Jerome Powell
A customer wears a mask as she waits to get a receipt at a register in Target store in Vernon Hills, Ill., Sunday, May 23, 2021. Consumer spending was flat in May while incomes dropped for a second month as the impact of the government’s individual impact payments waned. (AP Photo/Nam Y. Huh)
May consumer spending flat; incomes fall and prices jump

By Martin Crutsinger Jun. 25, 2021 11:51 AM EDT

FILE - Federal Reserve Chairman Jerome Powell, right, testifies before the Senate Banking Committee on Capitol Hill in Washington, Tuesday, Dec. 1, 2020. The economy is growing at a healthy clip, and that has accelerated inflation, Federal Reserve Chair Jerome Powell says in written testimony to be delivered Tuesday, June 22, 2021 at a congressional oversight hearing. (AP Photo/Susan Walsh, Pool)
Fed's Powell says high inflation temporary, will 'wane'

By Christopher Rugaber Jun. 22, 2021 02:47 PM EDT

Flags adorn the facade of the New York Stock Exchange, Wednesday, June 16, 2021. Stocks are opening mostly lower on Wall Street Tuesday, June 22 as traders wait for more clues on the Federal Reserve's thinking on inflation. (AP Photo/Richard Drew)
Wall Street rises, pushing S&P 500 back near record high

By Damian J. Troise And Stan Choe Jun. 22, 2021 02:46 AM EDT

FILE - Federal Reserve Chairman Jerome Powell, right, testifies before the Senate Banking Committee on Capitol Hill in Washington, Tuesday, Dec. 1, 2020. The economy is growing at a healthy clip, and that has accelerated inflation, Federal Reserve Chair Jerome Powell says in written testimony to be delivered Tuesday, June 22, 2021 at a congressional oversight hearing. (AP Photo/Susan Walsh, Pool)
Powell says economy growing rapidly, inflation up 'notably'

By Christopher Rugaber Jun. 21, 2021 06:24 PM EDT

People wearing face masks walk past a bank's electronic board showing the Hong Kong share index in Hong Kong, Tuesday, June 22, 2021. Asian shares have rebounded from their retreat a day earlier, tracking Wall Street's recovery from the Federal Reserve's reminder it will eventually provide less support to markets. (AP Photo/Kin Cheung)
Asian shares track rebound on Wall Street

By Yuri Kageyama Jun. 20, 2021 11:44 PM EDT

A currency trader walks near the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room in Seoul, South Korea, Thursday, June 17, 2021. Asian stock markets followed Wall Street lower Thursday after the Federal Reserve indicated it might ease off economic stimulus earlier than previously thought.(AP Photo/Lee Jin-man)
Stocks push mostly higher on Wall Street after wobbly start

The Associated Press Jun. 17, 2021 01:38 AM EDT

FILE - In this Dec. 1, 2020 file photo, Chairman of the Federal Reserve Jerome Powell appears before the Senate Banking Committee on Capitol Hill in Washington. The Federal Reserve signaled Wednesday, June 16, 2021, that it may act sooner than previously planned to start dialing back the low-interest rate policies that have helped fuel a swift rebound from the pandemic recession but have also coincided with rising inflation. The Fed's policymakers forecast that they would raise their benchmark short-term rate, which influences many consumer and business loans, twice by late 2023. They had previously estimated that no rate hike would occur before 2024. (AP Photo/Susan Walsh, Pool, File)
Fed sees earlier time frame for rate hikes with inflation up

By Christopher Rugaber Jun. 16, 2021 02:07 PM EDT

A currency trader walks near the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room in Seoul, South Korea, Thursday, June 17, 2021. Asian stock markets followed Wall Street lower Thursday after the Federal Reserve indicated it might ease off economic stimulus earlier than previously thought.(AP Photo/Lee Jin-man)
Asian stocks follow Wall St lower on Fed hints at rate hikes

By Joe Mcdonald Jun. 16, 2021 02:40 AM EDT

FILE - In this Dec. 1, 2020 file photo, Chairman of the Federal Reserve Jerome Powell appears before the Senate Banking Committee on Capitol Hill in Washington. The Federal Reserve reports that the U.S. economy grew at a somewhat faster pace from early April to late May despite adverse effects from supply chain disruptions. The Fed’s latest survey of economic conditions around the nation released Wednesday, June 2 2021, said that several Fed districts reported positive effects on the economy from increased vaccination rates and relaxed social distancing measures. (AP Photo/Susan Walsh, Pool, File)
Delicate task for Fed: When to pull back on low-rate support

By Christopher Rugaber Jun. 14, 2021 01:18 PM EDT

Patrons are assisted while dining along a sidewalk on Franklin Street in Chapel Hill, N.C., Friday, April 16, 2021. As consumers increasingly venture away from home, demand has begun to shift away from manufactured goods and toward services, from airline fares to restaurant meals, triggering inflation in those areas. (AP Photo/Gerry Broome)
Another jump in prices tightens the squeeze on US consumers

By Martin Crutsinger Jun. 10, 2021 08:42 AM EDT

In this May 26, 2021 photo, a sign for workers hangs in the window of a shop along Main Street in Deadwood, S.D. U.S. employers added 559,000 jobs in May, an improvement from April’s sluggish gain but still evidence that many companies are struggling to find enough workers as the economy rapidly recovers from the pandemic recession. (AP Photo/David Zalubowski)
US economy: Plenty of growth, not enough workers or supplies

By Paul Wiseman Jun. 05, 2021 10:03 AM EDT

FILE - In this May 4, 2021, file photo is the Federal Reserve building in Washington.The Federal Reserve says it will start selling off the holdings of one of its emergency lending programs created last year to stabilize financial markets at the height of the pandemic crisis. The Fed announced Wednesday, June 2, it will begin winding down the portfolio of the Secondary Corporate Credit Facility, which at the close of last year held $14.2 billion in assets. (AP Photo/Patrick Semansky, File)
Fed to sell off assets from an emergency loan program

By Martin Crutsinger Jun. 02, 2021 04:54 PM EDT

FILE - In this Dec. 1, 2020 file photo, Chairman of the Federal Reserve Jerome Powell appears before the Senate Banking Committee on Capitol Hill in Washington. The Federal Reserve reports that the U.S. economy grew at a somewhat faster pace from early April to late May despite adverse effects from supply chain disruptions. The Fed’s latest survey of economic conditions around the nation released Wednesday, June 2 2021, said that several Fed districts reported positive effects on the economy from increased vaccination rates and relaxed social distancing measures. (AP Photo/Susan Walsh, Pool, File)
Fed survey sees faster growth despite supply-chain problems

By Martin Crutsinger Jun. 02, 2021 03:23 PM EDT

A member of the wait staff delivers food to outdoor diners along the sidewalk at the Mediterranean Deli restaurant in Chapel Hill, N.C., Friday, April 16, 2021. The U.S. economy grew at a brisk 6.4% annual rate last quarter — a show of strength fueled by government aid and declining viral cases that could drive further gains as the nation rebounds with unusual speed from the pandemic recession. (AP Photo/Gerry Broome)
US consumers boosted spending in April as inflation surged

By Martin Crutsinger May. 28, 2021 08:38 AM EDT

FILE - In this Dec. 1, 2020, file photo, Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. Federal Reserve officials at their April 2021 meeting reaffirmed the view that the central bank's ultra-low interest rate remained the best policy approach, but some officials cautioned that some factors pushing inflation higher may not be resolved quickly. In minutes of their discussions released Wednesday, May 19, 2021 a number of participants in the discussions expressed the view that supply chain bottlenecks and input shortages that were pushing prices higher may not be resolved quickly and could end up putting “upward pressure on prices beyond this year.” (Al Drago/The New York Times via AP, Pool, File)
Fed officials in April cautioned about inflation pressures

By Martin Crutsinger May. 19, 2021 04:02 PM EDT

"Sold" signs are seen on a lot as new home construction continues in a new development in Northbrook, Ill., Sunday, March 21, 2021. On Thursday, May 13, 2021, Freddie Mac reported that mortgage rates declined during the week, marking their fourth consecutive week below 3% and further evidence of the strength in the economy’s recovery from the pandemic recession. (AP Photo/Nam Y. Huh)
US mortgage rates fall for 4th week; 30-year dips to 2.94%

May. 13, 2021 05:31 PM EDT

FILE - In this April 29, 2020 file photo, a shopper wears a mask as she looks over meat products at a grocery store in Dallas. Wholesale prices rose a higher-than-expected 0.6% in April, driven by a sharp rise in food costs. The increase, reported Thursday, May 13, 2021, by the Labor Department, followed a sizable 1% advance in March.(AP Photo/LM Otero, File)
Big 0.6% April wholesale price jump catches many off guard

By Martin Crutsinger May. 13, 2021 09:05 AM EDT

Groceries are shown at a checkout counter, Friday, April 16, 2021, at a grocery store in Surfside, Fla. U.S. consumer prices surge 0.8% in April, pushing the rise in inflation over the past year to the fastest rate in more than a decade, an acceleration that has stirred worries about rising inflation. The Labor Department reported Wednesday, May 12, that the price consumers pay for their purchases of everything from food and clothes to new cars rose at a faster pace than last month’s 0.6% rise. (AP Photo/Wilfredo Lee)
Consumer prices shot up 0.8% in April as worries escalate

By Martin Crutsinger May. 12, 2021 09:38 AM EDT

FILE - In this Dec. 1, 2020 file photo, Chairman of the Federal Reserve Jerome Powell appears before the Senate Banking Committee on Capitol Hill in Washington. Powell says the economic outlook has “clearly brightened” in the United States but the recovery remains too uneven with lower income groups lagging behind. In a speech Monday, May 3, 2021 Powell cited a number of reasons that U.S. growth prospects have brightened. (AP Photo/Susan Walsh, Pool)
EXPLAINER: Why are fears of high inflation getting worse?

By Christopher Rugaber May. 11, 2021 05:02 PM EDT

FILE - In this Friday, Jan. 8, 2021 file photo, A man walks out of a Marc's Store in Mayfield Heights, Ohio. With viral cases declining, consumers spending again and more businesses easing restrictions, America's employers likely delivered another month of robust hiring in April, reinforcing the economy's steady rebound from the pandemic recession. (AP Photo/Tony Dejak, File)
US job growth slows sharply in sign of hiring struggles

By Christopher Rugaber May. 07, 2021 12:01 AM EDT