Fed Chair Powell faces fresh challenges to Fed independence
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The job market is on such shaky ground that the Federal Reserve may soon need to cut interest rates to support the economy, Fed Chair Jerome Powell said Friday at a key central banking forum.
Federal Reserve Chair Jerome Powell on Friday announced an updated operating framework more oriented toward traditional efforts of promoting price stability, supplanting what had been a troubled effort that biased central bank policy toward its job mandate over its inflation target.
U.S. stocks opened higher Friday, showing signs of stabilization after retreating this week ahead of Fed Chair Jerome Powell's Jackson Hole speech. The Dow Jones Industrial Average rose 284 points, or 0.
Federal Reserve Chair Jerome Powell is set to give what could be his most consequential speech yet — just a few days after one of his colleagues was threatened with prosecution for alleged mortgage fraud.