Trump takes one step back, another forward in his attempt to reshape the Fed
Here are where things stand regarding Trump, the Federal Reserve, and its traditional independence.
Economy
Articles
Inflation worsened last month, putting Fed in difficult spot as job market slows
The reading is the last the Federal Reserve will receive before its two-day meeting that begins Tuesday, where policymakers are widely expected to cut their short-term rate.
Job market much weaker than thought in 2024 and early 2025, according to revised data
Employers added 911,000 fewer jobs than originally reported in the year that ended in March 2025, the Labor Department reported Tuesday.
Business owners express optimism amid economic challenges, PNC survey shows
PNC Chief Economist Gus Faucher said business owners nationally and in the Indianapolis area are optimistic about their prospects despite ongoing concerns about inflation and possible recession.
Government shutdown looms as Congress returns after monthlong August recess
The annual spending battle will dominate the September agenda, along with a possible effort by Senate Republicans to change their chamber’s rules to thwart Democratic stalling tactics on nominations.
Key inflation gauge holds mostly steady, while core inflation ticks up
The report showed that consumer spending picked up last month and could boost economic growth.
US economy grew more than originally estimated in second quarter, government says
The Commerce Department reported that consumer spending and private investment were a bit stronger in the second quarter than it had first estimated.
Powell signals Fed may cut rates soon even as inflation risks remain
Federal Reserve Chair Jerome Powell opened the door ever so slightly to lowering a key interest rate in the coming months but suggested the central bank will proceed cautiously as it continues to evaluate the impact of tariffs and other policies on the economy.
Finance industry seeks overhaul of global crypto rules for banks
The rules, which include steep capital surcharges for banks that hold cryptocurrencies, were agreed upon in 2022 against a backdrop of crypto market upheaval and a string of scandals.
Retail sales rise 0.5% in July as some shoppers step up purchases ahead of tariffs
However, at electronics stores, sales were down 0.6%. And business at restaurants, the lone services component within the Census Bureau report and a barometer of discretionary spending, fell 0.4%.
Most US stocks fall after a disappointing inflation update, but Big Tech keeps Wall Street steady
Seven out of every 10 stocks within the S&P 500 fell, though the index edged up by less than 0.1% to set another all-time high.
Gold rush hits Trump-era Washington, from precious metal prices to Oval Office décor
The price of gold has surged by about 35% over the last year. One gold dealer from southern Indiana said the market is “a runaway train with no conductor.”
US producer prices surge in July as Trump tariffs push costs higher
U.S. wholesale inflation surged unexpectedly last month, signaling that the president’s sweeping import taxes are pushing costs up and that higher prices for consumers may be on the way.
Trump’s nominee to oversee jobs and inflation data faces shower of criticism
E.J. Antoni’s selection threatens to bring a new level of politicization to what has long been a nonpartisan agency widely accepted as a producer of reliable measures of the nation’s economic health
Homeowners turn to cash-out refinancing to take advantage of big gains in home equity
Cash-out refinances, in which homeowners take out a loan for more than they owe on their mortgage and pockets the difference, accounted for roughly 60% of all home loan refis in the second quarter.
US inflation held steady as mild tariff hit offset by cheaper gas, food
Americans are likely to absorb more trade-war costs in the coming months as Trump begins to finalize tariffs.
Trump nominates conservative economist to head agency that compiles jobs, inflation data
Trump fired the former Bureau of Labor Statistics chief on Aug. 1 after the July jobs report showed hiring slowed sharply this spring, with job gains in May and June revised much lower than initially estimated.
Vast majority of adults stressed about grocery costs, poll finds
Other financial stressors—like the cost of housing or the amount of money in their bank accounts—weigh more heavily on younger Americans, according to polling.
Restaurants balance rising, unpredictable costs with what customers value
Economic uncertainty has seeped into the attitudes of restaurant customers.
Federal Reserve leaves interest rates unchanged even as Trump demands cuts
The choice to hold off on a rate cut will almost certainly result in further conflict between the Fed and White House, as Trump has repeatedly demanded that the central bank reduce borrowing costs.