Christopher Rugaber, The Associated Press

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All eyes turn to Fed chair Kevin Warsh and his first moves on interest rates

All eyes turn to Fed chair Kevin Warsh and his first moves on interest rates

WASHINGTON (AP) -- Ever since Kevin Warsh was nominated by President Trump in late January to lead the Federal Reserve, a question has lingered: Will he seek to raise interest rates to tame inflation or cut them as Trump has long demanded?

FACT FOCUS: Is inflation a red state vs. blue state issue? It's increasing no matter how you cut it

WASHINGTON (AP) -- After cooling slowly in 2024 and 2025, inflation is rising again, squeezing most Americans' budgets and making it harder to afford gas, groceries, and other necessities. Inflation reached 3.8% in April from a year earlier, the highest in three years.

Trump claims he's making food more affordable but his examples ignore the big picture

Trump claims he's making food more affordable but his examples ignore the big picture

WASHINGTON (AP) -- In a Truth Social post on Wednesday, the president proclaimed "TRUMP'S MAKING FOOD AFFORDABLE," and cited falling prices for a range of groceries, including avocados, fresh berries, and a variety of pantry staples. Yet just two weeks earlier the Labor Department had released inflation figures showing grocery prices up nearly 3% in April from a year earlier.

Powell's tenure as Fed chair marked by fight for independence while trying to tame inflation

Powell's tenure as Fed chair marked by fight for independence while trying to tame inflation

WASHINGTON (AP) -- When Jerome Powell was sworn in as chair of the Federal Reserve eight years ago, economists worried that inflation and interest rates were too low and that too few Americans had jobs.

Powell's legacy at the Fed to be shaped by his misjudging inflation and standing up to Trump

Powell's legacy at the Fed to be shaped by his misjudging inflation and standing up to Trump

WASHINGTON (AP) -- When Jerome Powell was sworn in as chair of the Federal Reserve eight years ago, economists worried that inflation and interest rates were too low and that too few Americans had jobs.

Takeaways from Fed chair Jerome Powell's legacy

Takeaways from Fed chair Jerome Powell's legacy

WASHINGTON (AP) -- When Jerome Powell was sworn in as chair of the Federal Reserve eight years ago, economists worried that inflation and interest rates were too low and that too few Americans had jobs.

Unorthodox leadership change at the Fed: Warsh on deck while Powell remains

Unorthodox leadership change at the Fed: Warsh on deck while Powell remains

WASHINGTON (AP) -- President Trump's pick to lead the Federal Reserve, Kevin Warsh, has said he wants to bring "regime change" to the central bank, but if confirmed by the Senate he will find a Fed already transformed by the White House's attacks.

Federal Reserve faces unorthodox leadership change: Warsh enters, Powell remains

Federal Reserve faces unorthodox leadership change: Warsh enters, Powell remains

WASHINGTON (AP) -- President Trump's pick to lead the Federal Reserve, Kevin Warsh, has said he wants to bring "regime change" to the central bank, but if confirmed by the Senate he will find a Fed already transformed by the White House's attacks.

Kevin Warsh is one step closer to top job at the Fed after Trump's pick approved by Senate committee

Kevin Warsh is one step closer to top job at the Fed after Trump's pick approved by Senate committee

WASHINGTON (AP) -- The Senate Banking Committee voted on party lines Wednesday to approve Kevin Warsh as the next chair of the Federal Reserve to replace Jerome Powell, a long-time target of President Trump's insults for not cutting borrowing costs as far as the president wanted.

Kevin Warsh heads to full Senate vote after Trump's nominee for Fed Chair is approved in committee

Kevin Warsh heads to full Senate vote after Trump's nominee for Fed Chair is approved in committee

WASHINGTON (AP) -- The Senate Banking Committee voted on party lines Wednesday to approve Kevin Warsh as the next chair of the Federal Reserve to replace Jerome Powell, a long-time target of President Trump's insults for not cutting borrowing costs as far as the president wanted.

Don't count on rate cuts just yet: Warsh as Fed chair may not lead to big policy changes

Don't count on rate cuts just yet: Warsh as Fed chair may not lead to big policy changes

WASHINGTON (AP) -- President Donald Trump has made it clear he expects his choice for Federal Reserve chair to quickly cut interest rates once he takes office. Yet Americans shouldn't pencil in lower borrowing costs for mortgages, auto loans, or business loans just yet.

Warsh says he got no pressure from Trump to cut rates even as president publicly pushes for them

Warsh says he got no pressure from Trump to cut rates even as president publicly pushes for them

WASHINGTON (AP) -- President Donald Trump's nominee to chair the Federal Reserve said Tuesday that he never promised the White House that he would cut interest rates, even as the president renewed his calls for the central bank to do so.

Warsh says there is no pressure from Trump to cut rates even as president pushes for them publicly

Warsh says there is no pressure from Trump to cut rates even as president pushes for them publicly

WASHINGTON (AP) -- President Donald Trump's nominee to chair the Federal Reserve said Tuesday that he never promised the White House that he would cut interest rates, even as the president renewed his calls for the central bank to do so.

Warsh says Trump has not pressured him to cut rates, even as president calls for reductions

Warsh says Trump has not pressured him to cut rates, even as president calls for reductions

WASHINGTON (AP) -- President Donald Trump's nominee to chair the Federal Reserve said Tuesday that he never promised the White House that he would cut interest rates, even as the president renewed his calls for the central bank to do so.

Fed nominee pledges inflation fight even as Trump renews demands for rate cuts that could worsen it

Fed nominee pledges inflation fight even as Trump renews demands for rate cuts that could worsen it

WASHINGTON (AP) -- Donald Trump's nominee to lead the Federal Reserve is pledging to fight inflation at a hearing Tuesday even as the president underscored his demands for interest rate cuts.

Trump's Federal Reserve nominee to face tough hearing before Senate panel

Trump's Federal Reserve nominee to face tough hearing before Senate panel

WASHINGTON (AP) -- Kevin Warsh is taking another step toward his decade-long goal of winning the top job at the Federal Reserve by appearing at a hearing before the Senate Banking Committee on Tuesday. But the role that he may eventually assume could turn out vastly different than what he expected.

It's a bad time to hunt for new jobs, most US workers say in new Gallup poll

It's a bad time to hunt for new jobs, most US workers say in new Gallup poll

WASHINGTON (AP) -- Americans' outlook on the job market has turned increasingly pessimistic, a surprisingly negative shift given the low unemployment rate but one that likely reflects an ongoing hiring drought.

Workers' job market gloom has increased dramatically over the past few years, Gallup survey finds

Workers' job market gloom has increased dramatically over the past few years, Gallup survey finds

WASHINGTON (AP) -- Americans' outlook on the job market has turned increasingly pessimistic, a surprisingly negative shift given the low unemployment rate but one that likely reflects an ongoing hiring drought.

DOJ investigation into Powell could backfire on Trump and keep Fed chair in office

DOJ investigation into Powell could backfire on Trump and keep Fed chair in office

WASHINGTON (AP) -- President Donald Trump has for months wanted to remove Jerome Powell as chair of the Federal Reserve. But instead, an investigation by one of his own officials could end up extending Powell's time at the top of the central bank even after his term formally ends May 15.

How many rate cuts? Iran war upends Federal Reserve's next steps

How many rate cuts? Iran war upends Federal Reserve's next steps

WASHINGTON (AP) -- The Iran war has scrambled the Federal Reserve's outlook on inflation and unemployment and will likely further delay interest rate cuts this year, putting off any relief for consumers struggling with high borrowing costs for home and car purchases.

Trump seeks to close $1.6 trillion revenue gap with raft of new tariffs

Trump seeks to close $1.6 trillion revenue gap with raft of new tariffs

WASHINGTON (AP) -- The Trump administration this week stepped up its ambitious effort to replace about $1.6 trillion in lost tariff revenue that was eliminated by the Supreme Court's decision to strike down a range of the president's import taxes.

Judge quashes subpoenas in Justice Department's investigation of Fed chair Jerome Powell

Judge quashes subpoenas in Justice Department's investigation of Fed chair Jerome Powell

1. A federal judge on Friday quashed Justice Department subpoenas issued to the Federal Reserve in January, a severe blow to an investigation that has already attracted strong criticism on Capitol Hill.

Judge quashes subpoenas in Justice Department's investigation of Federal Reserve's Powell

WASHINGTON (AP) -- A federal judge on Friday quashed Justice Department subpoenas issued to the Federal Reserve in January, a severe blow to an investigation that has already attracted strong criticism on Capitol Hill.

Judge quashes Justice Department subpoena of Federal Reserve in blow to investigation

WASHINGTON (AP) -- A federal judge on Friday quashed Justice Department subpoenas issued to the Federal Reserve in January, a severe blow to an investigation that has already attracted strong criticism on Capitol Hill.

WH adviser Hassett urges 'discipline' for Fed economists over tariff study

WH adviser Hassett urges 'discipline' for Fed economists over tariff study

WASHINGTON (AP) -- President Donald Trump's top economist on Wednesday urged that Federal Reserve economists be punished for research last week that showed American companies and consumers paying for nearly all the new tariffs imposed by the White House last year.

Trump's choice of Warsh to lead Fed could reshape the world's most influential central bank

Trump's choice of Warsh to lead Fed could reshape the world's most influential central bank

WASHINGTON (AP) -- President Donald Trump's nomination on Friday of Kevin Warsh to chair the Federal Reserve could bring about sweeping changes at a central bank that dominates the global economy and markets like no other.

Warsh's challenge: Navigating Fed independence and Trump's demands

Warsh's challenge: Navigating Fed independence and Trump's demands

WASHINGTON (AP) -- Kevin Warsh has sought the job of Federal Reserve chair, off and on, since President Donald Trump first considered him for the position nearly a decade ago. Now that he is in line for the position, the enormity of the challenge ahead of him is clear.

Fed expected to keep rates unchanged as Chair Powell pivots back to economics

Fed expected to keep rates unchanged as Chair Powell pivots back to economics

WASHINGTON (AP) -- After two weeks of intense political and legal scrutiny, the Federal Reserve will seek to make this week's meeting about interest rates as straightforward and uneventful as possible, though President Donald Trump probably still won't like the result.

In the case of the Federal Reserve, Supreme Court appears to carve out a murky exception

In the case of the Federal Reserve, Supreme Court appears to carve out a murky exception

WASHINGTON (AP) -- The Supreme Court for the past year has repeatedly allowed President Donald Trump to fire heads of independent agencies, but it appears to be drawing a line with the Federal Reserve.

Criminal investigation raises key question: Whether Chair Powell leaves Fed in May

Criminal investigation raises key question: Whether Chair Powell leaves Fed in May

WASHINGTON (AP) -- The Justice Department's investigation into Federal Reserve Chair Jerome Powell has brought heightened attention to a key drama that will play out at the central bank in the coming months: Will Powell leave the Fed when his term as chair ends, or will he take the unusual step of remaining a governor?

Hassett says Federal Reserve can reject Trump's views if he is chair

Hassett says Federal Reserve can reject Trump's views if he is chair

WASHINGTON (AP) -- A leading candidate to be President Donald Trump's choice for Federal Reserve chair said that he would present the president's views to Fed officials for their consideration but they could reject them if they chose when making decisions on interest rates.

JetBlue flight near Venezuela avoids 'midair collision' with US Air Force tanker

JetBlue flight near Venezuela avoids 'midair collision' with US Air Force tanker

WASHINGTON (AP) -- A JetBlue flight from the small Caribbean nation of Curacao halted its ascent to avoid colliding with a U.S. Air Force refueling tanker on Friday, and the pilot blamed the military plane for crossing his path.

Fed likely to lower borrowing costs this week, but follow-up rate cuts face longer odds

Fed likely to lower borrowing costs this week, but follow-up rate cuts face longer odds

WASHINGTON (AP) -- The Federal Reserve faces an unusually contentious meeting this week that will test Chair Jerome Powell's ability to corral the necessary support from fellow policymakers for a third straight interest rate cut.

Federal Reserve set to cut rate but may signal a pause to come

Federal Reserve set to cut rate but may signal a pause to come

WASHINGTON (AP) -- The Federal Reserve faces an unusually contentious meeting this week that will test Chair Jerome Powell's ability to corral the necessary support from fellow policymakers for a third straight interest rate cut.

Bessent says Federal Reserve Board could 'veto' future regional presidents

Bessent says Federal Reserve Board could 'veto' future regional presidents

WASHINGTON (AP) -- Treasury Secretary Scott Bessent said Wednesday he would push a new requirement that the Federal Reserve's regional bank presidents live in their districts for at least three years before taking office, a move that could give the White House more power over the independent agency.

Bessent says White House may 'veto' Federal Reserve presidents

Bessent says White House may 'veto' Federal Reserve presidents

WASHINGTON (AP) -- Treasury Secretary Scott Bessent said Wednesday he would push a new requirement that the Federal Reserve's regional bank presidents live in their districts for at least three years before taking office, a move that could give the White House more power over the independent agency.

Sharp disagreements over economy threaten Federal Reserve interest rate cut

Sharp disagreements over economy threaten Federal Reserve interest rate cut

WASHINGTON (AP) -- What was once seen as a near-certain cut in interest rates next month now looks more like a coin flip as Federal Reserve officials sharply disagree over the economy's health and whether stubborn inflation or weak hiring represent a bigger threat.

The unprecedented government shutdown will weigh on a US economy already under stress

The unprecedented government shutdown will weigh on a US economy already under stress

WASHINGTON (AP) -- The six-week government shutdown that came to an end late Wednesday will be another drag on an economy already facing many challenges, though the full impact will take months to measure.

2 Federal Reserve officials oppose an interest rate cut in December

2 Federal Reserve officials oppose an interest rate cut in December

WASHINGTON (AP) -- Two Federal Reserve officials expressed opposition Wednesday to another interest rate cut at the central bank's next meeting in December, further muddying the outlook for the Fed's next steps.

Atlanta Fed president Bostic to retire in February, opening seat on key committee

Atlanta Fed president Bostic to retire in February, opening seat on key committee

WASHINGTON (AP) -- Raphael Bostic, president of the Federal Reserve Bank of Atlanta, will retire at the end of his current term in February, opening up a new seat on the Fed's interest-rate setting committee at a time that President Donald Trump is seeking to exert more control over the central bank.

Shutdown leaves a mark on an already-struggling economy, from lost paychecks to canceled flights

Shutdown leaves a mark on an already-struggling economy, from lost paychecks to canceled flights

WASHINGTON (AP) -- The longest federal government shutdown in U.S. history appears to be nearing an end, but not without leaving a mark on an already-struggling economy.

Shutdown to leave mark on US economy from lost paychecks, canceled flights

Shutdown to leave mark on US economy from lost paychecks, canceled flights

WASHINGTON (AP) -- The longest federal government shutdown in U.S. history appears to be nearing an end, but not without leaving a mark on an already-struggling economy.

'No hire' job market leaves unemployed in limbo as threats to economy multiply

'No hire' job market leaves unemployed in limbo as threats to economy multiply

WASHINGTON (AP) -- When Carly Kaprive left a job in Kansas City and moved to Chicago a year ago, she figured it would take three to six months to find a new position. After all, the 32-year old project manager had never been unemployed for longer than three months.

Federal Reserve likely to cut key rate Wednesday and may signal another cut to follow

Federal Reserve likely to cut key rate Wednesday and may signal another cut to follow

WASHINGTON (AP) -- The Federal Reserve will almost certainly cut its key interest rate on Wednesday and could signal it expects another cut in December as the central bank seeks to bolster hiring.

Federal Reserve to cut key rate Wednesday, may signal another cut to follow

Federal Reserve to cut key rate Wednesday, may signal another cut to follow

WASHINGTON (AP) -- The Federal Reserve will almost certainly cut its key interest rate on Wednesday and could signal it expects another cut in December as the central bank seeks to bolster hiring.

Trump says inflation is 'defeated' and the Fed has cut rates, yet prices remain too high for many

Trump says inflation is 'defeated' and the Fed has cut rates, yet prices remain too high for many

WASHINGTON (AP) -- Inflation has risen in three of the last four months and is slightly higher than it was a year ago, when it helped sink then-Vice President Kamala Harris' presidential campaign. Yet you wouldn't know it from listening to President Donald Trump or even some of the inflation fighters at the Federal Reserve.

Lack of jobs data due to government shutdown muddies view of hiring and the US economy

Lack of jobs data due to government shutdown muddies view of hiring and the US economy

WASHINGTON (AP) -- From Wall Street trading floors to the Federal Reserve to economists sipping coffee in their home offices, the first Friday morning of the month typically brings a quiet hush around 8:30 a.m. eastern as everyone awaits the Labor Department's crucial monthly jobs report.

Lack of jobs data due to government shutdown muddies the outlook for hiring and the economy

Lack of jobs data due to government shutdown muddies the outlook for hiring and the economy

WASHINGTON (AP) -- From Wall Street trading floors to the Federal Reserve to economists sipping coffee in their home offices, the first Friday morning of the month typically brings a quiet hush around 8:30 a.m. eastern as everyone awaits the Labor Department's crucial monthly jobs report.

Trump's Federal Reserve appointee seeks steeper rate cuts

Trump's Federal Reserve appointee seeks steeper rate cuts

WASHINGTON (AP) -- President Donald Trump's appointee to the Federal Reserve's Board of Governors said Monday that the central bank's key interest rate should be much lower than its current 4.1% level, staking out a position far different than his colleagues.

The Federal Reserve wrestles with how many interest rate cuts to make and how fast

The Federal Reserve wrestles with how many interest rate cuts to make and how fast

WASHINGTON (AP) -- With the Federal Reserve widely expected Wednesday to reduce its key interest rate by a quarter-point to about 4.1%, economists and Wall Street investors will be looking for signals about next steps: How deeply might the Fed cut in the next few months?

Fed convenes meeting with a governor newly appointed by Trump and another he wants to oust

Fed convenes meeting with a governor newly appointed by Trump and another he wants to oust

WASHINGTON (AP) -- After a late-night vote and last-minute ruling, the Federal Reserve began a key meeting on interest rate policy Tuesday with both a new Trump administration appointee and an official the White House has targeted for removal.

Trump takes one step back and another forward in his attempt to reshape the Fed

Trump takes one step back and another forward in his attempt to reshape the Fed

WASHINGTON (AP) -- President Donald Trump's goal of appointing a majority of the Federal Reserve's board of governors faced a setback late Tuesday when a court blocked his unprecedented attempt to fire Lisa Cook.

Senate committee approves Trump's Fed Board nominee, raising concerns about its independence

Senate committee approves Trump's Fed Board nominee, raising concerns about its independence

WASHINGTON (AP) -- A Senate committee on Wednesday approved the nomination of White House economic adviser Stephen Miran to the Federal Reserve's board of governors, setting up a likely approval by the full Senate, which would make Miran the third Trump appointee to the seven-member board.

Trump's Federal Reserve board nominee is approved by Senate committee

Trump's Federal Reserve board nominee is approved by Senate committee

WASHINGTON (AP) -- A Senate committee on Wednesday approved the nomination of White House economic adviser Stephen Miran to the Fed's board of governors, setting up a likely approval by the full Senate, which would make Miran the third Trump appointee to the seven-member board.

Fed governor Cook to seek court order blocking her firing by Trump

Fed governor Cook to seek court order blocking her firing by Trump

A case that could provide the Trump administration with new and expansive power over the traditionally independent Federal Reserve will get its first court hearing Friday.

Fed official sues Trump over attempt to fire her, challenging his power over the independent agency

Fed official sues Trump over attempt to fire her, challenging his power over the independent agency

WASHINGTON (AP) -- Federal Reserve Governor Lisa Cook has sued the Trump administration in an effort to overturn the president's attempt to fire her, launching an unprecedented legal battle that could significantly reshape the Fed's longstanding political independence.

Trump's power challenged in court by a key member of the Federal Reserve that he's trying to fire

Trump's power challenged in court by a key member of the Federal Reserve that he's trying to fire

WASHINGTON (AP) -- Federal Reserve Governor Lisa Cook has sued the Trump administration in an effort to overturn the president's attempt to fire her, launching an unprecedented legal battle that could significantly reshape the Fed's longstanding political independence.

Fed Gov. Lisa Cook sues Trump administration to block her attempted firing

Fed Gov. Lisa Cook sues Trump administration to block her attempted firing

WASHINGTON (AP) -- Federal Reserve Governor Lisa Cook has sued the Trump administration in an effort to overturn the president's attempt to fire her, launching an unprecedented legal battle that could significantly reshape the Fed's longstanding political independence.

Fed Chair Powell faces fresh challenges to Fed independence amid potential rate cuts

Fed Chair Powell faces fresh challenges to Fed independence amid potential rate cuts

WASHINGTON (AP) -- Now that Federal Reserve Chair Jerome Powell has signaled that the central bank could soon cut its key interest rate, he faces a new challenge: how to do it without seeming to cave to the White House's demands.

Powell signals Fed may cut rates soon even as inflation risks remain

JACKSON HOLE, Wyo. (AP) -- Federal Reserve Chair Jerome Powell on Friday opened the door ever so slightly to lowering a key interest rate in the coming months but gave no hint on the timing of a move and suggested the central bank will proceed cautiously as it continues to evaluate the impact of tariffs and other policies on the...