Tag: Jerome Powell

2024-12-12

Fed Chair Jerome Powell can serve remainder of term, Scott Bessent says

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Federal Reserve Chair Jerome Powell speaks during a news conference following a Federal Open Market Committee meeting in Washington on Nov. 7, 2024. Kent Nishimura | Getty Images Federal Reserve Chair Jerome Powell can finish his first term leading the U.S. central bank, said Scott Bessent, a hedge fund magnate and President-elect Donald Trump’s pick for Treasury Secretary, despite…

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2024-10-06

Job creation roared higher as payrolls surged by 254,000

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The U.S. economy added far more jobs than expected in September, pointing to a vital employment picture as the unemployment rate edged lower, the Labor Department reported Friday. Nonfarm payrolls surged by 254,000 for the month, up from a revised 159,000 in August and better than the 150,000 Dow Jones consensus forecast. The unemployment rate fell to 4.1%, down…

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2024-10-05

10-year Treasury yield soars after jobs report blows past expectations

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U.S. Treasury yields jumped Friday as investors digested a better-than-expected September jobs report. The 10-year Treasury yield rose around 12 basis points to 3.971%. The yield on the 2-year Treasury was 21 basis points higher at 3.924%. Yields and prices have an inverted relationship. One basis point equals 0.01%. Nonfarm payrolls grew by 254,000 in September, significantly exceeding the…

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2024-10-03

Private payrolls show better-than-expected growth of 143,000 in September, ADP says

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Private sector hiring picked up in September, indicating the labor market is holding its ground despite some signs of weakness, payrolls processing firm ADP reported Wednesday. Companies added 143,000 jobs for the month, an acceleration from the upwardly revised 103,000 in August and better than the 128,000 consensus forecast from economists polled by Dow Jones. While hiring increased, the…

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2024-10-01

Powell indicates further, smaller rate cuts, insists the Fed is ‘not on any preset course’

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Federal Reserve Chair Jerome Powell said Monday that the recent half percentage point interest rate cut shouldn’t be interpreted as a sign that future moves will be as aggressive, in fact indicating the next moves will be smaller. The central bank chief asserted during a speech in Nashville, Tennessee, that he and his colleagues will seek to balance bringing…

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2024-09-22

Biden Fed Jay Powell meeting Oval Office

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Chairman of the Federal Reserve Jerome Powell (left) meets with President Joe Biden in the Oval Office on May 31, 2022. Saul Loeb | AFP | Getty Images President Joe Biden on Thursday said he had “never once spoken” to Federal Reserve Chair Jerome Powell while he was president. But the pair, joined by Treasury Secretary Janet Yellen, met…

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2024-09-20

The Fed has set out on a ‘recalibration’ of policy. Here’s what Powell’s new buzzword means

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Federal Reserve Chair Jerome Powell has unveiled his latest buzzword to describe monetary policy, with a “recalibration” of policy at a pivotal moment for the central bank. At his news conference following Wednesday’s open market committee meeting, Powell used variations of the word no fewer than eight times as he sought to explain why the Fed took the unusual…

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