Jerome Powell
Follow the big policy update, Chair Jerome Powell briefing here
Stocks drop after Fed update The Dow dropped more than 300 points at one point after the Fed’s update. With the Fed raising its inflation expectations and now seeing two rate hikes in 2023, investors decided to take risk off. The Dow was last down about 240 points. One bright spot was bank stocks with …
10-year Treasury yields will break out of slump in weeks: Wells Fargo
The 10-year Treasury Note yield may be on the verge of breaking out of its slump. After stabilizing over the past several weeks, Wells Fargo Securities’ Michael Schumacher predicts the current risk backdrop will re-energize yields in the coming weeks. He lists the Federal Reserve’s high level of comfortableness surrounding rising inflation, the massive amount …
Weekly jobless claims rise unexpectedly, total 870,000
The number of first-time filers for unemployment benefits were slightly higher than expected last week as the labor market continues its sluggish recovery from the coronavirus pandemic. The Labor Department reported Thursday that initial jobless claims for the week ending Sept. 19 came in at 870,000. Economists polled by Dow Jones expected first-time claims at …
U.S. Stock Futures Wobble After Turbulent Session
U.S. stock futures wobbled Tuesday, signaling that stocks may steady after a bout of volatility that has eroded investors’ confidence in the market’s monthslong rebound. Futures tied to the S&P 500 edged down 0.2% while contracts tied to the technology-heavy Nasdaq gained 0.4%. The market retreated sharply Monday, pushing the S&P 500 to a fourth-straight …
Automakers, Technology Firms Are Largest Components of Fed’s Corporate-Bond Purchases
Apple Inc., Verizon Corp. and the U.S. divisions of several foreign auto makers are among the largest direct beneficiaries of Federal Reserve efforts to support the corporate-debt market, according to disclosures Sunday. In all, the Fed on Sunday identified 794 companies whose bonds it will be buying directly to support the market for investment-grade corporate …
Dow futures pop 200 points after Monday’s big comeback
Futures contracts tied to the major U.S. stock indexes rose Monday evening as investors looked to extend Wall Street’s gains from Monday’s dramatic comeback. Dow Jones Industrial Average futures rose 222 points, suggesting an open gain of 270 points when regular trading resumes on Tuesday. S&P 500 futures pointed to an opening advance of 1% while Nasdaq-100 futures indicated …
Stocks dip, Trump China press conference looms, Dow up 2% on week
View of New York Stock Exchange, Wall Street on March 23, 2020 in New York City. Angela Weiss | AFP | Getty Images This is a live blog. Please check back for updates. 9:57 am: Here are Friday’s biggest analyst calls of the day: Lululemon, Bloomin’ Brands, Slack & more Raymond James raised its price …
Trump says Fauci’s warnings about reopening are not ‘acceptable’
Top coronavirus health expert Dr. Anthony Fauci’s recent warning about the potentially dire consequences of reopening states and schools too soon was “not an acceptable answer,” President Donald Trump said Wednesday. Trump told reporters at the White House that he was “surprised” by Fauci’s answers during a hearing before the Senate Committee on Health, Education, Labor and Pensions. …
Fed Chair Jerome Powell calls out massive US health spending, says Americans are ‘getting nothing’ in return
Chip Somodevilla/Getty Fed Chair Jerome Powell said at a Senate hearing on Wednesday that Americans are “getting nothing” in return for what the US spends on healthcare. “The outcomes are perfectly average for a first-world nation, but we spend 6 to 7% of GDP more than other countries. So it’s about the delivery. That’s a …
The Fed’s Next Test Is Breaking the Ice Over Policy Shift
WASHINGTON—As the economic recovery evolves from forecast to reality, the Federal Reserve will face a question that has vexed it in the past: how to signal its eventual tightening of the money spigot. The process of ending the Fed’s giant bond-buying program, and subsequently raising interest rates, will take years unless inflation unexpectedly surges. Its …