[ad_1] New York: The US Federal Reserve has approved its 10th interest rate hike in 14 months, increasing its key interest rate by 0.25 percentage points. The Fed also signalled that Wednesday’s hike may be its last one for now, BBC reported. The rate hikes have sharply raised borrowing costs across the world’s largest economy, … Read more
[ad_1] Those directives, combined with the Fed’s implementation of a bipartisan bank deregulation law passed by Congress in 2018, “impeded effective supervision by reducing standards, increasing complexity, and promoting a less assertive supervisory approach,” according to the report. “We must strengthen the Federal Reserve’s supervision and regulation based on what we have learned,” Barr said … Read more
[ad_1] The chair of the US Federal Reserve, Jerome Powell, recently held a call with Volodymyr Zelenskiy, the Ukrainian president who is leading his country’s fight against Russian invaders. Or so Powell thought. On Thursday, Bloomberg reported that what Powell believed to be an official conversation in January was actually a prank call from two … Read more
[ad_1] Menendez’s position gives the White House some flexibility as it aims to fill the slot vacated by Lael Brainard, now President Joe Biden’s top economic policy adviser. But the New Jerseyan also said tapping a Hispanic person for another top vacant position, such as the Treasury Department’s chief economist or the open seat on … Read more
[ad_1] Their projection was for “a mild recession starting later this year, with a recovery over the subsequent two years,” according to the minutes, released Wednesday. That would spark a jump in unemployment. They estimated the economy would fully recover by 2025. The economic outlook is always difficult to foretell with any confidence, and staff … Read more
[ad_1] Much of the drop resulted from price declines for goods such as gas, used cars and furniture which had soared a year ago after Russia’s invasion of Ukraine. | Nam Y. Huh/AP Photo By Associated Press 04/12/2023 08:54 AM EDT U.S. consumer inflation eased in March, with less expensive gas and lower food prices … Read more
[ad_1] As a Fed governor, Brainard voted along with the rest of the board for the series of interest rate hikes that helped push two weak banks to failure in March. And though she has long been a vocal champion of strong bank oversight, financial reform advocates — and even some White House allies — … Read more
[ad_1] A White House official told reporters that they believe all the steps they’re pointing to can be accomplished under existing law. Given that the banking agencies — the Fed, the FDIC and the Office of the Comptroller of the Currency — are structured to act independently of the president, however, the administration can only … Read more
[ad_1] “The Fed has mishandled this about seven different ways,” said Peter Conti-Brown, a professor at the Wharton School of the University of Pennsylvania and a leading expert on the central bank and its history. The banking turmoil is sparking not only external scrutiny but also internal soul-searching at the Fed, raising fundamental questions about … Read more
[ad_1] The Massachusetts senator, who has been vocal in calling for stronger regulations of the banking sector, also slammed Powell for deregulation that happened under his watch, including the roll back of measures in the Dodd-Frank Act, legislation that was enacted in 2010 in response to the 2008 financial crisis. Powell “stepped up and took … Read more