Author: Craig Torres
-
Powell to widen Fed charm offensive as Trump’s attacks mount
Jerome Powell is ramping up Federal Reserve communication to build public trust and help insulate it from political attacks. In recent weeks, the Fed has announced a series of initiatives, including a monetary-policy review roadshow, a semi-annual assessment of financial stability and its inaugural Supervision and Regulation Report. These follow Powell’s early promise of “plain-English’’…
-
Why the robot takeover of the economy is proceeding slowly
Vik Singh’s company has powerful artificial intelligence software that helps firms hunt down the best sales leads. Getting somebody to use it – well, that’s a story that says a lot about the U.S. expansion. U.S. businesses have every incentive to adopt labor-saving technologies, replacing factory workers with robots and desk jobs with smart software.…
-
Fed’s Lacker resigns over role in 2012 leak of confidential info
Federal Reserve Bank of Richmond President Jeffrey Lacker is resigning immediately, six months sooner than previously announced, after disclosing his role in the leak of information related to the central bank’s deliberations in 2012. “I regret that in this instance I crossed the line to confirming information that should have remained confidential,” Lacker said in…
-
Fed raises benchmark rate as inflation approaches 2 percent target
The Federal Reserve raised its benchmark lending rate a quarter point and continued to project two more increases this year, signaling more vigilance as inflation approaches its target. “In view of realized and expected labor market conditions and inflation, the committee decided to raise the target range for the federal funds rate,” the Federal Open…
-
As Wall Street thrives, America’s small banks choke on paperwork
If some American banks are too big to fail, others have begun to feel they’re too small to succeed. Just ask Joey Root, the president of First Liberty Bank in Oklahoma City with $310 million in assets. Root says small banks like his are being squeezed hard these days, even as the likes of JPMorgan…
-
Fed says several FOMC members saw rate rise ‘relatively soon’
U.S. central bankers debating the merits of raising interest rates last month described the decision as a close call, with several saying a rate hike was needed “relatively soon,” minutes of the September meeting showed. “Several members judged that it would be appropriate to increase the target range for the federal funds rate relatively soon…
-
Solid hiring without wage jump tests Fed hopes for inflation
It took more than a decade for Paul Volcker and Alan Greenspan to wring persistently high inflation from the U.S. economy. Federal Reserve officials now may need at least half that time to bring too-low inflation back to their target. Fed Chair Janet Yellen, Vice Chairman Stanley Fischer and most other U.S. central bankers remain…
-
Yellen says rate-hike case ‘strengthened in recent months’
Federal Reserve Chair Janet Yellen said the case to raise interest rates is getting stronger as the U.S. economy approaches the central bank’s goals. “In light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate…