Federal Reserve

Economy

Fed orders another super-sized interest rate hike as it battles stubborn inflation

4:52pm September 21, 2022

by Scott Horsley

The Federal Reserve raised interest rates by another 0.75 percentage points today, as it tries to control runaway prices. The central bank also signaled that additional rate hikes are likely.

Vehicles drive past a sign on the 110 Freeway warning of extreme heat and urging energy conservation during a heat wave in downtown Los Angeles on Sept. 2. Soaring electricity bills are pinching many household budgets across the country even as gasoline prices have come down.

Soaring electricity bills are the latest inflation flashpoint

9:21am September 13, 2022

by Scott Horsley

Inflation eased slightly in August thanks to falling gasoline prices, but the cost of many essentials continues to climb, including soaring power bills that are straining family budgets.

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A driver pumps gas at a Gulf gas station in Lynnfield, Mass., on July 19. Gasoline prices are dropping, which is helping bring down inflation. But the cost of many other things are still climbing.

Inflation is cooling thanks to gas prices, but many things still cost a lot more

4:36pm August 10, 2022

by Scott Horsley

Falling gasoline prices put a dent in the July inflation rate, which fell to 8.5% from 9.1% in June. But other costs such as housing continue to climb, putting a strain on many family budgets.

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Federal Reserve Chair Jerome Powell maintains the central bank has the tools it needs to bring high inflation under control.

Economy

Another big Fed rate hike is here to battle inflation. Economy hangs in balance

4:59pm July 27, 2022

by David Gura

U.S. Federal Reserve raises rates for fourth time in 2022, this time by another three-quarters of a percentage point to battle inflation. It's at a size and pace we haven't seen since the 1980s.

Federal Reserve Board Chairman Jerome Powell.

Economy

The Fed's mission improbable: Beating inflation without causing a recession

5:00am July 24, 2022

by Scott Horsley

Inflation is sky high. The Federal Reserve wants to bring it back to earth without crashing the economy. But achieving a so-called "soft landing" and avoiding a recession is easier said than done.

The dollar and the euro are flirting with "parity" for the first time in two decades.

Economy

Europe is on sale. Why the dollar-euro exchange rate is a win for Americans

5:00am July 16, 2022

by David Gura

The dollar has continued to strengthen against the euro, and for the first time in decades, the two currencies are worth about the same.

Gas prices are displayed on a sign at a gas station in Williams, Ariz., on Wednesday, July 6, 2022.

No retreat in the summer heat. Inflation blistering at 9.1% in June

10:55am July 13, 2022

by Scott Horsley

Inflation hit a new, four-decade high of 9.1% last month, fueled in part by record high gasoline prices. Gas prices have since fallen, but overall inflation is still elevated.

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Fewer jobs were added in June, but the labor market is still tight. A man walks past a "now hiring" sign posted outside of a restaurant in Arlington, Va., last month.

Hiring slipped only slightly in June, with no sign of a looming recession

5:24pm July 08, 2022

by Scott Horsley

U.S. employers added 372,000 jobs in June, while the unemployment rate held steady at 3.6%. Despite slightly slower job growth, the labor market remains an economic bright spot.

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Job cuts are rolling in. Here's who is feeling the most pain so far

5:45am June 29, 2022

by David Gura

Tesla, JPMorgan, Netflix, Redfin and Coinbase are among companies that are cutting jobs. While layoffs are contained to the hottest parts of the economy, there's fear they could spread elsewhere.

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Jerome Powell, Chairman, Board of Governors of the Federal Reserve System testifies before the Senate Banking, Housing, and Urban Affairs Committee on June 22, 2022 in Washington, DC.

Powell says recession 'a possibility' but not likely

2:23pm June 22, 2022

by Scott Horsley

Federal Reserve chairman Jerome Powell vowed to bring inflation back down to 2%. Some lawmakers worry the Fed's efforts to control inflation could tip the economy into recession.