Fed holds interest rates steady even as inflation remains high
The U.S. central bank left borrowing costs unchanged this month after hiking rates in September for the first time in three years.
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The U.S. central bank left borrowing costs unchanged this month after hiking rates in September for the first time in three years.
The Personal Consumption Expenditures index was unchanged from June, highlighting stubborn inflationary pressures.
The Supreme Court allowed Lisa Cook to continue in her post as a member of the Federal Reserve Board of Governors while legal proceedings over President Trump's attempt to fire her continue.
Alan Greenspan's lengthy reign at the Federal Reserve coincided with a period of stability from the mid-1980s until 2007.
A "hawkish" turn at the Fed and stubbornly high inflation could delay interest rate cuts, according to Bank of America economists.
The subpoenas threatened a criminal indictment related to Jerome Powell's testimony before the Senate Banking Committee in June 2025, according to the Fed chair.
President Trump said Monday he has fired Lisa Cook from the Federal Reserve's Board of Governors. Her attorney countered that they plan to file a lawsuit challenging the move.
Employers across the U.S. added 147,000 jobs in June, while the unemployment rate fell to 4.1%.
The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.
