Corporate earnings forecasts for the second quarter were lowered so much that companies are easily beating them.Market Insiderread more
The central bank is not normally in the business of easing into an economy that is showing few signs of a recession, generally holding fire until more pronounced signs of a...The Fedread more
His case for gold comes as central banks get more aggressive with policies that devalue currencies and are about to cause a "paradigm shift" in investing.Marketsread more
Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, cause a stunning drop in foreign demand for American homes.Real Estateread more
House Speaker Nancy Pelosi says she wants her chamber to vote on a debt ceiling and budget deal by July 26.Politicsread more
Philips has acquired a start-up that texts you about your poop. That's Medumo, a Boston-based company, which works with hospitals to guide their patients through common...Technologyread more
The "'Cadillac tax," set to go into effect in 2022, is unpopular with both Republicans and Democrats, who say it punishes the middle class.Health and Scienceread more
Federal Judge William Pauley wrote in a court filing made public Wednesday that materials related to a campaign finance probe of Cohen should be unsealed — and denied a...Politicsread more
CSX said it expects revenue to fall as much as 2% in 2019, well below a previous forecast of an increase of 1% to 2%.Marketsread more
Facebook's head of Calibra David Marcus is grilled during a House Financial Services Committee hearing over the company's digital currency plans.Technologyread more
The growth in net interest income, a main engine of banking profit, looks to slow to a halt in the back half of this year, Bank of America CFO Paul Donofrio says.Banksread more
Federal Reserve Chairman Jerome Powell said Wednesday that despite reports that President Donald Trump was looking to demote or fire him, he doesn't plan on leaving the central bank anytime soon.
"I think the law is clear that I have a four-year term, and I fully intend to serve it," Powell said at a news conference in Washington.
Asked later at the event when it might be appropriate to publicly address Trump's criticism, Powell said he doesn't "discuss elected officials publicly or privately."
"At the Fed, we're deeply committed to carrying out our mission and also that our independence from direct political control we see as an important institutional feature that has served both the economy and the country well," he said.
Powell's comments came a day after reports that the White House had explored the possibility of "legally demoting" the Fed chief after the central bank tightened monetary policy.
Asked by reporters Tuesday if he still wanted to relegate Powell, Trump told reporters, "Let's see what he does." The president has bemoaned Fed policy for undermining his aggressive trade negotiation tactics with China as well as for dampening GDP and the financial market outlook.
Trump said last week that both the economy and stock market could be doing better "if we had somebody different" in charge of the central bank.
The president said at that time that GDP would be 1.5 percentage points higher had the Fed not enacted rate increases and "quantitative tightening." He added that the stock market would be 10,000 points higher, presumably a reference to the Dow Jones Industrial Average.
"If he did nothing, or perhaps even loosened, we would be in my opinion, just an opinion, 10,000 points higher than already a very high number," Trump said in an interview with ABC News.
But Trump's attacks on the Fed and Powell — whom he appointed to lead the central bank — are nothing new, but still exceptional. Prior presidents have been less vocal in public about their disagreements with the path of monetary policy, thought to be independent of political pressure.
Trump has knocked the central bank consistently over the past year, saying in October that "the Fed is making a mistake."
"The Fed is going wild. I mean, I don't know what their problem is that they are raising interest rates and it's ridiculous," Trump said in an October interview with Fox News. "The problem [causing the market drop] in my opinion is Treasury and the Fed. The Fed is going loco and there's no reason for them to do it. I'm not happy about it."