Federal Reserve Chair Jay Powell gave another signal Monday that the central bank is nearing the time when it can start cutting rates while emphasizing that ...
Federal Reserve Chair Jay Powell gave another signal Monday that the central bank is nearing the time when it can start cutting rates while emphasizing that he wants to stay in his job until his term is up in May 2026.
Powell cited a recent turnaround in inflation readings following hotter-than-expected data in the first quarter, including the release last Thursday of"We didn't gain any additional confidence in the first quarter, but the three readings in the second quarter including the one from last week do add somewhat to confidence" inflation is moving toward the Fed's 2% target, Powell said during an interview at the Economic Club of Washington. The Consumer Price Index on a "core" basis — which excludes volatile food and energy prices the Fed can’t control — rose 3.3% year over year in the month of June. That was down from 3.4% in May and 3.6% in April.The Fed gets a new June reading from its preferred inflation gauge — the "core" Personal Consumption Expenditures Index — on July 26. "What increases that confidence," Powell added Monday, "is more good inflation data. And lately here we have been getting some of that.", when he told US lawmakers that inflation numbers "have shown some modest further progress" and that "more good data would strengthen our confidence that inflation is moving sustainably toward 2%." Powell also re-emphasized Monday a point he made to lawmakers: That the Fed is now looking at both sides of its mandate — stable prices and maximum employment — as the job market cools. That is another sign to Fed watchers that policy makers are getting closer to making cuts. Powell stressed Monday that if saw an unexpected weakening in the job market the Fed would take action.Market watchers are now betting that rates will come down at the Fed's Sept. 17-18 meeting, which is less than seven weeks before Election Day. The Fed also meets at the end of this month, and some market watchers believe a cut could be in play at that meeting if other pieces fall into place between now and then."I’m not going to be sending signals on any particular meeting," he said. "We are going to make these decisions meeting by meeting and the evolving data and the balance of risks.". Lawmakers signaled last week that they would criticize the central bank if this key September decision doesn't go their way.But if policymakers do indeed cut, Republicans from Donald Trump on down will be sure to cast the move as caving to election-year pressure. Powell was asked Monday if he intended to stay through the end of his term, in 2026, and he gave a one-word answer: "yes." When asked if he would stay longer should he be re-appointed, he said "I have nothing on that for you today."Melania Trump Gives Rare Statement After Donald Trump's Rally Shooting The former first lady spoke out after former President Donald Trump was wounded in a shooting at a campaign event the previous evening.Mary Trump Reacts To Assassination Attempt On Her Uncle Trump told his former White House doctor he would have been shot 'right in the head' if he hadn't turned to look at an immigration statistics chart The former president told his former White House doctor that he would have died if he didn't turn his head to look at an immigration statistics chart.Thomas Matthew Crooks identified as Trump shooter at Pennsylvania political rallyWASHINGTON — The federal judge presiding over the classified documents case against former President Donald Trump in Florida dismissed the prosecution on Monday, siding with defense lawyers who said the special counsel who filed the charges was illegally appointed by the Justice Department. The man who photographed a bloodied and defiant Trump says he 'knew it was a moment in American history that had to be documented' Evan Vucci, an AP photographer, was covering Trump's rally when shots rang out. He said he immediately knew the event would go down in history.The FBI identified the shooter as a 20-year-old from Bethel Park, Pennsylvania. His employer says he passed a background check for his job.The former president explained how his speech this week will be "a lot different" after he survived an assassination attempt.Rep. Alexandria Ocasio-Cortez on Sunday sharply criticized an anonymous “senior Democrat” who was quoted saying the party was “resigned” to another four years under former President Trump. Ocasio-Cortez, in a post on the social platform X, said Democratic members who feel that way should “absolutely retire” from their positions in Congress. “If you’re a… -A U.S. judge in Florida on Monday dismissed the criminal case accusing Donald Trump of illegally keeping classified documents after leaving office, handing the Republican former president another major legal victory as he seeks a return to the White House. U.S. District Judge Aileen Cannon, who was appointed to the bench by Trump, ruled that Special Counsel Jack Smith, who is leading the prosecution, was unlawfully appointed to his role and did not have the authority to bring the case. The judge found that U.S. Attorney General Merrick Garland, who named Smith in 2022 to oversee investigations involving Trump, did not have the authority "to appoint a federal officer with the kind of prosecutorial power wielded by Special Counsel Smith."Trump: Why I Chanted ‘Fight, Fight, Fight’ After Assassination Attempt Even amid bloody chaos at his campaign rally on Saturday, Donald Trump felt it was necessary to urge his followers to “fight, fight, fight” as a way to remind them of the MAGA mission that propelled Trump to the White House in 2016 and may return him there in November.In an interview with CNBC’s Joe Kernan, co-host of Squawk Box, Trump on Sunday spoke for the first time about his iconic fist-pumping moment following the shooting rampage“He thought it was essential to get out the message at thatZelensky Breaks Silence Over Biden Calling Him 'Putin'For years, Russian state media pundits have been claiming that the Democrats would assassinate Donald Trump and even previously proposed that Russia’s Federal Security Service should “start protecting our Donald.”Unconstrained by facts or journalistic standards—striving to kill two birds with one stone—Russian propagandists are now blaming both the Democrats and Ukrainians for an attempt on Trump’s life. During Sunday’s broadcast of the show At Dawn on the Solovyov Live network, former New YorkThey reacted almost as quickly as US President Joe Biden responded to the dramatic shooting of his election rival Donald Trump. Former president Trump narrowly escaped an assassination attempt at around 6.15pm local time on Saturday in the US state of Pennsylvania. Associated Press released the iconic photo of a fist-waving Trump at 6.31pm. Biden's first public comment on the shooting came at around 8pm, by which time Chinese manufacturers were already primed to churn out T-shirts emblazoned witRussia bragged that it dropped a 3-ton bomb on Ukraine. A video shows its huge size. Russia's defense ministry shared a video of a massive FAB-3000 glide bomb, as well as a pilot bragging about how destructive the bomb is. ‘We’re drowning in debt… but I drive a BMW’: Young couple has $628.5K debt but no realistic plan to manage it all"As a Latina, my top political concerns are every single thing in Project 2025. It's like they looked at everything on the liberal and leftist agenda and just said, 'Let's do the opposite.'"
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