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Fed chief: The economy is about to grow more quickly

Video Credit: Bleacher Report AOL - Duration: 02:06s - Published
Fed chief: The economy is about to grow more quickly

Fed chief: The economy is about to grow more quickly

In a “60 Minutes” interview on CBS, Federal Reserve Chair Jerome Powell said the US economy is at an “inflection point,” but says the “principal risk” is that Covid-19 will spread again.

CNN’s Christine Romans reports.


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Federal Reserve Federal Reserve Central banking system of the US

Federal Reserve Posts Massive $114 Billion Loss in 2023 [Video]

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Federal Reserve Posts Massive, $114 Billion , Loss in 2023. On March 26, the Federal Reserve announced a record-breaking net negative income of $114.3 billion in 2023. Reuters reports that the loss follows $58.8 billion in net income in 2022. . Since releasing the numbers, the Fed has stressed that negative net income does not impede its ability to operate. Since releasing the numbers, the Fed has stressed that negative net income does not impede its ability to operate. As a result of low rates and large levels of bond holdings, the Fed has earned significant profits in recent years. Last year, the Fed's audited interest expenses for banks' reserve balances reached $176.8 billion, an increase of over $116 billion from 2022. In 2023, the Fed's interest payouts from its reverse repo facility were $104.33 billion, increased from $41.9 billion the year before. Reuters reports that the Fed creates funds when dealing with operating losses, capturing its loss in an accounting device known as a deferred asset. Reuters reports that the Fed creates funds when dealing with operating losses, capturing its loss in an accounting device known as a deferred asset. At the close of 2023, the deferred asset stood at $133.3 billion. As of March 20 of this year, that number had risen to $157.8 billion with no indication of how much larger it could get. Last year, a St. Louis Fed report forecast that it could take years before the Fed can return to profitability and reduce the country's deferred asset. Last year, a St. Louis Fed report forecast that it could take years before the Fed can return to profitability and reduce the country's deferred asset

Credit: Wibbitz Top Stories    Duration: 01:30Published
Biz Pulse: Upward Trend in Equity Markets, US Federal Reserve Announcement and Gold Price| Oneindia [Video]

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In this Biz Pulse episode, we delve into market updates and the US Federal Reserve's announcement. Indian ADRs witness a decline, while IT stocks garner attention. Equity markets are on an upswing, while gold prices surge. Stay tuned for insights into these trends shaping the financial landscape. #ADRStocks #ITMarket #StockMarket #Sensex #Nifty #IndianStocks #USStocks #USStockexchange #Businessnews #Worldnews #Oneindia #Oneindianews ~HT.178~PR.282~ED.101~GR.124~

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Experts Say Fed's Rate Hikes Could Impact Housing Market for Decades [Video]

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Experts Say Fed's , Rate Hikes Could Impact , Housing Market for Decades. Yahoo Finance reports that the housing market has been showing signs of bouncing back as this year's spring home-buying season begins. For the second week in a row, mortgage rates fell, reaching the lowest level in over a month. . According to Freddie Mac, the average rate on a 30-year fixed mortgage dropped to 6.74% from 6.88% the week before. At the same time, supply is also starting to rebound, with new listings hitting a 17-month high in February. . Despite the improvement, experts warn that the Fed's aggressive rate-hiking campaign could have long-lasting side effects on the housing market. Despite the improvement, experts warn that the Fed's aggressive rate-hiking campaign could have long-lasting side effects on the housing market. According to economist Gary Shilling, the Fed's campaign has created a "perfect storm," with higher rates causing would-be home sellers to put their plans on hold. . It won't continue indefinitely, but it certainly is disruptive right now, Gary Shilling, Economist, via Yahoo Finance. Redfin CEO Glenn Kelman shared similar views on the future of the housing market, warning it could take decades to move beyond the impact of the Fed's efforts. Redfin CEO Glenn Kelman shared similar views on the future of the housing market, warning it could take decades to move beyond the impact of the Fed's efforts. There's going to be low supply for a long time to come. What the Fed did… will have a 30-year tail on it, Glenn Kelman, Redfin CEO, via Yahoo Finance. Yahoo Finance reports that mortgage rates may be unlikely to fall much further in the near term, meaning that a more substantial rebound may still be far off.

Credit: Wibbitz Top Stories    Duration: 01:30Published
Data Shows US Wages Falling at a 'Striking' Pace [Video]

Data Shows US Wages Falling at a 'Striking' Pace

Data Shows , US Wages Falling , at a 'Striking' Pace. Fox News reports that wage growth in the United States has slowed significantly over the past year. . According to new data from Indeed, wage growth is beginning to near pre-pandemic levels. . Indeed's wage tracker showed that salaries have had a marked drop since January 2022, suggesting that employers are seeing less competition for new hires. The pace of deceleration is striking. Posted wage growth has fallen by almost 3 percentage points over the past year, Nick Bunker, Indeed labor economist, via Fox News. Fox News reports that the most pronounced deceleration was found in low-wage sectors. . Given the huge run-up in posted wages for those sectors, wage growth is still above its pre-pandemic pace. How long this will last is uncertain, Nick Bunker, Indeed labor economist, via Fox News. After remaining historically tight throughout the last year, the labor market is expected to continue slowing in the coming months amid elevated interest rates. Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market. Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market. In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. . In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. . In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. . Despite this, job growth has remained resilient, with employers adding 275,000 jobs in February. . At the same time, Labor Department data shows that the unemployment rate for the month also rose to 3.9%.

Credit: Wibbitz Top Stories    Duration: 01:31Published
Consumer Prices Rose 0.4% in February [Video]

Consumer Prices Rose 0.4% in February

Consumer Prices , Rose 0.4% in February. The Bureau of Labor Statistics released its latest data on March 12. In February 2024, prices rose 0.4% compared to January and 3.2% year-over-year, according to the Consumer Price Index (CPI). The figures, which are greater than expected, represent the biggest monthly increase since September, Yahoo Finance reports. . The index for housing rent rose 0.5% in February. Gas prices rose 3.8%. While food prices held steady for the month, they increased 2.2% year-over-year. The Federal Reserve will use the latest data to help determine its position on interest rates on March 20. . Experts predict that rates will remain unchanged for the time being. The market is now eyeing June for the possibility of rate cuts, Yahoo Finance reports. . Fed Chair Jerome Powell recently said that while interest rates will likely be cut "at some point this year," "a little bit more data" is needed.

Credit: Wibbitz Top Stories    Duration: 01:31Published

Jerome Powell Jerome Powell American attorney and investment banker (born 1953)

Powell Says Fed Remains Reluctant to Start Lowering Interest Rates [Video]

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Powell Says , Fed Remains Reluctant to Start , Lowering Interest Rates. On March 6, Federal Reserve Chair Jerome Powell said that interest rates will start to drop at some point this year, without specifying when. CNBC reports that Powell said policymakers are closely monitoring the risks of inflation and are reluctant to begin easing rates too quickly. In considering any adjustments to the target range for the policy rate, we will carefully assess the incoming data, the evolving outlook, and the balance of risks. , Jerome Powell, Federal Reserve Chair, via CNBC. The Committee does not expect that it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent, Jerome Powell, Federal Reserve Chair, via CNBC. According to Powell, the Fed needs "a little bit more data" before making a decision on rates. We think because of the strength in the economy and the strength in the labor market and the progress we’ve made, we can approach that step carefully and thoughtfully and with greater confidence, Jerome Powell, Federal Reserve Chair, via CNBC. When we reach that confidence, the expectation is we will do so sometime this year. We can then begin dialing back that restriction on our policy, Jerome Powell, Federal Reserve Chair, via CNBC. Markets are eagerly anticipating the Fed ending its aggressive rate-hiking campaign, after 11 interest rate increases between March 2022 and July 2023. Longer-term inflation expectations appear to have remained well anchored, as reflected by a broad range of surveys of households, businesses, and forecasters, as well as measures from financial markets, Jerome Powell, Federal Reserve Chair, via CNBC. Longer-term inflation expectations appear to have remained well anchored, as reflected by a broad range of surveys of households, businesses, and forecasters, as well as measures from financial markets, Jerome Powell, Federal Reserve Chair, via CNBC. CNBC reports that Powell is scheduled for a two-day visit to Capitol Hill this week, beginning with a March 6 meeting with the House Financial Services Committee.

Credit: Wibbitz Top Stories    Duration: 01:31Published
Jerome Powell Says the ‘Time Is Coming’ for Interest Rate Cuts [Video]

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Jerome Powell Says the ‘Time Is Coming’ , for Interest Rate Cuts. In an interview with '60 Minutes' on Jan. 4, the Federal Reserve chair said the central bank is still on track to reduce interest rates later this year, Fox News reports. . There is no easy, simple, obvious path. We have to balance the risk of moving too soon or too late. And there are different risks. , Jerome Powell, Federal Reserve chair, via '60 Minutes'. We think the economy's in a good place. We think inflation is coming down. , Jerome Powell, Federal Reserve chair, via '60 Minutes'. We just want to gain a little more confidence that it's coming down in a sustainable way toward our 2% goal, Jerome Powell, Federal Reserve chair, via '60 Minutes'. While the "time is coming" to cut rates, "it's not likely that this committee will reach that level of confidence in time for the March meeting, which is in seven weeks," Powell said. At its last meeting, the Federal Open Market Committee kept rates steady for the fourth consecutive time. Rates currently sit "at a range of 5.25% to 5.5%," which is the most they've been in 22 years, Fox News reports. . Investors and analysts expect the Fed to start its rate cuts in May or June. . The labor market remains strong. 353,000 jobs were added in January. We have a strong economy. Growth is going on a solid pace, the labor market is strong: 3.7% unemployment, Jerome Powell, Federal Reserve chair, via '60 Minutes'. With the economy strong like that, we feel can approach the question of when to begin to reduce interest rates carefully. , Jerome Powell, Federal Reserve chair, via '60 Minutes'. We want to see more evidence that inflation is moving sustainably to 2%, Jerome Powell, Federal Reserve chair, via '60 Minutes'

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COVID-19 COVID-19 Contagious disease caused by SARS-CoV-2

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US Life Expectancy on the Rise Following Pandemic Decline, CDC Report Says [Video]

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US Life Expectancy on the Rise , Following Pandemic Decline, CDC Report Says. According to the latest federal mortality data, life expectancy in the United States increased in 2022. . The report published by the Centers for Disease Control and Prevention's National Center for Health Statistics (NCHS) raised life expectancy to 77.5 years. The report published by the Centers for Disease Control and Prevention's National Center for Health Statistics (NCHS) raised life expectancy to 77.5 years. The positive change comes after two years of decline following the pandemic. The positive change comes after two years of decline following the pandemic. While life expectancy has yet to reach pre-pandemic levels, 2022 showed an increase of 1.1 years compared to 2021. 2022 ended up recording 3.27 million deaths in the U.S., which was 184,374 fewer deaths than the year before. According to the report, heart disease and cancer remained the two most prevalent causes of death in the U.S. . According to the report, heart disease and cancer remained the two most prevalent causes of death in the U.S. . COVID-19 dropped to fourth on the list, and unintentional injuries took over the number three spot. COVID-19 dropped to fourth on the list, and unintentional injuries took over the number three spot. ABC reports that both males and females saw approximately the same increase in life expectancy from 2021 to 2022. Over the same period of time, the death rate decreased for nearly every age group. . Another NCHS report found that rates of drug overdose deaths from synthetic opioids increased by 4.1% between 2021 and 2022.

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