Fed Keeps Benchmark Rate Steady Because Inflation is ‘Too High’ 

In testimony before Congress, Federal Reserve Chairman Jerome Powell said that the idea of the United States adopting a central bank digital currency (CBDC) is far from being realized.  Speaking to the Senate Banking Committee Thursday (March 7), Powell said that the Federal Reserve is “nowhere near” moving...

Higher rates. A bit more muted consumer sentiment. The paycheck-to-paycheck pressures continue. On Friday (Aug. 25), the final reading of the University of Michigan’s survey on consumer sentiment for August was released, showing that the index of consumer sentiment dipped to 69.5 from 71.6 in July.   “Consumers...

Banks are continuing to tighten their terms on commercial and industrial loans. The proportion of U.S. banks tightening their terms on such loans for medium and large businesses rose to 50.8% in the second quarter, up from 46% in the first quarter, Bloomberg reported Monday (July 31),...

The Federal Reserve’s chairman says core inflation may not reach the 2% mark until 2025. “It’s going to take some time. Inflation has proven to be more persistent than we expected and not less,” Jerome Powell said Wednesday (June 28). “Of course, if that day...