CHRISTOPHER RUGABER

Chris Rugaber covers the economy and the Federal Reserve

FILE - Former Treasury Secretary Steve Mnuchin speaks with reporters at the White House, March 13, 2020, in Washington. Mnuchin is interested in buying TikTok, just days after his investment firm led a $1 billion deal to inject life into a beaten-down bank.(AP Photo/Alex Brandon, File)

Mnuchin’s interest in TikTok and a distressed NY bank echoes his pre-Trump investment playbook

Steven Mnuchin is a former U.S. Treasury secretary who said this week that he is interested in buying TikTok, just days after his investment firm led a $1 billion deal to inject life into a beaten-down bank.

Travelers walk through Philadelphia International Airport in Philadelphia, Friday, Feb. 16, 2024. On Friday, March 15, 2024, the University of Michigan releases its preliminary reading of consumer sentiment for March. (AP Photo/Matt Rourke)

US consumer sentiment ticks down slightly, but most expect inflation to ease further

Consumers became slightly less optimistic about the economy this month, though they continue to expect inflation to cool further, a potential sign that price increases will keep slowing.

FILE - A worker at Reata Engineering and Machine Works prepares a Hexagon machine used to confirm that parts meet customer standards on Feb.15, 2024, in Englewood, Colo. On Thursday, March 14, 2024, the Labor Department releases producer prices data for February. (AP Photo/David Zalubowski, File)

US wholesale prices picked up in February in sign that inflation pressures remain elevated

Wholesale prices in the United States accelerated again in February, the latest sign that inflation pressures in the economy remain elevated and might not cool in the coming months as fast as the Federal Reserve or the Biden administration would like.

Shoppers carry their purchases in Bradenton, Fla., Friday, Feb. 9, 2024. On Tuesday, March 12, 2024, the Labor Department issues its report on inflation at the consumer level in February. (AP Photo/Gene J. Puskar)

US inflation up again in February in latest sign that price pressures remain elevated

Consumer prices in the United States picked up last month, a sign that inflation remains a persistent challenge for the Federal Reserve and for President Joe Biden’s re-election campaign, both of which are counting on a steady easing of price pressures this year.

Federal Reserve Chairman Jerome Powell testifies before the Senate Committee on Banking, Housing, and Urban Affairs, on Capitol Hill Thursday, March 7, 2024, in Washington. (AP Photo/Mariam Zuhaib)

Federal Reserve’s Powell: Regulatory proposal criticized by banks will be revised by end of year

A sweeping bank regulatory proposal will be significantly revised by year’s end, Federal Reserve Chair Jerome Powell said Thursday, a potential victory for the large banks that have aggressively opposed the likely changes.

Federal Reserve Board Chair Jerome Powell appears before the House Financial Services Committee on Capitol Hill, Wednesday, March 6, 2024, in Washington. (AP Photo/Mark Schiefelbein)

Fed’s Powell: Rate cuts likely this year, but more evidence is needed that inflation is tamed

Chair Jerome Powell reinforced his belief that the Federal Reserve will cut its key interest rate this year but said it first wants to see more evidence that inflation is falling sustainably back to the Fed’s 2% target.

A woman pauses while shopping at a Kohl's store in Clifton, N.J., Jan. 26, 2024. On Thursday, Feb. 29, 2024, the Commerce Department issues its January report on consumer spending. (AP Photo/Seth Wenig)

Federal Reserve’s preferred inflation gauge picked up last month in sign of still-elevated prices

An inflation gauge favored by the Federal Reserve increased in January, the latest sign that the slowdown in U.S. consumer price increases is occurring unevenly from month to month.

A shopper looks down an aisle in a Target store in Upper Saint Clair, Pa., on Friday, July 7, 2023. On Wednesday, the Labor Department reports on U.S. consumer prices for June.(AP Photo/Gene J. Puskar)

Consumers are pushing back against price increases — and winning

Inflation has changed the way many Americans shop. Now, those changes in consumer habits are helping bring down inflation.

FILE - An American flag flies over the Federal Reserve building on May 4, 2021, in Washington. In statements made Thursday, Feb. 22, 2024, several Federal Reserve policymakers warned against cutting U.S. interest rates too soon or by too much in the wake of recent data showing inflation stayed unexpectedly high in January. (AP Photo/Patrick Semansky, File)

Federal Reserve officials caution against cutting US interest rates too soon or too much

Several Federal Reserve policymakers are warning against cutting U.S. interest rates too soon or by too much in the wake of recent data showing inflation stayed unexpectedly high in January.

FILE - Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve, Jan. 31, 2024, in Washington. The Federal Reserve releases minutes from its January meeting, when it kept its key short-term interest rate unchanged for a fourth straight time, on Wed., Feb. 21, 2024. (AP Photo/Alex Brandon, File)

Federal Reserve minutes: Officials worried that progress on inflation could stall in coming months

Federal Reserve officials acknowledged at their most recent meeting in January that there had been “significant progress” in reducing inflation.

FILE - A golfer drives range balls on a warm day in Des Plaines, Ill., Feb. 1, 2024. On Friday, Feb. 16, 2024, the University of Michigan releases its preliminary reading of consumer sentiment for the month. (AP Photo/Nam Y. Huh, File)

Consumer sentiment edges higher as economic growth accelerates and inflation fades

A measure of consumer sentiment ticked higher this month, after soaring in December and January, underscoring that Americans are starting to feel better about the economy after years of gloom.

FILE - The Shell Ethane Cracker Plant on the Monongahela River in Monaca, Pa., is shown on Nov. 30, 2023. On Friday, Feb. 16, 2024, the Labor Department releases producer prices data for January. (AP Photo/Gene J. Puskar, File)

US wholesale inflation accelerated in January in latest sign that prices picked up last month

Wholesale prices in the United States accelerated in January, the latest sign that some inflation pressures in the economy remain elevated.

FILE - Shoppers and sightseers walk on Fifth Avenue on Dec. 11, 2023, in New York. In the United States, the economy motored ahead in last year's fourth quarter for a sixth straight quarter of growth since the pandemic's early days. (AP Photo/Yuki Iwamura, File)

Recession has struck some of the world’s top economies. The US keeps defying expectations

Both Japan and the United Kingdom said Thursday their economies weakened during the final three months of 2023.

An associate checks over a big-screen television on display in a Costco warehouse Tuesday, Feb. 6, 2024, in Colorado Springs, Colo. On Tuesday, The Labor Department issues its report on inflation at the consumer level in January. (AP Photo/David Zalubowski)

US inflation slows but remains elevated in sign that price pressures are easing only gradually

Consumer inflation in the United States cooled last month yet remained elevated in the latest sign that the pandemic-fueled price surge is only gradually and fitfully coming under control.

FILE - A television screen on the floor of the New York Stock Exchange displays the Federal Reserve's decision on interest rates, Jan. 31, 2024. From Wall Street investors to car dealers to potential home buyers, many Americans are eager for the Federal Reserve to start cutting its benchmark interest rate and reducing borrowing costs throughout the economy (AP Photo/Richard Drew, File)

Inflation is nearly back to 2%. So why isn’t the Federal Reserve ready to cut rates?

From Wall Street traders to car dealers to home buyers, Americans are eager for the Federal Reserve to start cutting interest rates and lightening the heavy burden on borrowers.

Federal Reserve Board Chair Jerome Powell speaks during a news conference about the Federal Reserve's monetary policy at the Federal Reserve, Wednesday, Jan. 31, 2024, in Washington. (AP Photo/Alex Brandon)

Fed on track to cut rates this year with inflation slowing and the economy healthy, Powell says

Chair Jerome Powell said in an interview broadcast Sunday night that the Federal Reserve remains on track to cut interest rates three times this year, a move that’s expected to begin as early as May.

File - An employee works on a solar panel inside the Hanwha Qcells Solar plant, Oct. 16, 2023, in Dalton, Ga. U.S. manufacturers have added 56,000 jobs in the last three months. (AP Photo/Mike Stewart, File)

Job growth is trending up even as some industries experience big layoffs. This is why

Blockbuster job growth in the past several months has coincided with high-profile layoff announcements by a number of large companies.

File - Workers build a home on Sept. 19, 2023, in Marshall, N.C. On Wednesday, Jan. 31, 2024, the Labor Department reports on wages and benefits for U.S. workers during the last quarter of 2023. (AP Photo/Chris Carlson, File)

US worker paycheck growth slowed late last year, pointing to cooling in a very strong job market

Pay and benefits for America’s workers slowed last quarter, a trend that could affect the Federal Reserve’s decision about when to begin cutting interest rates.

Federal Reserve Board Chair Jerome Powell speaks during a news conference about the Federal Reserve's monetary policy at the Federal Reserve, Wednesday, Jan. 31, 2024, in Washington. (AP Photo/Alex Brandon)

Powell: Federal Reserve is on track to cut rates, though not likely for months

Interest rate cuts are coming. Just not yet. The Federal Reserve delivered that message, first in a policy statement and then in a news conference at which Chair Jerome Powell reinforced it.

File - Federal Reserve Board Chair Jerome Powell speaks during a news conference about the Federal Reserve's monetary policy at the Federal Reserve, Dec. 13, 2023, in Washington. The Federal Reserve will meet on January 31. (AP Photo/Alex Brandon, File)

Inflation has slowed. Now the Federal Reserve faces expectations for rate cuts

Chair Jerome Powell will enter this week’s Federal Reserve meeting in a much more desirable position than he likely ever expected: Inflation is getting close to the Fed’s target rate, the economy is still growing at a healthy pace, consumers keep spending and the unemployment rate is near a half-cen

Customers wait for orders at a grocery store in Wheeling, Ill., Friday, Jan. 19, 2024. On Friday, the Commerce Department issues its December report on consumer spending. (AP Photo/Nam Y. Huh)

Inflation slowed further in December as an economic ‘soft landing’ moves into sharper focus

The Federal Reserve’s preferred inflation gauge cooled further even as the economy kept growing briskly, a trend sure to be welcomed at the White House as President Joe Biden seeks re-election in a race that could pivot on his economic stewardship.

A customer checks prices while shopping at a grocery store in Wheeling, Ill., Friday, Jan. 19, 2024. A typical basket of groceries now costs 20% more than in February 2021, just before inflation began to take off. (AP Photo/Nam Y. Huh)

Americans’ economic outlook brightens as inflation slows and wages outpace prices

After an extended period of gloom, Americans are starting to feel better about inflation and the economy — a trend that could sustain consumer spending, fuel economic growth and potentially affect President Joe Biden’s political fortunes.

FILE- The seal of the Board of Governors of the United States Federal Reserve System is shown at the Marriner S. Eccles Federal Reserve Board Building in Washington on Feb. 5, 2018. (AP Photo/Andrew Harnik, File)

Top Federal Reserve official says inflation fight seems nearly won, with rate cuts coming

A top Federal Reserve official said he’s increasingly confident that inflation will continue falling this year back to the Fed’s 2% target level, after two years of accelerating price spikes that hurt millions of American households.

File - In this photo made with a slow shutter speed, Federal Reserve Board Chair Jerome Powell speaks during a news conference on Dec. 13, 2023, in Washington. Confidence is growing among Federal Reserve officials and many economists that high interest rates and healed supply chains will soon defeat inflation. (AP Photo/Alex Brandon, File)

The Federal Reserve could do what was thought impossible: Defeat inflation without a steep recession

It was the most painful inflation Americans had experienced since 1981, when “The Dukes of Hazzard” and “The Jeffersons” were topping the TV charts.

Federal Reserve Board Chair Jerome Powell speaks during a news conference about the Federal Reserve's monetary policy at the Federal Reserve, Wednesday, Dec. 13, 2023, in Washington. (AP Photo/Alex Brandon)

Federal Reserve keeps key interest rate unchanged and foresees 3 rate cuts next year

The Federal Reserve kept its key interest rate unchanged for a third straight time, and its officials signaled that they expect to make three quarter-point cuts to their benchmark rate next year.

File - In this image made with a long exposure, motorists move along Interstate 76 ahead of the Thanksgiving Day holiday in Philadelphia, Nov. 22, 2023. U.S. inflation ticked down again last month, with cheaper gas helping further lighten the weight of consumer price increases in the United States. (AP Photo/Matt Rourke, File)

How rising prices for restaurants, car repair and other services kept inflation up last month

Held down by sinking gas prices, U.S. inflation was mostly unchanged last month. But underlying price pressures — from apartment rents, restaurant meals, auto insurance and many other services — remained stubbornly high.

FILE - Federal Reserve Chairman Jerome Powell is introduced at the Jacques Polak Research Conference at the International Monetary Fund, Thursday, Nov. 9, 2023, in Washington. The Fed is set to leave interest rates unchanged while facing speculation about eventual rate cuts. (AP Photo/Mark Schiefelbein, File)

Speculation about eventual rate cuts is rising, but Fed is set to leave interest rates unchanged

With inflation edging closer to the Federal Reserve’s 2% target, its policymakers are facing — and in some cases fueling — hopes that they will make a decisive shift in policy and cut interest rates next year, possibly as soon as spring.

File - Social worker Lupita Armijo-Garcia works at her desk in the Ottawa County, Mich., Department of Public Health office, Tuesday, Sept. 5, 2023, in Holland, Mich. On Friday, the U.S. government issues its November jobs report. (AP Photo/Kristen Norman, File)

A ‘soft landing’ or a recession? How each one might affect America’s households and businesses

The solid hiring revealed in Friday’s jobs report for November, along with a raft of other recent economic data, is boosting hopes that the U.S. economy will achieve a “soft landing” next year rather than a widely feared recession.

File - Mechanic David Stoliaruk works on the engine of a car at IC Auto in Philadelphia, May 2, 2023. On Friday, the U.S. government issues its November jobs report. (AP Photo/Matt Rourke, File)

Solid US hiring lowers unemployment rate in latest sign of a still-sturdy job market

U.S. employers added a healthy 199,000 jobs last month and the unemployment rate fell, fresh signs that the economy could achieve an elusive “soft landing,” in which inflation would return to the Federal Reserve’s 2% target without causing a steep recession.

File - Federal Reserve Chairman Jerome Powell speaks at the International Monetary Fund on Nov. 9, 2023 in Washington. Powell will appear at events at Spelman College in Atlanta today. (AP Photo/Mark Schiefelbein, File)

Fed’s Powell notes inflation is easing but downplays discussion of interest rate cuts

Inflation is slowing steadily, but it’s too early to declare victory or to discuss when the Federal Reserve might cut interest rates, Chair Jerome Powell said.