The inflation lull that helped President Donald Trump keep pressure on the Federal Reserve is over as June's data show the tariffs are finally hitting consumer prices—and Fed Chair Jerome Powell was wise to hold his ground. The most closely watched inflation gauge by the central bank, the Personal Consumption Expenditures (PCE) price index, jumped to 2.6% year-over-year, up from...

WASHINGTON (Reuters) -U.S. labor costs increased slightly more than expected in the second quarter amid a pick-up in wage growth even as labor market conditions are easing. The Employment Cost Index (ECI), the broadest measure of labor costs, rose 0.9% in the last quarter, matching the advance in the first quarter, the Labor Department's Bureau of Labor Statistics said on...

WASHINGTON (Reuters) -U.S. Treasury Secretary Scott Bessent said on Thursday he is pulling together a list of potential candidates to lead the U.S. Federal Reserve and that he expects an announcement by the end of the year. We are putting together a very good list of candidates to replace Fed Chair Jerome Powell and another seat that will become vacant...

WASHINGTON (Reuters) -U.S. labor costs increased slightly more than expected in the second quarter amid a pick-up in wage growth even as labor market conditions are easing. The Employment Cost Index (ECI), the broadest measure of labor costs, rose 0.9% in the last quarter, matching the advance in the first quarter, the Labor Department's Bureau of Labor Statistics said on...