officials Thought Rates Could Rise More if Inflation Stayed Stubborn
▼ + stars: | 2023-11-21 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +2 min

Wall Street is keenly focused on what officials will do next. Fed policymakers had predicted one more 2023 rate move as of their September economic projections, but investors think that there is little chance they will raise rates at their final meeting of the year on Dec. 12-13. Those, together with remarks from Fed Chair Jerome H. Powell, could provide important clues about the future. As of now, market pricing suggests that Wall Street expects policymakers to begin lowering interest rates at some point in the first half of 2024. Several central bankers have been clear in recent weeks that they aren’t sure they are done raising interest rates.

Persons: Jerome H, Powell, ” Susan Collins Organizations: ”, Federal Reserve Bank of Boston, CNBC

☆ Fed Chair Recalls Inflation ‘Head Fakes,’ Pledges to Do More if Needed
▼ + stars: | 2023-11-09 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +1 min

Jerome H. Powell, the chair of the Federal Reserve, on Thursday expressed little urgency to make another interest rate increase. But he made clear that policymakers remain willing to adjust policy further if doing so proves necessary to cool the economy and fully restrain inflation. Mr. Powell and his Fed colleagues left their interest rates unchanged in a range of 5.25 to 5.5 percent earlier this month, up from near-zero as recently as March 2022. The Fed has raised borrowing costs over the past year and a half to wrangle rapid inflation by slowing demand across the economy. He said Fed officials are still “not confident that we have achieved such a stance.”

Persons: Jerome H, Powell, ” Organizations: Federal, International Monetary Fund

The report is also expected to find that gains in average hourly earnings were solid but decelerated to 4 percent from a year earlier. The September report showed an unexpectedly strong gain of 336,000 jobs — a figure that will be revised Friday — and a year-over-year wage gain of 4.2 percent. has reached tentative contract agreements with the three major U.S. automakers and told striking members to return to their jobs. “We expect the October employment report to show a large deceleration in job growth, although the moderation will be overstated by the impact of striking autoworkers,” Nancy Vanden Houten, lead U.S. economist at Oxford Economics, said in a note. “Excluding those workers,” she added, “job growth will still be relatively robust, although narrowly based.”Since early 2022, the benchmark interest rate set by the Federal Reserve has surged from near zero to more than 5 percent.

Persons: Nancy Vanden Houten, Jerome H, Powell, Mr, “, ” Organizations: Bloomberg, United Automobile Workers, Oxford Economics, Federal Reserve

Persons: Nancy Vanden Houten, Jerome H, Powell, Mr, “, ” Organizations: Bloomberg, United Automobile Workers, Oxford Economics, Federal Reserve

☆ Are Higher Rates Slowing the Economy? A Zoo Offers Clues.
▼ + stars: | 2023-11-02 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +1 min

But they are also looking for further evidence that their moves are working to restrain the economy. “The same is true of growth.”But he said that economic growth, which is mainly powered by consumer spending, would most likely need to slow for inflation to fully return to a normal pace. It is now running at about 3.4 percent, still well above the Fed’s 2 percent goal. “What we do with demand is still going to be important,” he said. Surveying the economy reveals that the effects of the Fed’s rate moves are clear in some places, are mixed in others and have yet to make much of a dent elsewhere.

Persons: we’ve, Jerome H, Powell, “, ” Organizations: Fed

☆ Risk of a Wider Middle East War Threatens a ‘Fragile’ World Economy
▼ + stars: | 2023-11-01 | by ( Patricia Cohen | More About Patricia Cohen | ) www.nytimes.com time to read: +2 min

“We are in one of the most fragile junctures for the world economy.”Mr. Gill’s assessment echoes those of other analysts. Tensions between the United States and China over technology transfers and security only complicate efforts to work together on other problems like climate change, debt relief or violent regional conflicts. If the conflict stays contained, though, the ripple effects on the world economy are likely to remain limited, most analysts agree. At the moment, the United States is the world’s largest oil producer, and alternative and renewable energy sources make up a bit more of the world’s energy mix. “It’s a highly volatile, uncertain, scary situation,” said Jason Bordoff, director of the Center on Global Energy Policy at Columbia University.

Persons: ” Mr, Gill, Mr, Jamie Dimon, JPMorgan Chase, Jerome H, Powell, ”, Jason Bordoff, Bordoff Organizations: JPMorgan, Hamas, Federal Reserve, Center, Global Energy, Columbia University Locations: Gaza, United States, China, Israel, Egypt, Syria, U.S, Europe, Iran, Persian

☆ What to Watch for as the Federal Reserve Meets This Week
▼ + stars: | 2023-10-31 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +1 min

Federal Reserve officials are widely expected to leave interest rates steady at the conclusion of their two-day meeting on Wednesday. Both will offer policymakers a chance to signal what they think might come next for interest rates and the economy. Central bankers have already raised interest rates to a range of 5.25 to 5.5 percent in a push to tame inflation. That rate setting is up from near-zero as recently as early 2022, and is the highest level in 22 years. And once they decide that rates are high enough, how long will they leave them elevated?

Persons: Jerome H, Powell Organizations: Federal

☆ Strong Economic Data ‘Could Warrant’ Higher Rates, Fed Chair Says
▼ + stars: | 2023-10-19 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +4 min

But he also said that the central bank might need to raise interest rates more if economic data continued to come in hot. Mr. Powell tried to paint a balanced picture of the challenge facing the Fed in a speech before the Economic Club of New York. Officials have rapidly raised interest rates to a range of 5.25 to 5.5 percent over the past 19 months. “We are attentive to recent data showing the resilience of economic growth and demand for labor,” Mr. Powell acknowledged in his prepared remarks on Thursday. Those tougher financial conditions could affect growth, Mr. Powell said Thursday.

Persons: Jerome H, Powell, Mr, ”, “ Organizations: Federal Reserve, Economic, of New, Fed Locations: of New York, Israel, Gaza

Mr. Powell’s public calendar shows that he and Mr. Bankman-Fried met as planned. And Mr. Wetjen went on to send the Fed chair two policy papers that FTX had recently published, according to emails obtained through a public records request. “Hope you’re finding these useful!” Mr. Wetjen wrote. According to newly released records, Mr. Wetjen managed to gain access to a range of federal officials. And public calendars show that Mr. Bankman-Fried went on to meet with another top financial regulator, Martin Gruenberg, head of the Federal Deposit Insurance Corporation.

Persons: Jerome H, Powell, Sam Bankman, ” Mr, Mark Wetjen, Fried, Wetjen, FTX, Hope, Mr, Lael Brainard, Martin Gruenberg Organizations: Federal Reserve, Commodity Futures Trading Commission, Fed, White, National Economic Council, Federal Deposit Insurance Corporation Locations: Washington

PinnedFederal Reserve officials are expected to leave interest rates unchanged at their meeting on Wednesday, buying themselves more time to assess whether borrowing costs are high enough to weigh down the economy and wrestle inflation under control. Central bankers have already raised interest rates to a range of 5.25 to 5.5 percent, the highest level in 22 years. At least a few officials might stop expecting another quarter-point rate move this year, predicting instead that interest rates have already reached their peak. If, on the other hand, officials expect to lower rates by less in 2024, it could be a signal that policymakers expect inflation to prove more stubborn. Fed officials will release fresh economic forecasts.

Persons: Jerome H, Powell, ”, Antúlio Bomfim, Powell’s, “, William English Organizations: Federal Reserve, Fed, Trust Asset Management, United Auto Workers, Yale Locations: America, Panama

☆ August Inflation Report Overall Prices Set to Pop, But Details Should Look Better
▼ + stars: | 2023-09-13 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +4 min

PinnedMany economists think that a cooling job market, with slower pay gains, could pave the way for slower price increases. A recent jump in gas prices probably helped to speed up overall inflation in August, but economists expected a key underlying price measure to grow at a muted pace. Fed officials will closely parse this report, because it is the final major piece of economic data before their Sept. 19-20 monetary policy meeting. Fed officials must decide in coming months whether they need to raise rates again in 2023, and what would merit such a move. The central bank will receive one more Consumer Price Index inflation report before its November gathering, on Oct. 12.

Persons: John C, Williams, Jerome H, Powell, Mr Organizations: Federal Reserve, Federal Reserve Bank of New, Fed Locations: Federal Reserve Bank of New York

☆ The Fed’s Preferred Inflation Gauge Ticked Up in July
▼ + stars: | 2023-08-31 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +2 min

An employment report set for release on Friday is expected to show that while businesses added fewer jobs in August, the unemployment rate remained very low at 3.5 percent. Even after adjusting for inflation, it was up 0.6 percent, a pop from 0.4 percent in the previous report. inflation was widely expected: Various data points that feed into the number, including the Consumer Price Index inflation report, come out earlier in the month. Fed officials will be watching data over the next few weeks as they consider what to do with interest rates at their meeting on Sept. 20. Policymakers have said that the meeting is a “live” one, meaning that they could either lift interest rates or keep them on hold, but several have suggested that at this point they feel that they can be patient in making a move.

Persons: ” Jerome H, Powell

☆ Job Openings Dropped in July as Labor Market Cooled
▼ + stars: | 2023-08-29 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +2 min

Labor market data is closely watched by policymakers at the Federal Reserve as they combat stubborn inflation. Background: A surprisingly robust labor market. Many have taken a more optimistic view recently as inflation has begun to moderate alongside a strong labor market. The unemployment rate dropped to 3.5 percent in July, a sign that although the labor market is cooling, workers are generally still able to find opportunities. The unemployment data for August will be one of the last labor market pulses Fed policymakers will get before their next meeting on Sept. 19-20.

Persons: Jerome H, Powell, Mr Organizations: Labor, Federal Reserve, Federal Reserve Bank of, Jackson, Fed, Labor Department Locations: Federal Reserve Bank of Kansas, Wyoming, U.S

☆ Why the Stock Market’s Summer Doldrums Are Not a Problem
▼ + stars: | 2023-08-25 | by ( Jeff Sommer | More About Jeff Sommer | ) www.nytimes.com time to read: +2 min

Briefly put, short-term rates — those embodied in money-market funds as well as credit cards — are a direct consequence of the Federal Reserve’s campaign to reduce inflation. The Fed has been tightening monetary policy, mainly by raising the short-term rates it controls, the best known being the federal funds rate. The downgrade of U.S. Treasury debt by the Fitch Ratings agency also contributed to the run-up in rates on Treasury securities. In addition, the balance of supply and demand in the bond market has been tilting in a way that is contributing to higher rates. The Treasury has been auctioning an unusually large amount of debt, bulking up its resources after the brinkmanship of the debt ceiling crisis this spring.

Persons: Jackson, Jerome H, Powell Organizations: Federal, Treasury, Fitch Locations: Japan, China

☆ Fed Chair’s Message Is Clear: The Fight Against Inflation Isn’t Over
▼ + stars: | 2023-08-25 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +1 min

Jerome H. Powell, the chair of the Federal Reserve, pledged during a closely watched speech that his central bank would stick by its push to stamp out rapid inflation “until the job is done” and said that officials stood ready to raise interest rates further if needed. Mr. Powell, who was speaking Friday at the Federal Reserve Bank of Kansas City’s annual Jackson Hole conference in Wyoming, said that the Fed would “proceed carefully” as it decided whether to make further policy adjustments after a year and a half in which it had pushed interest rates up sharply. But even as Mr. Powell emphasized that the Fed is trying to balance the risk of doing too much and hurting the economy more than is necessary against the risk of doing too little, he was careful not to take a victory lap around a recent slowing in inflation. His speech hammered home one main point: Officials want to see more progress to convince them that they are truly bringing price increases under control. “The message is the same: It is the Fed’s job to bring inflation down to our 2 percent goal, and we will do so,” Mr. Powell said, comparing his speech to a stern set of remarks he delivered at last year’s Jackson Hole gathering.

Persons: Jerome H, Powell, Mr, Jackson Organizations: Federal Reserve, Federal Reserve Bank of, Jackson Locations: Federal Reserve Bank of Kansas, Wyoming

☆ How Jackson Hole Became an Economic Obsession
▼ + stars: | 2023-08-24 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +1 min

Economists? They have Jackson Hole. The world’s most exclusive economic get-together takes place this week in the valley at the base of the Teton mountains, in a lodge that is a scenic 34 miles from Jackson, Wyo. But even more critically, Jackson Hole tends to generate big news. Jerome H. Powell, the current Fed head, has made headlines with each and every one of his Jackson Hole speeches, which has investors waiting anxiously for this year’s.

Persons: Jackson, Rockefeller, Jerome H, Powell Organizations: Cannes, Wall Street, Federal Reserve Bank of Kansas Locations: Davos, Jackson, Federal Reserve Bank of Kansas City

When Jerome H. Powell spoke at the Federal Reserve Bank of Kansas City’s annual conference in Jackson Hole, Wyo., last year, inflation had recently topped 9 percent and the Fed was raising rates at a breakneck pace to wrestle down price increases. Mr. Powell used the platform to offer a stern warning that central bankers would keep at it until the job was done. Higher rates have cooled the housing market and, together with healing supply chains and cheaper gas prices, lowered inflation notably — to 3.2 percent in July. Instead of warning that the central bank is prepared to push the economy into a recession if that is necessary to calm rapid inflation, Fed officials today are increasingly suggesting that they might pull off what once seemed unlikely: cooling the economy without tanking it. But many economists and investors think that he may be able to strike a slightly less aggressive tone than he did last year.

Persons: Jerome H, Powell Organizations: Federal Reserve Bank of Locations: Federal Reserve Bank of Kansas, Jackson

☆ Wall St. Pessimists Are Getting Used to Being Wrong
▼ + stars: | 2023-07-28 | by ( Joe Rennison | More About Joe Rennison | ) www.nytimes.com time to read: +1 min

Beaten as they might be by the stock market’s rally, worriers on Wall Street still question how long it can last. After starting the year with dour warnings about the economy, many investors and analysts have changed their minds. Marquee earnings from some large tech companies, like Meta and Alphabet, helped drive stock prices higher. Consumer-facing companies like Coca-Cola and Unilever that are dependent on households continuing to spend also posted bumper financial results. The benchmark sits roughly 5 percent away from the record it reached in January 2022.

Persons: Jerome H, Powell Organizations: Consumer, Cola, Unilever, Federal Reserve

☆ U.S. Economy Grew at 2.4% Rate in Second Quarter
▼ + stars: | 2023-07-27 | by ( Ben Casselman | More About Ben Casselman | ) www.nytimes.com time to read: +1 min

Instead, layoffs were mostly contained to a handful of industries, the banking crisis did not spread and even the housing market has begun to stabilize. “The things we were all freaked out about earlier this year all went away,” said Michael Gapen, chief U.S. economist at Bank of America. Jerome H. Powell, the Fed chair, said on Wednesday that the central bank’s staff economists no longer expected a recession to begin this year. Still, many economists say consumers are likely to pull back their spending in the second half of the year, putting a drag on the recovery. And although unemployment remains low, job growth and wage growth have slowed.

Persons: ”, Michael Gapen, Jerome H, Powell Organizations: Tech, Bank of America, Fed, Savings

☆ Soft Landing Optimism Is Everywhere. That’s Happened Before.
▼ + stars: | 2023-07-27 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +1 min

Inflation has begun to cool meaningfully, but unemployment remains historically low at 3.6 percent and hiring has been robust. Consumers continue to spend at a solid pace and are helping to boost overall growth, based on strong gross domestic product data released on Thursday. Mr. Powell said that while he was not yet ready to use the term “optimism,” he saw a possible pathway to a relatively painless slowdown. Those rate moves are trickling through the economy, making it more expensive to buy cars and houses on borrowed money and making it pricier for businesses to take out loans. “The prevailing consensus right before things went downhill in 2007, 2000 and 1990 was for a soft landing,” said Gennadiy Goldberg, a rates strategist at TD Securities.

Persons: Jerome H, Powell, ”, Gennadiy Goldberg Organizations: TD Securities, “ Locations: Washington

☆ Here’s What to Watch at the Fed’s July Meeting
▼ + stars: | 2023-07-26 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +1 min

Fed officials will release their decision at 2 p.m., after which Jerome H. Powell, the Fed chair, will hold a news conference. Policymakers are expected to raise rates to a range of 5.25 to 5.5 percent this week, their 11th move since they began to lift borrowing costs in March 2022. Officials ratcheted rates higher rapidly last year but have been slowing their campaign for months, even skipping an adjustment in June after 10 consecutive moves. Fed officials will have plenty of time, and plenty of data to parse, before they release their next rate decision and a fresh set of quarterly economic projections on Sept. 20. Still, investors and Fed watchers in general will be monitoring a few key developments on Wednesday.

Persons: Jerome H, Powell Organizations: Federal Reserve

☆ Fed raises rates after a pause and leaves door open to more.
▼ + stars: | 2023-07-26 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: 1 min

Federal Reserve officials raised interest rates to their highest level in 22 years, continuing their 16-month-long campaign to wrestle inflation lower by cooling the American economy. Officials pushed rates to a range of 5.25 to 5.5 percent, their highest level since 2001, while leaving the door open to further rate increases in the statement announcing their unanimous decision. Jerome H. Powell, the Fed chair, explained the move in a news conference, but offered few hints about how the central bank is thinking about its next steps. Here’s what to know about the Fed’s latest decision:

Persons: Jerome H, Powell Organizations: Federal

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