Sen. Elizabeth Warren (D-Mass.) said Sunday that Jerome Powell should no longer chair the Federal Reserve after the collapse of two U.S. banks under his leadership earlier this month. Warren, who has criticized Powell for years, most recently over his decision to keep raising interest rates to curb inflation, said he hasn’t been effective in … Read more
The Federal Reserve is meeting this week to decide its next move on interest rates just as its year-long fight against inflation is colliding with a crisis in the financial sector. The Fed’s next move will be closely watched as recent bank failures bring back memories of the 2008 financial crisis. Even ahead of Wednesday’s … Read more
The chaos in the banking sector has led to calls on the Federal Reserve to suspend or even reverse its pace of monetary policy tightening. Economic data for February, meanwhile, showed that the labor market remains strong and inflation remains pervasive, underscoring the work that still needs to be done by the central bank to … Read more
The February jobs report was a bit mixed, with the jobless rate rising even as the economy added more jobs last month than economists had expected. The unemployment rate climbed to 3.6%, although economists expected it to remain at January’s level of 3.4% – a low in more than 50 years. The economy added 311,000 … Read more