Fed's Bowman Warns of Fragile Job Market, Urges Readiness for Rate Cuts
Federal Reserve Vice Chair Michelle Bowman said the fragile job market may weaken, requiring readiness to cut rates if needed, while noting inflation risks are uneven.
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Federal Reserve Vice Chair Michelle Bowman said the fragile job market may weaken, requiring readiness to cut rates if needed, while noting inflation risks are uneven.
Federal Reserve Vice Chair Michelle Bowman said the central bank should be prepared to cut interest rates further, citing signs of fragility in the labor market and warning that layoffs could rise quickly.
U.S. stocks turned lower Friday after President Trump expressed reluctance to name Kevin Hassett as the next Federal Reserve chair, fueling market uncertainty. The Nasdaq and S&P 500 slipped, while bank earnings provided some support.
U.S. factory production increased 0.2% in December, defying forecasts of a decline, driven by a jump in primary metals output that offset a drop in motor vehicle assembly. However, manufacturing activity contracted in the fourth quarter.
US stocks gave up early gains Friday as Trump's comments on the next Fed chair weighed on markets. The Nasdaq and S&P 500 turned negative, while bank earnings and geopolitical tensions capped a volatile week.
Wells Fargo's net income rose 5.5% to $5.4 billion in 2025, though severance costs impacted results. CEO Charlie Scharf said the bank can now compete on a level playing field after the Fed's asset cap was removed.
Recent data reveals average personal loan interest rates at 12.19%, with balances averaging $11,724. The Federal Reserve has cut rates three times in 2025, influencing borrowing costs.
US stock indexes fell Wednesday, with the S&P 500 and Nasdaq 100 hitting 1.5-week lows. Chip makers and major tech stocks declined, while geopolitical risks rose. Oil and precious metals surged. Stocks partially recovered after a positive Fed report and strong economic data.
US stocks fell Wednesday with tech and bank shares declining. Inflation data showed sticky prices, metals surged to records, and the Supreme Court delayed a tariff ruling.