News

(Bloomberg) -- Former Treasury Secretary Lawrence Summers said that, while the Federal Reserve hit a “low point” in its monetary policy history by failing to act quickly against the 2021 inflation surge, in the end it did enough to right the economy.Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CitySydney Central Train Station Is Now an Architectural DestinationWith Housing Costs High, Democrats Hone YIMBY MessageWith Self-Driving Vans, Hamburg Tri

Fires broke out Friday on a Greek-flagged oil tanker previously attacked by Yemen's Houthi rebels this week, with the vessel now appearing to be adrift in the Red Sea, authorities said. It wasn't immediately clear what had happened to the oil tanker Sounion, which had been abandoned by its crew on Thursday and reportedly anchored in place. The Houthis didn't immediately acknowledge the fire.

The Federal Reserve is poised to cut its benchmark interest rate next month from its 23-year high, with consequences for consumers when it comes to debt, savings, auto loans and mortgages. Right now, most experts envision three quarter-point Fed cuts — in September, November and December — though even steeper rate cuts are possible. “The time has come” for the Fed to reduce interest rates, Powell said Friday in his keynote speech at the Fed’s annual economic conference in Jackson Hole, Wyoming.

(Bloomberg) -- Chair Jerome Powell said the time has come for the Federal Reserve to cut its key policy rate, affirming expectations that officials will begin lowering borrowing costs next month and making clear his intention to prevent further cooling in the labor market.Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CitySydney Central Train Station Is Now an Architectural DestinationWith Housing Costs High, Democrats Hone YIMBY MessageWith Self-Dr

(Bloomberg) -- Philadelphia Fed President Patrick Harker said it is time for the US central bank to start cutting interest rates and emphasized the path down should be “methodical.”Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CitySydney Central Train Station Is Now an Architectural DestinationWith Housing Costs High, Democrats Hone YIMBY MessageWith Self-Driving Vans, Hamburg Tries to Make Microtransit WorkUK Transport Minister Clears Path for Mor

Here are key quotes from Federal Reserve Chair Jerome Powell's speech on Friday to the Kansas City Fed's annual economic conference in Jackson Hole, Wyoming: POLICY: "The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks." INFLATION: "My confidence has grown that inflation is on a sustainable path back to 2 percent."

(Bloomberg) -- Federal Reserve Bank of Atlanta President Raphael Bostic said it’s possible that more than one interest-rate cut may now be needed by year-end, shifting his view in the wake of data showing falling inflation and a slowing labor market.Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CitySydney Central Train Station Is Now an Architectural DestinationWith Housing Costs High, Democrats Hone YIMBY MessageWith Self-Driving Vans, Hamburg Tri