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☆ Powell to Trump: Go ahead, make my day
▼ + stars: | 2024-11-08 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

That’s essentially what Federal Reserve Chair Jerome Powell is experiencing with President-elect Donald Trump’s return to the White House. When a reporter asked the Fed chair if he’d resign if Trump asked him to, Powell didn’t miss a beat. Removing a Fed chair isn’t so simpleIf Trump, or any president for that matter, were to try to remove a Fed chair, they would encounter a steep uphill battle. Ultimately, the Supreme Court could have the final say on what merits a “for cause” firing of a Fed chair. Trump has tried testing the limits anywayNevertheless, Trump threatened to fire Powell on several occasions when he was first president.

Persons: That’s, Jerome Powell, Donald Trump’s, Trump, he’d, Powell didn’t, “, ”, curtly, ” Powell, Powell, won’t, Powell doesn’t, Joe Biden, ” Trump Organizations: New, New York CNN, Federal, Trump, Republican, Bloomberg, Economic, of Chicago Locations: New York

☆ The big change that could come for the economy in September
▼ + stars: | 2024-07-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

Wall Street’s expectations for a September rate cut rose to roughly 93% on Thursday from 73% the day before, according to the CME FedWatch Tool. “A September rate cut should be a done deal at this point,” wrote Ron Temple, chief market strategist at Lazard, in a Thursday note. Some economists worry that if the Fed doesn’t cut rates by then, cracks could begin to deepen in the labor market. A September rate cut “may not be the magic elixir some investors are seeking,” wrote Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management, in a Monday note. On an annual basis, consumer prices are increasing at their slowest pace since June 2023, matching the lowest annual rate since early 2021.

Persons: ”, Ron Temple, Jerome Powell didn’t, Brent Schutte, Alicia Wallace, —, Elisabeth Buchwald, McDonald’s, Read Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Lazard, Northwestern Mutual Wealth Management, Bureau of Labor Statistics ’, Taco Bell Locations: New York, Burger

☆ Key takeaways from the Fed’s latest interest rate decision
▼ + stars: | 2024-06-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Officials penciled in just one rate cut this year, according to their latest economic projections, compared to the three they forecast in March. They also expect inflation to be more stubborn this year than they thought in the spring, according to their forecasts. The Fed has kept interest rates at a 23-year high for nearly a year, after kicking off an aggressive rate-hiking campaign in March 2022. Here are key takeaways from the Fed’s latest decision on interest rates. Still-high inflation is continuing to eat into some budgets, pandemic savings are drying up, borrowers continue to pile on more debt and the highest interest rates in nearly a quarter century are squeezing Americans.

Persons: Jerome Powell, Powell, ’, it’s, ”, “ We’ve, ” Powell, trickling, Wall, Matt Colyar, “ Organizations: Washington CNN, Federal Reserve, Labor Department, That’s, CPI, Fed, Moody’s Locations: April’s

☆ Takeaways from the first Fulton County hearing on the Trump election subversion case
▼ + stars: | 2023-09-06 | by ( Jeremy Herb | ) edition.cnn.com time to read: +9 min

Here are takeaways from Wednesday’s hearing:Judge skeptical of a quick and joint trialMcAfee expressed skepticism about Fulton County District Attorney Fani Willis’ desire to hold a joint trial for all 19 defendants in October. “It just seems a bit unrealistic that we can handle all 19 (defendants) in 40-something days,” McAfee said. Trump is at the center of the Fulton County prosecutors’ alleged conspiracy, even as they charged 18 other co-defendants for taking part in efforts to overturn the 2020 election result. Special counsel Jack Smith took a different approach in his federal election subversion case, charging Trump alone and including six unindicted co-conspirators – several of whom are now Trump’s co-defendants in Fulton County. Scott Grubman, an attorney for Chesebro, suggested Trump’s presence in the Fulton County case could cloud how a jury views the other defendants.

Persons: Donald Trump, it’s, Kenneth Chesebro, Sidney Powell, Scott McAfee, Powell –, McAfee, Fani Willis ’, Willis, ” McAfee, Nathan Wade, What’s, ”, Judge, Powell, Chesebro, Sydney Powell, Kenneth Chesebro Getty, Kenneth Chesbro “, Cheseboro, Michael Moore, ” Moore, ’, Manny Arora, ” Arora, Arora, Trump, Brian Rafferty, Rafferty, “, Will Wooten, ” Wooten, Jack Smith, –, Scott Grubman, ” Grubman, Grubman, Meadows, Mark Meadows, – Robert Cheeley, Jeffrey Clark, Shawn Still – Organizations: CNN, Trump, Chesebro, RICO, McAfee, White House Locations: Fulton County , Georgia, Fulton County, Georgia, Coffee County , Georgia, Coffee County, Fulton, Chesebro

☆ The Fed is secretly stress testing the US economy against nightmare scenarios
▼ + stars: | 2023-06-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

When asked how the Fed plans for the worst case scenarios on the geopolitical front, he first responded in Fedspeak. At every Fed policy meeting, he said, “our staff works up six or seven or eight alternative simulations,” he said. The market impact: The policy scenarios considered by the Fed are quite sensitive. That’s likely why when Powell was asked about the scenarios the Fed had most recently considered, he stayed mum. They’re posting elaborate TikToks where they pretend that the McDonald’s Grimace shake has killed them, of course.

Persons: Jerome Powell, Powell didn’t, ”, they’re, Joe Brusuelas, Stacey Tevlin, Ben Bernanke, Philippa Dunne, “, Danielle DiMartino Booth, That’s, Powell, “ I’m, Joe Biden, Biden, “ Bidenomics, Elisabeth Buchwald, Bryan Mena, Read, McDonald’s, Scottie Andrew, Grimace’s, Ronald McDonald, Andrews, it’s, Matthew Prince, “ It’s Organizations: New, New York CNN — Federal, European Central Bank, Federal, RSM, “, Fed, Bloomberg, TLR, QI Research, Federal Reserve, Chapman University, CNN Locations: New York, Portugal, Fedspeak, China, Chicago, America, California, ”

"We have two or three more very important data releases to analyze before the time of the FOMC meeting," Powell told the Senate Banking panel Tuesday. "Powell didn’t open the door to a 50-basis-point rate hike without intending to follow through with that outcome at the March FOMC meeting," Duy said. The Fed's rate hikes are designed to slow demand and spending by consumers and businesses. The survey will next publish on the Friday before the Fed meeting, and could again prove key. If inflation continues, Powell said Tuesday, at some point both individuals and businesses "will come to expect high inflation, and that will make it more self-perpetuating."

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