Federal Reserve

Fed's Bostic Cautions That US Economic Recovery is Very Uneven
Economy
Fed's Bostic Cautions That US Economic Recovery is Very Uneven

Some parts of the U.S. economy are coming back strongly while others are still struggling because of the coronavirus pandemic, said Federal Reserve Bank of Atlanta President Raphael Bostic. "In some segments the economy is recovering and rebounding in a very robust way," Bostic said... Read More

Mnuchin, Powell Say Congress Needs to Pass More COVID-19 Relief
Economy
Mnuchin, Powell Say Congress Needs to Pass More COVID-19 Relief

WASHINGTON — Treasury Secretary Steven Mnuchin, Federal Reserve Chairman Jerome Powell and representatives from both parties agreed on at least one point at a hearing Tuesday: The economy needs more relief from Congress to sustain the recovery from the coronavirus.... Read More

Fed Signals Rates Will Stay Near Zero for at Least Three Years
Federal Reserve
Fed Signals Rates Will Stay Near Zero for at Least Three Years

The Federal Reserve left interest rates near zero and signaled it would hold them there through at least 2023 to help the U.S. economy recover from the coronavirus pandemic. The Federal Open Market Committee “expects to maintain an accommodative stance... Read More

Fed’s Kashkari Urges Congress to Act, Suggests Fresh Lockdown
Economy
Fed’s Kashkari Urges Congress to Act, Suggests Fresh Lockdown

The surging U.S. savings rate means the country can afford to support Americans laid off due to the coronavirus pandemic, while a “hard” lockdown could deliver a faster economic recovery, a senior Federal Reserve official said on Sunday. Federal Reserve... Read More

Fed’s Powell to Congress: Economy Needs More Fiscal Relief
Economy
Fed’s Powell to Congress: Economy Needs More Fiscal Relief

WASHINGTON — Federal Reserve Chairman Jerome Powell has a clear message for Congress: Spend more money, right now. In an interview Wednesday with the Peterson Institute for International Economics, Powell called the COVID-19 pandemic an unprecedented economic challenge that needs... Read More

Federal Reserve Expands Paycheck Protection Program to Add More Lenders
Economy
Federal Reserve Expands Paycheck Protection Program to Add More Lenders
2020-05-01 14:27:34
by Dan McCue

WASHINGTON - The Federal Reserve said Thursday it is expanding a program that helps the government provide stimulus loans to small businesses and is designed to keep workers on payrolls during the coronavirus pandemic. In a brief statement on its... Read More

Federal Reserve Expands Scope of Main Street Lending Program
Economy
Federal Reserve Expands Scope of Main Street Lending Program
2020-05-01 14:24:57
by Dan McCue

WASHINGTON - The Federal Reserve said Thursday it is expanding the scope and eligibility for the Main Street Lending Program, a vehicle created to help credit flow to small and medium-sized businesses that were in sound financial shape before the... Read More

Fed Unleashes Unprecedented Measures to Shore Up Reeling Economy
Economy
Fed Unleashes Unprecedented Measures to Shore Up Reeling Economy

The Federal Reserve, racing again to contain mounting economic and financial-market fallout from the coronavirus, unveiled a sweeping series of measures that pushed the 106-year old central bank deeper into uncharted territory. In a surprise announcement Monday before markets opened... Read More

Fed Takes Emergency Steps to Slash Rates and Ease Bank Rules
Federal Reserve
Fed Takes Emergency Steps to Slash Rates and Ease Bank Rules

WASHINGTON (AP) — The Federal Reserve took massive emergency action Sunday to try to help the economy withstand the coronavirus by slashing its benchmark interest rate to near zero and saying it would buy $700 billion in Treasury and mortgage... Read More

Powell Says Federal Reserve Will Take Steps to Protect Economy During Virus Crisis
Economy
Powell Says Federal Reserve Will Take Steps to Protect Economy During Virus Crisis
2020-02-28 21:12:55
by Dan McCue

Fed Chairman Jerome Powell vowed Friday that the central bank will use its entire toolbox to support the economy in the face of worldwide fears over the coronavirus outbreak. "The fundamentals of the U.S. economy remain strong," Powell said. "However,... Read More

Fed Chair Tells House Panel Coronavirus Risk to US Economy Still Unknown
Federal Reserve
Fed Chair Tells House Panel Coronavirus Risk to US Economy Still Unknown
2020-02-12 14:18:45
by Dan McCue

WASHINGTON - Federal Reserve Chairman Jerome Powell told a House panel on Tuesday that while the U.S. economy continues to show steady growth, the broadening coronavirus outbreak “could lead to disruptions in China that spill over to the rest of... Read More

Ex-Fed Chair Paul Volcker, Tamer of Double-Digit Inflation, Dies
In The News
Ex-Fed Chair Paul Volcker, Tamer of Double-Digit Inflation, Dies
2019-12-09 22:23:59
by Dan McCue

WASHINGTON - Paul Volcker, the Federal Reserve chairman who in the early 1980s pushed interest rates to historic highs to rein in runaway double-digit inflation and set the economy on a course to renewed growth, died on Monday. He was... Read More

China Hits US With New Tariffs on $75 Billion Worth of Products
Economy
China Hits US With New Tariffs on $75 Billion Worth of Products
2019-08-23 17:16:20
by Dan McCue

WASHINGTON — China on Friday announced tariff hikes on $75 billion of U.S. products in retaliation for President Donald Trump's latest planned increase, deepening the trade conflict between the two nations at a time when the president insists "China wants... Read More

Trump May Try To Bolster Economy With Payroll Tax Cut
Economy
Trump May Try To Bolster Economy With Payroll Tax Cut
2019-08-20 20:43:58
by Dan McCue

WASHINGTON - President Donald Trump said Tuesday that his administration is considering a temporary payroll tax cut as a way to bolster the U.S. economy though he continues to insist the nation is not inching toward a recession. "I’ve been... Read More

Fed Cuts Interest Rate Cut For First Time Since 2008
Economy
Fed Cuts Interest Rate Cut For First Time Since 2008

WASHINGTON — The Federal Reserve on Wednesday cut interest rates for the first time since the Great Recession in 2008, a risky move that clashes with its historical practice of taking such a step only when the economy is in... Read More

GOP Senators Sound Optimistic About Trump’s New Fed Picks
Federal Reserve
GOP Senators Sound Optimistic About Trump’s New Fed Picks

WASHINGTON — A week after President Donald Trump tweeted his intention to nominate Judy Shelton and Christopher Waller to the Federal Reserve Board, GOP senators are expressing cautious optimism about both picks, despite Shelton’s unorthodox views on monetary policy. They’re... Read More

Trump Says He’ll Nominate Waller, Shelton to Federal Reserve
Federal Reserve
Trump Says He’ll Nominate Waller, Shelton to Federal Reserve

President Donald Trump said Tuesday he’s planning to nominate Christopher Waller and Judy Shelton to serve on the Federal Reserve Board. Waller, who is an executive vice president and the director of research at the St. Louis Federal Reserve Bank,... Read More

Federal Reserve Holds Key Interest Rate Steady Despite Pressure From Trump
Federal Reserve
Federal Reserve Holds Key Interest Rate Steady Despite Pressure From Trump

WASHINGTON — The Federal Reserve, facing heavy pressure from President Trump to lower borrowing costs, left interest rates unchanged Wednesday but made clear that it was leaning toward cutting rates because of rising risks from trade tensions and a softer... Read More

Fed Chairman Hints That Rate Cuts May Be Needed Due to Trade Disputes
Federal Reserve
Fed Chairman Hints That Rate Cuts May Be Needed Due to Trade Disputes
2019-06-04 20:05:30
by Dan McCue

Federal Reserve Chairman Jerome Powell hinted on Tuesday that the central bank is prepared to cut interest rates later this year if it decides President Donald Trump's many trade conflicts are harming the U.S. economy. "We are closely monitoring the... Read More

Stephen Moore, Trump Ally, Withdraws From Contention for Fed Seat
Federal Reserve
Stephen Moore, Trump Ally, Withdraws From Contention for Fed Seat

WASHINGTON — President Donald Trump was dealt another setback in his bid to put a political ally on the Federal Reserve Board as plans to appoint Stephen Moore, a conservative commentator and economist, collapsed amid a backlash sparked by Moore’s... Read More

Stephen Moore Nomination to Fed Looking Doubtful as Republicans Balk
Federal Reserve
Stephen Moore Nomination to Fed Looking Doubtful as Republicans Balk

WASHINGTON — President Donald Trump’s expected pick to fill a seat on the Federal Reserve is running into significant trouble in the Senate, where Republicans have expressed skepticism over Stephen Moore’s past writings and statements about women. “It will be... Read More

Spotlight Turns to Stephen Moore After Cain Drops Bid for Fed Board Seat
Federal Reserve
Spotlight Turns to Stephen Moore After Cain Drops Bid for Fed Board Seat

WASHINGTON — Herman Cain’s withdrawal from consideration for a seat on the Federal Reserve Board has intensified the scrutiny of President Donald Trump’s other controversial choice for the central bank, economics writer Stephen Moore. Like Cain, Moore has yet to... Read More

Cain Withdraws from Consideration for Seat on Federal Reserve
Federal Reserve
Cain Withdraws from Consideration for Seat on Federal Reserve
2019-04-22 20:31:26
by Dan McCue

Former Godfather’s Pizza CEO Herman Cain has withdrawn from consideration for a seaton the Federal Reserve board amid focus on past allegations of sexual harassment and infidelity. Cain ran for president as an insurgent populist eyeing the 2012 Republican presidential... Read More

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