Federal Reserve

Federal Reserve Chair Jerome Powell warns inflation fight will be long and bumpy

4:06pm March 07, 2023

by Scott Horsley

Speaking before the Senate Banking Committee, Powell warned the central bank may have to raise interest rates even more, sending stock markets sharply lower.

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People walk along 5th Avenue in Manhattan, which is one of the nation's premier shopping streets, on Feb. 15, 2023. Consumer spending was unexpectedly strong last month. That's good for the economy – but not so good for inflation prospects.

Economy

Despite high inflation, Americans are spending like crazy – and it's kind of puzzling

5:00am February 25, 2023

by Scott Horsley

Americans began the new year with a spending spree, but businesses are not sure how long it can last. There's a lot riding on the answer, since consumer spending is the backbone of the U.S. economy.

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Gas is pumped into a vehicle at a gas station in Miami on Jan. 23, 2023. A rise in gas prices caused inflation to increase in January when compared to December. Gas prices remain volatile, making the outlook for inflation more uncertain.

Economy

Inflation eased again in January – but there's a cautionary sign

10:15am February 14, 2023

by Scott Horsley

Annual inflation cooled in January for the seventh month in a row. But price increases accelerated between December and January, fueled by rising shelter, food and gasoline prices.

Traders work on the floor of the New York Stock Exchange in New York City on Jan. 18, 2023. Stocks have rallied this year on hopes about the economy, but some fear that optimism is misplaced.

Economy

Markets are surging as fears about the economy fade. Why the optimists could be wrong

8:57am February 04, 2023

The markets have rallied this year as investors believe inflation will continue to ease and that the economy will avoid a recession – but it could end in tears.

A 'help wanted' sign is displayed in a window of a store in Manhattan, New York City, on Dec. 2, 2022. U.S. employers added an unexpectedly strong 517,000 jobs in January, showcasing the labor market is red-hot. The unemployment rate fell to its lowest level in more than half a century.

U.S. employers added 517,000 jobs last month. It's a surprisingly strong number

10:27am February 03, 2023

by Scott Horsley

U.S. employers added 517,000 jobs in January, as the unemployment rate fell to 3.4% . The job market remains tight, despite signs of a slowing economy.

Federal Reserve Chair Jerome Powell speaks during a news conference after the Fed's meeting on Nov. 2, 2022, in Washington, D.C. The Fed raised interest rates by a quarter percentage point on Wednesday, its smallest increase in 11 months.

Economy

The Fed raises interest rates by only a quarter-point after inflation drops

8:00pm February 01, 2023

by Scott Horsley

The Federal Reserve raised interest rates by a quarter-percentage point as part of its ongoing effort to fight inflation. Price hikes have begun to ease, but the Fed says inflation is not yet tamed.

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Women carry shopping bags as customers visit the American Mall dream mall during Black Friday on Nov. 25, 2022 in East Rutherford, N.J. The U.S. economy ended 2022 on a strong note, but fears of a recession are growing.

Economy

The U.S. economy ended 2022 on a high note. This year is looking different

9:51am January 26, 2023

by Scott Horsley

The U.S. economy grew at an annual rate of 2.9% in the final three months of last year — a surprisingly strong finish. But growth is expected to slow in 2023, and possibly even reverse.

Traders work on the floor of the New York Stock Exchange during the opening bell in New York City on Jan. 18, 2023. Survey after survey shows economists and CEOs expect a recession, but there's no certainty of what an economic contraction would look like – or if the U.S. economy will suffer one at all.

Economy

A recession might be coming. Here's what it could look like

5:01am January 24, 2023

From a mild recession to a so-called hard landing, we sift through the wild array of recession predictions.

A Target customer looks at a display of board games while shopping at Target store in San Francisco, Calif. Inflation continues to ease, even if many people many not feel that way in their daily lives.

Economy

Inflation is easing, even if it may not feel that way

10:06am January 12, 2023

by Scott Horsley

Annual inflation continued to ease, cooling to 6.5% in December, but prices are still climbing at a rapid rate, meaning people have to work longer and harder to keep the same standard of living.

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This illustration picture shows debit and credit cards arranged on a desk on April 6, 2020 in Arlington, Va. Americans are using their credit cards more to pay for everyday expenses at a time when interest rates are rising.

Economy

Americans are piling up credit card debt — and it could prove very costly

10:31am January 11, 2023

by Scott Horsley

More Americans are leaning on their credit cards to cope with rising prices. And as interest rates continue to climb, that debt is getting more and more expensive.

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