Photo: Federal Reserve Bank Inflation remains “stubbornly high” and is no longer making much progress toward the Federal Reserve’s 2% target, a top Fed official said Wednesday, hours after price data for April were released. In an interview, Tom Barkin, president of the Federal Reserve Bank of Richmond, said he is also seeing some signs
Photo: Traders on the floor at the New York Stock Exchange watch Federal Reserve Chair Jerome Powell’s news conference Can the Federal Reserve keep raising interest rates and defeat the nation’s worst bout of inflation in 40 years without causing a recession? Not according to a new research paper that concludes that such an “immaculate
Asian shares were trading mixed Thursday, as investors grew cautious after Wall Street’s biggest pullback of the year. Shares dipped in Tokyo, but rose in Seoul and Sydney, where they recouped earlier losses by late morning. Hong Kong shares were slightly lower, while Shanghai shares were little changed. Japan’s benchmark Nikkei 225 slipped 1.5% to
The average price for gas in Arizona fell to $3.99 a gallon Thursday, the first time in months it has been below $4 and a sharp decrease from the record high of $5.388 hit just two months ago. One economist called the falling gas price “a good thing for anybody that drives,” and said the
The Dow Jones Industrial Average sank more than 1,000 points Friday after the head of the Federal Reserve dashed Wall Street’s hopes that it may soon ease up on high interest rates in its effort to tame inflation. The S&P 500 lost 3.4%, its biggest drop since mid-June, after Jerome Powell said the Fed will
Price inflation in the United States is getting out of control. Americans are seeing prices rise at the fastest rates in 40 years. Until recently, the Federal Reserve — the agency tasked with ensuring price stability — has been unwilling to address the problem. In recent months, the Fed has finally started raising short-term interest