• Weak pay growth puzzles Fed chief, just like everyone else

    2 monthes ago - By Chron

    WASHINGTON - Halfway through a news conference Wednesday, the head of the world's most powerful central bank was asked a question weighing on the minds - and the checking accounts - of Americans everywhere:
    When will people finally start getting meaningful pay raises?
    Jerome Powell, the chairman of the Federal Reserve, had no satisfactory answer.
    He called it a "puzzle." And then, as if measuring his words, he said he wasn't prepared to call it a "mystery."
    Puzzle or mystery, the source of the consternation is this: The U.S. unemployment rate has dropped to a multi-decade low of 3.8...
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