http://syn2.thecanadianpress.com:8080/mrss/feed/fcf7391a2f354311807f0501c16bde6a MSN - AP World Copyright © 2010-2018 The Canadian Press. All rights reserved. http://www.rssboard.org/rss-specification Tue, 13 May 2025 07:08:01 +0000 http://syn2.thecanadianpress.com:8080/mrss/feed/fcf7391a2f354311807f0501c16bde6a/67c13ad4cbeb4127a4ac6c4dd7545d58 67c13ad4cbeb4127a4ac6c4dd7545d58 Tue, 07 Feb 2023 23:12:07 +0000 RESTRICTION SUMMARY: PART MUST CREDIT THE ECONOMIC CLUB OF WASHINGTON, D.C.++SOUNDBITES PARTIALLY COVERED WITH STILLS++++QUALITY AS INCOMING++ASSOCIATED PRESSARCHIVE: Glenview, Illinois - 4 July 20221. STILL image of woman shopping at grocery storeTHE ECONOMIC CLUB OF WASHINGTON, D.C. - MUST CREDIT THE ECONOMIC CLUB OF WASHINGTON, D.C. Washington - 7 February 20232. SOUNDBITE (English) Jerome Powell, Federal Reserve Chairman:"We expect significant progress on inflation this year. And again, it's our job to produce it."3. SOUNDBITE (English) Jerome Powell, Federal Reserve Chairman:"Demand for U.S. workers is now more than 5 million greater than the available supply. And available supply consists of people who are either working, or actively looking for a job. So, this was not the case before the pandemic. The pandemic really had a significant, left a lasting mark so far on labor supply in the United States."ASSOCIATED PRESSARCHIVE: Rolling Meadows, Illinois - 30 January 20234. STILL image of hiring sign at restaurant ++WHITE FLASH++THE ECONOMIC CLUB OF WASHINGTON, D.C. - MUST CREDIT THE ECONOMIC CLUB OF WASHINGTON, D.C. Washington - 7 February 20235. SOUNDBITE (English) Jerome Powell, Federal Reserve Chairman:"The whole thing began, inflation began with people not being able to buy services, instead buying goods and then global supply chains collapsing. And so, you couldn't get goods and prices of goods went up. And that's where it started. But that is now starting to get better as supply chains are improving and as people are rotating their purchases back to services. You move on, though. We're not seeing it yet in housing services, which is either rent or the ownership, the imputed cost of house ownership. But we expect to see that. So, we need that to happen. That's another big part of the economy. It's got to come. It should come in the second half of this year. Then the biggest piece of it, and what I worry about the most, is when are we going to see disinflation or declining inflation in core services, ex housing."ASSOCIATED PRESSARCHIVE: Philadelphia - 29 September 20226. STILL image of cars for sale at dealershipASSOCIATED PRESSARCHIVE: Glenview, Illinois - 19 November 20227. STILL image of American shopper looking at grocery itemsASSOCIATED PRESSARCHIVE: Jackson, Mississippi - 12 October 20228. STILL image of home for sale sign ASSOCIATED PRESSARCHIVE: Mebane, North Carolina - 10 January 20229. STILL of construction worker on the jobTHE ECONOMIC CLUB OF WASHINGTON, D.C. - MUST CREDIT THE ECONOMIC CLUB OF WASHINGTON, D.C. Washington - 7 February 202310. SOUNDBITE (English) Jerome Powell, Federal Reserve Chairman:"There's been an expectation that it'll go away quickly and painlessly. And I don't think that's at all guaranteed. That's not the base case. The base case for me is that it will take some time and we'll have to do more rate increases and then we'll have to look around and see whether we've done enough."ASSOCIATED PRESSARCHIVE: New York - 3 August 202111. STILL image of sheet metal worker assembling ductwork++ENDS ON A SOUNDBITE++STORYLINE:Federal Reserve Chair Jerome Powell said Tuesday that last week's blockbuster U.S. jobs report showed it would likely take time to curb high inflation but that he expects a "significant decline" in inflation this year.At the same time, Powell said the job market's strength and the persistence of inflation pressures mean that the Fed will need to keep raising its benchmark interest rate this year. He did not specify how many additional rate hikes he envisioned. But at a news conference last week, Powell had suggested that he envisioned "a couple" more hikes in 2023.While inflation pressures are easing, the Fed chair cautioned that "these are the very early stages of disinflation. It has a long way to go." Powell's remarks Tuesday followed the moderately optimistic note he struck at a news conference last week. Speaking to reporters then, Powell noted that high inflation had begun to ease and said he believed the Fed could tame spiking prices without causing a deep recession involving waves of layoffs. Powell said Tuesday at the Economic Club of Washington, D.C., that the market's big moves since the jobs report have gotten it closer to in sync with the Fed's thinking. Not only did stocks fall, Wall Street raised its forecast for how high the Fed will take rates by the summer. Investors also reduced bets that the Fed may cut rates later this year. Rate cuts can goose the economy and act like steroids for markets. But the Fed chair warned that the job market was still out of balance, with robust demand for labor and too-few workers in many industries leading employers to sharply raise wages, a trend that could help keep inflation high. On Friday, the government issued a surprising blowout jobs report that suggested that the economy and hiring were even healthier than Fed officials thought. Employers added 517,000 jobs in January, the report said, nearly double December's gain, and the unemployment rate reached 3.4%, the lowest level in 53 years. Powell said that if more jobs reports or inflation data come in way above expectations, the Fed may ultimately raise rates even higher than it's been saying. "We have a significant road ahead to get inflation down to 2%," which is the Fed's target, Powell said."There's been an expectation that it will go away quickly and painlessly. I don't think that's at all guaranteed."===========================================================Clients are reminded: (i) to check the terms of their licence agreements for use of content outside news programming and that further advice and assistance can be obtained from the AP Archive on: Tel +44 (0) 20 7482 7482 Email: info@aparchive.com(ii) they should check with the applicable collecting society in their Territory regarding the clearance of any sound recording or performance included within the AP Television News service (iii) they have editorial responsibility for the use of all and any content included within the AP Television News service and for libel, privacy, compliance and third party rights applicable to their Territory.===========================================================Clients are reminded: (i) to check the terms of their licence agreements for use of content outside news programming and that further advice and assistance can be obtained from the AP Archive on: Tel +44 (0) 20 7482 7482 Email: info@aparchive.com(ii) they should check with the applicable collecting society in their Territory regarding the clearance of any sound recording or performance included within the AP Television News service (iii) they have editorial responsibility for the use of all and any content included within the AP Television News service and for libel, privacy, compliance and third party rights applicable to their Territory. Fed's Powell sees long road ahead on inflation