He tells senators that the Federal Reserve’s primary goal is to reduce inflation, and he still hopes to achieve what he has called a ‘soft landing’ – a reduction in inflation and a slowdown in growth without triggering a recession and high unemployment.
inflation
Posted inBusiness, Nation & World, News
Fed’s Powell facing rising criticism for inflation missteps
Struggling to curb the worst inflation outbreak in 3 decades, Federal Reserve Chair Jerome Powell last week engineered a three-quarters-of-a-point increase in the Fed’s short-term interest rate — the largest single rate hike in a quarter-century.
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Posted inBusiness, Nation & World
Stocks rally after Fed’s big rate hike to fight inflation
The market’s ebullience is a sharp turnaround from the worldwide rout that has dominated much of this year.
Posted inBusiness, Nation & World
Fed attacks inflation with its largest interest rate hike since 1994
The move the Federal Reserve announced on Wednesday will increase its benchmark short-term rate, which affects many consumer and business loans, to a range of 1.5% to 1.75%.
Posted inBusiness, Local & State
As gas prices pass $5 a gallon, Maine lawmakers seek probe into price gouging
The average price for a gallon of regular gasoline in Maine was $5.06 on Friday, with Franklin County reporting the highest countywide average at $5.16.
Posted inBusiness, Nation & World
Biden’s inflation crunch: Too much shopping – even at the beach
The president needs U.S. consumers to pull back just enough so inflation eases, but not so much that the economy risks plunging into a recession.
Posted inBusiness
World Bank dims outlook for global economy amid Russia war
The agency predicts just 3% global growth for 2023 and 2024.
Posted inOp-eds, Opinion
Commentary: One solution to inflation? Allow more immigration
Reducing immigration in the Trump years has contributed to a worker shortage that is driving up wages, prices and contributing to inflation.
Posted inBusiness, Local & State
Average gas price in Maine nears $5 a gallon
‘I want them to install crying towels here,’ said one gas station customer, with per-gallon prices up nearly $2 from a year ago and likely to continue climbing.
Posted inBusiness, Nation & World
Biden and Fed chairman plot inflation fight as nation worries
Like the president, the Fed wants to slow inflation without knocking the U.S. economy into recession, a highly sensitive mission.