Rooting inflation out of the U.S. economy won’t be quick, and it won’t be easy for the Federal Reserve, according to former Treasury Secretary Larry Summers. While speaking during an interview with Fortune, the Harvard economics professor told the magazine that the central bank needs to do more to cool elevated inflation. But while a…
Larry Summers Thinks Reducing Inflation Won’t Be Quick or Easy
Rooting inflation out of the U.S. economy won’t be quick, and it won’t be easy for the Federal Reserve, according to former Treasury Secretary Larry Summers. The Harvard economics professor told Fortune magazine that the central bank needs to do more to cool elevated inflation. But while a growing chorus of economists and market analysts fear…
A New ‘Lost Decade’ for the Market?
September 25, 2022
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Commentary Investors may need to prepare themselves for the possibility that the good times are over. Stock market investors have generally enjoyed a decade of great returns dating back to 2013, when the market emerged from the doldrums of the 2008 financial crisis. The S&P 500 has now lost almost 25 percent in 2022 after…
Capitol Report (Sept. 23): House GOP Outlines Vision Before Midterms; Biden Makes Election Promises in DNC Speech
September 23, 2022
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House Republicans showcased their “Commitment to America” plan—their promise to the people in the run-up to the midterms. We’ll hear from the House Republican leader himself to find out more about the GOP’s plan for a “new direction.” President Joe Biden pushed back against the Republicans’ proposed agenda Friday, attending an event by the Democratic…
The Fed Just Predicted a Fairly Lousy Economy—and the Markets Noticed
September 22, 2022
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Commentary The Federal Reserve (Fed) announced on Sept. 21 that it raised interest rates by 75 basis points (bps), or three-quarters of a percentage point. The decision came a day after the Federal Reserve Bank of Atlanta dropped its much-watched estimate of third-quarter 2022 GDP (“GDP Now“) to just 0.3 percent on Sept. 20, after…
Powell Says No ‘Painless’ Way to Tame Inflation, Vows to Crush Demand, Dent Job Market
Federal Reserve Chair Jerome Powell sent a stark message to markets following the decision to hike rates by another 75 basis points, with the central bank chief telling reporters that there’s no “painless” way to bring down inflation and warning there could be more than just a “relatively modest” rise in unemployment as the Fed…
Fed Chair Says Housing Price ‘Correction’ Would Put Market in Better Balance
September 21, 2022
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Federal Reserve Chairman Jerome Powell said that the U.S. housing market will probably face a reset after a period of “red hot” price increases that have put home ownership out of reach for many Americans. The average contract rate for a 30-year fixed rate mortgage had already hit an historically high 6.25 percent last week…
What Does Fed’s Jumbo Rate Hike Mean for Your Budget
September 21, 2022
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The Federal Reserve raised interest rates by 75 basis points during its September Federal Open Market Committee (FOMC) policy meeting. After four previous increases, the benchmark fed funds rate now stands in the 3.00 percent to 3.25 target range. Economists are anticipating two more rate hikes to finish 2022, but the size might depend on…
What the Fed’s Jumbo Rate Hike Means for Your Budget
September 21, 2022
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The Federal Reserve raised interest rates by 75 basis points during its September Federal Open Market Committee (FOMC) policy meeting. After four previous increases, the benchmark fed funds rate now stands in the 3.00 percent to 3.25 target range. Economists are anticipating two more rate hikes to finish 2022, but the size might depend on…
Fed Raises Interest Rates by 0.75 Percentage Points to Highest Level Since 2008
The Federal Reserve raised the benchmark federal funds rate by 75 basis points to a new target range of 3 to 3.25 percent on Wednesday, matching market expectations. This is the third consecutive three-quarter point rate hike, as the Federal Open Market Committee (FOMC) lifted interest rates to their highest levels since 2008. Markets had…
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