WASHINGTON (Reuters) - The Senate confirmed investment banker Jerome Powell to the Federal Reserve Board, the second of two nominees approved by lawmakers on Thursday. The confirmation of Powell by a vote of 74 to 21 and of Harvard economist Jeremy Stein brings the seven-member board up to full strength for the first time since 2006. That could strengthen Chairman's Ben Bernanke's hand in setting policy for the struggling U.S. economy and in expanding the independent central bank's oversight powers under the 2010 Dodd-Frank financial reform law. ... Read entire article...

WASHINGTON/NEW YORK (Reuters) - U.S. consumer sentiment rose to its highest level in more than four years in early May as Americans were upbeat about the job market and buying plans improved, a survey showed on Friday, offering an encouraging sign for the economic recovery. Separate data earlier in the day showed U.S. producer prices unexpectedly fell in April as energy costs dropped the most in six months, a sign of easing inflation pressures that could give the Federal Reserve more room to help the economy should growth weaken. ...

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WASHINGTON (Reuters) - Producer prices unexpectedly fell in April as energy costs dropped by the most in six months, a sign of easing inflation pressures that could give the Federal Reserve more room to help the economy should growth weaken. The Labor Department said on Friday its seasonally adjusted producer price index dropped 0.2 percent last month. That was the first drop of the year and the biggest decline since October. "Looking ahead consumer prices should remain contained," said Michelle Meyer, an economist at Bank of America Merrill Lynch in New York. ...

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