Key measures of US inflation cooled in May and consumer spending stagnated, suggesting the economy's main engine is starting to lose some momentum.
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Federal Reserve Chair Jerome Powell said at least two interest-rate increases are likely necessary this year to bring the inflation rate down to the US central bank's 2% target and that acting at consecutive policy meetings isn't "off the table."
President Joe Biden is about to launch his most ambitious effort to persuade skeptical voters that the US economy is thriving on his watch, a case that's key to his re-election prospects.
A signature policy of the Biden administration - the American Rescue Plan - left households flush with cash and supported spending through the pandemic. Now the runway for consumption may be running out.
Markets were unmoved by Fed Chair Jerome Powell's attempts to project hawkishness in his semiannual testimony to Congress.
Treasury Secretary Janet Yellen sees diminishing risk for the US to fall into recession, and suggested that a slowdown in consumer spending may be the price to pay for finishing the campaign to contain inflation.
Jerome Powell would like to make one thing clear: the Federal Reserve is not done hiking interest rates.
US housing starts unexpectedly surged in May by the most since 2016 and applications to build increased, suggesting residential construction is on track to help fuel economic growth.
Workers and employers announced a tentative agreement on a new six-year contract that will cover employees at all 29 West Coast ports, a major step toward averting fresh supply-chain troubles for the US economy.
Recent jobless claims data support our view that the labor market is softer than it appears from headline data on payrolls, the unemployment rate, and job openings.