Washington DC, (8:34am)the Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in October on a seasonally adjusted basis, after increasing 0.4 percent in September, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.2 percent before seasonal adjustment.
Jackson Hole Wy, Fed Chairman Jerome Powell says the US central bank is prepared to raise interest rates even further if need be until inflation is back on track at 2%. “Although inflation has moved down from its peak—a welcome development—it remains too high,” Powell said Friday at the central bank’s annual conference in Jackson Hole, Wyoming. He welcomed the slower price gains the US economy has achieved under tighter monetary policy and loosening supply constraints. However, he cautioned that the process “still has a long way to go, even with the more favorable recent readings.”
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Washington NJ, The Federal Reserve’s latest interest rate hike Wednesday of 0.75 percent is expected to intensify pressure on the housing market while pushing up mortgage rates that already have reached nearly 20-year highs. Its also the fourth consecutive 0.75 percentage point increase and the sixth consecutive one this year for the Fed, a cycle not seen since the inflation-fighting days of the early 1980s.
Washington DC, Richard H. Clarida announced on Monday his intention to resign from the Board of Governors of the Federal Reserve System on January 14, 2022. He has been a member of the Board and Vice Chair since September 17, 2018.
What it means if Fed no longer says it’s ‘patient’ on rates
By MARTIN CRUTSINGER
AP Economics Writer
WASHINGTON (AP) — For the Federal Reserve, patience may no longer be a virtue.
Surrounding the Fed’s policy meeting this week is the widespread expectation that it will no longer use the word “patient” to describe its stance on raising interest rates from record lows.
The big question is: What will that mean?
Many economists say the dropping of “patience” would signal that the Fed plans to start raising rates in June to reflect a steadily strengthening U.S. job market. Others foresee no rate hike before September. And a few predict no increase before year’s end at the earliest.
Complicating the decision is a surging U.S. dollar, which is keeping inflation far below the Fed’s target rate and posing a threat to U.S. corporate profits and possibly to the economy. A rate increase could send the dollar even higher.
In a statement it will issue when its meeting ends Wednesday and in a news conference Chair Janet Yellen will hold afterward, the Fed isn’t likely to telegraph its timetable. Yellen has said that any decision to raise rates will reflect the latest economic data and that the Fed must remain flexible.
Still, nervous investors have been selling stocks out of concern that a rate increase – which could slow borrowing and spending and weigh on the economy – is coming soon.