Federal Reserve Board Chairman Jerome Powell testified before the House Financial Services Committee on Wednesday, February 12, 2025, during a hearing on the Semi-Annual Monetary Policy Report. Powell indicated that the Fed would hold off on further interest rate cuts, as inflation is moving closer to its 2% target.
Councilman Ron Salem is calling for a special meeting on Wednesday to figure out the next steps when it comes to the Meridian Waste contract, which comes as the trash hauler is threatening to sue the city of Jacksonville over how it’s paid.
City Council members raise concerns over lack of fair representation by general counsel at special meeting Read full article: City Council members raise concerns over lack of fair representation by general counsel at special meeting Attorney General Pam Bondi speaks after being sworn in by Supreme Court Associate Justice Clarence Thomas, in the Oval Office of the White House, Wednesday, Feb. 5, 2025, in Washington, as President Donald Trump looks on. Record-breaking highs before a rainy cold front dips in on ThursdayGet ready for some fabulous Insider Deals that will help you enjoy a cozy night's sleep and some that will elevate your style and beauty game.Read full article: Elevate your style and beauty game with these Insider DealsWant to bring low-spend January into the rest of the year? Start by owning your Microsoft apps Read full article: Want to bring low-spend January into the rest of the year? Start by owning your Microsoft appsFederal Reserve Board Chairman Jerome Powell testifies before the House Financial Services Committee during a hearing on the Semi-Annual Monetary Policy Report, on Capitol Hill in Washington, Wednesday, Feb. 12, 2025. Federal Reserve Board Chairman Jerome Powell testifies before the House Financial Services Committee during a hearing on the Semi-Annual Monetary Policy Report, on Capitol Hill in Washington, Wednesday, Feb. 12, 2025. Federal Reserve Board Chairman Jerome Powell testifies before the House Financial Services Committee during a hearing on the Semi-Annual Monetary Policy Report, on Capitol Hill in Washington, Wednesday, Feb. 12, 2025. Federal Reserve Board Chairman Jerome Powell testifies before the House Financial Services Committee during a hearing on the Semi-Annual Monetary Policy Report, on Capitol Hill in Washington, Wednesday, Feb. 12, 2025. Rep. French Hill, R-Ark., Chairman of the House Financial Services Committee, speaks during a hearing on the Semi-Annual Monetary Policy Report, on Capitol Hill in Washington, Wednesday, Feb. 12, 2025. Federal Reserve Board Chairman Jerome Powell testifies before the House Financial Services Committee during a hearing on the Semi-Annual Monetary Policy Report, on Capitol Hill in Washington, Wednesday, Feb. 12, 2025. Federal Reserve Board Chairman Jerome Powell testifies before the House Financial Services Committee during a hearing on the Semi-Annual Monetary Policy Report, on Capitol Hill in Washington, Wednesday, Feb. 12, 2025. Federal Reserve Board Chairman Jerome Powell testifies before the House Financial Services Committee during a hearing on the Semi-Annual Monetary Policy Report, on Capitol Hill in Washington, Wednesday, Feb. 12, 2025. Federal Reserve Board Chairman Jerome Powell testifies before the House Financial Services Committee during a hearing on the Semi-Annual Monetary Policy Report, on Capitol Hill in Washington, Wednesday, Feb. 12, 2025. Federal Reserve Board Chairman Jerome Powell testifies before the House Financial Services Committee during a hearing on the Semi-Annual Monetary Policy Report, on Capitol Hill in Washington, Wednesday, Feb. 12, 2025. Federal Reserve Board Chairman Jerome Powell testifies before the House Financial Services Committee during a hearing on the Semi-Annual Monetary Policy Report, on Capitol Hill in Washington, Wednesday, Feb. 12, 2025. “People can be confident that we’ll continue to keep our heads down, do our work, and make our decisions based on what’s happening in the economy,” Powell said, under questioning from members of the House Financial Services Committee. Powell spoke on theEarlier Wednesday, Trump said on social media that “Interest Rates should be lowered, something which would go hand in hand with upcoming Tariffs!!!”that the Fed, after cutting its key rate three times late last year, would hold off on further cuts as it waited for evidence that inflation is moving closer to its 2% target.and those he has put in place, affect the economy. Most economists worry that tariffs will at least temporarily push up inflation., with consumer prices rising 3% in January from a year earlier, up from a 3 1/2 year low of 2.4% in September. The uptick makes it even less likely the Fed will cut its key rate anytime soon. The Fed's rate influences borrowing costs throughout the economy, including mortgages, auto loans, and credit cards.“Today’s inflation print ... says the same thing,” he added. As a result, the Fed wants to keep rates “restrictive for now,” Powell added. At its current level, the Fed’s key rate is restricting borrowing and spending by consumers and businesses, Powell has said. The Fed cut its key rate to about 4.3% from 5.3% last year. Fed officials in December had forecast that they would implement two cuts this year, but some economists now think the Fed may be on hold all year. Wall Street investors foresee only one cut, in October. Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.Get ready for some fabulous Insider Deals that will help you enjoy a cozy night's sleep and some that will elevate your style and beauty game.Read full article: Elevate your style and beauty game with these Insider DealsWant to bring low-spend January into the rest of the year? Start by owning your Microsoft apps Read full article: Want to bring low-spend January into the rest of the year? Start by owning your Microsoft apps
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