The Latest Breaking News from Jerome Powell

UK central bank predicts economy shrank for second quarter in a row, after shops closed and many stayed at home for Queen Elizabeth II’s state funeral

Asian stock markets have followed Wall Street lower after the Federal Reserve delivered another big interest rate hike and raised its outlook for more to cool galloping inflation

Announcement sparks concern that fight to contain sky-high US inflation could tip the economy into a recession.

The Federal Reserve hiked its key interest rate 75 basis points and signaled much more to come.

Federal Reserve Chair Jerome Powell vowed officials would crush inflation after they raised interest rates by 75 basis points for a third straight time and signaled even more aggressive hikes ahead than investors had expected.

Federal Reserve officials raised interest rates by 75 basis points for the third consecutive time and forecast they would reach 4.6% in 2023, stepping up their fight to curb inflation that’s persisted near the highest levels since the 1980s.

Third outsized rate increase in a row as central bank struggles to fight runaway inflation, increasing the cost of everything

New forecasts show the central bank envisions a weaker economy in the coming years.

U.S. stocks traded higher this morning, with the Dow Jones gaining around 175 points on Wednesday. The Federal Reserve will announce its policy decision at 2:00 p.m. ET. The country’s central bank is widely expected to raise interest rates by 75 bps at the meeting. Fed Chairman Jerome Powell will…