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–The Federal Reserve wrapped up what could be its last meeting under current Chair Jerome Powell on Wednesday with a decision to hold rates steady, in line with market predictions. "The U.S. economy has been expanding at a solid pace. Wednesday also saw Fed Chair nominee Kevin Warsh clear the last hurdle in his confirmation process before the final Senate vote, with…

WASHINGTON— Kevin Warsh, President Donald Trump's pick to lead the Federal Reserve, cleared a key procedural hurdle Wednesday, opening the way for him to succeed Jerome Powell next month amid the White House's unprecedented efforts to exert control over the world's most powerful central bank. The Senate Banking Committee voted 13-11 along party lines to…

McLean, Va. In what is likely Jerome Powell's last meeting as chair of the Federal Reserve, the committee opted to leave the benchmark interest rates steady at a target range of 3.5% to 3.75% at their first meeting of 2026. While the job market has been an area of focus for the Federal Reserve since the last meeting, Chair Powell also pointed to strong economic growth…

President Donald Trump's undeclared war with Iran and his sweeping tariffs are increasing costs and dampening the economic outlook, some business and community leaders have told the Federal Reserve Bank of Cleveland. A fragile cease-fire is in place, but Iran continues to restrict access to the Strait of Hormuz— a chokepoint for global energy, fertilizer and…

The following information was released by the office of Arizona Senator Ruben Gallego:. Today, Senator Ruben Gallego, a member of the Senate Committee on Banking, Housing, and Urban Affairs, voted against Kevin Warsh to be Chair of the Federal Reserve. "The Federal Reserve is critical to ensuring Americans can afford groceries, find a job, buy a home, and much more.

Today, U.S. Representatives Juan Vargas, Ranking Member of the Monetary Policy Task Force, and Maxine Waters, the top Democrat on the House Financial Services Committee, issued the following statement in response to the Senate Banking Committee's expected approval of Trump's Fed Chair nominee, Kevin Warsh. These and other actions were designed to intimidate…

—Soaring oil prices from the Iran war pushed inflation higher in Europe in April, as growth continued to underperform in a worrying combination both for consumers and policymakers at the European Central Bank. Rising inflation has raised concerns it may become built into the economy along with slow or nonexistent growth, a policy conundrum dubbed“…

—The Bank of England kept its main interest rate on hold at 3.75% Thursday and hinted of hikes to come as policymakers assess the economic impact of the Iran war and Tehran’ s effective closure of the Strait of Hormuz, through which a fifth of the world’ s crude passes. Other central banks have also held rates this week, including the U.S. Federal Reserve, the Bank of…

Jerome Powell heads his last meeting at the head of the Federal Reserve of the United States on Wednesday, April 29. The nominee to succeed him, Kevin Warsh, is an economist and former monetary policy chief who served as a member of the Fed's Board of Governors from 2006 to 2011.. Core PCE automatically removes only volatile food and energy prices and is supposed to…

Elizabeth Warren of Massachusetts says she already knew how she would cast her vote for President Trump's Federal Reserve nominee ahead of the Senate Banking Committee's meeting Wednesday: No. The committee voted 13-11 along party lines to approve Kevin Warsh, the president's pick to replace Fed Chairman Jerome Powell. The results set the stage for a…

Federal Reserve Chair Jerome Powell said on Wednesday he would remain on the board "for a period of time to be determined" even after stepping down as chair when his term at the helm of the central bank expires on on May 15. Powell said he had been "encouraged by recent developments" after the Department of Justice dropped a criminal investigation into the Fed and…

The Federal Reserve held interest rates steady on Wednesday, but in its most divided decision since 1992 noted rising concerns about inflation in a policy statement that drew three dissents from officials who no longer feel the U.S. central bank should communicate a bias towards lowering borrowing costs. The 8-4 vote was the most divisive since October 6,…

President Trump's pick to replace Mr. Powell, former Fed official Kevin Warsh, is on track for confirmation after the Senate Banking Committee advanced his nomination in a 13- to-11 vote along party lines on Wednesday. Thom Tillis, North Carolina Republican, had pledged to block Mr. Warsh's nomination until a criminal probe into Mr. Powell and a renovation…

Jerome Powell plans to remain on the board of the Federal Reserve after his term as chair ends next month“ for an undetermined period of time,” saying the“ unprecedented” legal attacks by the Trump administration have put the independence of the nation's central bank at risk.“ I worry these attacks are battering this institution and putting at risk the things that…

More jumps for oil prices sent tremors through the bond market, along with hints that some Federal Reserve officials don’ t want to cut interest rates any time soon. But fat profit reports from Visa and other big companies helped the U.S. stock market remain resilient Wednesday. Treasury yields climbed as traders erased nearly all bets for a cut to rates by the Fed…

Federal Reserve Chairman Jerome Powell said Wednesday that benchmark interest rates will stay steady as he makes plans to remain on the board of governors for the time being. It is the third consecutive time that the Federal Reserve has kept interest rates firm. The chairman said the Federal Reserve will continue closely monitoring the effects of the Iran war,…

Senator Reverend Warnock questioned Kevin Warsh, President Trump's nominee to serve as Chair of the Federal Reserve Board, on the state of the economy for the average Georgia worker. Since taking office, President Trump's trade policies have cost Georgia families an extra $1,700 a year. Today, during a Senate Banking Committee hearing, U.S. Senator Reverend…