Economy

Companies shook off worries over the Covid delta variant and hired at a faster-than-expected pace in September, according to a report Wednesday from payroll processing firm ADP. Private jobs rose by 568,000 for the month, better than the Dow Jones estimate from economists of 425,000 and ahead of the downwardly revised 340,000 reading in August.
The current spate of inflation won’t last and ultimately will fall below the Federal Reserve’s target, Chicago Fed President Charles Evans said Tuesday. While inflation by some measures is running at a 30-year high, Evans told CNBC that the supply chain bottlenecks and other issues will subside and price pressures will fade. “I’m comfortable in
Inflation ran at a fresh 30-year high in August as supply chain disruptions and extraordinarily high demand fueled ongoing price pressures, the Commerce Department reported Friday. The core personal consumption expenditures price index, which excludes food and energy costs and is the Federal Reserve’s preferred measure of inflation, increased 0.3% for the month and was
Sen. Elizabeth Warren charged Tuesday that Federal Reserve Chairman Jerome Powell has led an effort to weaken the nation’s banking system, and she vowed to oppose his renomination. In remarks made during a hearing before the Senate Banking Committee, the Massachusetts Democrat cited several instances where she said the Powell Fed has watered down post-financial
Federal Reserve Chairman Jerome Powell, in remarks to be delivered Tuesday, cautioned Washington legislators that the causes of the recent rise in inflation may last longer than anticipated. In a speech that he will deliver to the Senate Banking Committee, the central bank chair said economic growth has “continued to strengthen” but has been met
Dallas Federal Reserve President Robert Kaplan became the second regional central bank leader to resign Monday, saying he was stepping down early following a recent controversy over stock market trades he made. Kaplan’s early retirement follows an announcement earlier in the day from Boston Fed President Eric Rosengren, who said he will leave as well
The Federal Reserve Bank of Boston’s President and CEO Eric S. Rosengren Keith Bedford | Reuters Boston Federal Reserve President Eric Rosengren announced Monday he is stepping down from his position on Thursday retiring nine months earlier than he had planned, citing health concerns. In his announcement, which came weeks after an uproar over his
The Federal Reserve on Wednesday held benchmark interest rates near zero, but indicated rate hikes could be coming a bit sooner than expected while significantly cutting their economic outlook for this year. Along with those largely expected moves, officials on the policymaking Federal Open Market Committee indicated they will start pulling back on some of