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

Trump Halt of COVID-19 Relief Talks Draws Sharp Rebuke on Capitol Hill
Economy
Trump Halt of COVID-19 Relief Talks Draws Sharp Rebuke on Capitol Hill
2020-10-06 21:22:56
by Dan McCue

WASHINGTON — Anger on Capitol Hill boiled over Tuesday after President Donald Trump called an abrupt end to negotiations with House Democrats over additional coronavirus relief, delaying action until after the election. Trump announced he was walking away from the... 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

Powell’s Fed Shift Allows for Higher Employment and Inflation
Economy
Powell’s Fed Shift Allows for Higher Employment and Inflation

Federal Reserve Chair Jerome Powell unveiled a new approach to setting U.S. monetary policy, letting inflation and employment run higher in a shift that will likely keep interest rates low for years to come. Following a more than yearlong review,... 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

Economy Last Quarter Was Worst in US History, Shrinking 32.9%
Economy
Economy Last Quarter Was Worst in US History, Shrinking 32.9%
2020-07-30 15:45:22
by Dan McCue

WASHINGTON - The U.S. economy shrank at an annual rate of 32.9% in the second quarter -- the worst quarterly decline ever -- amid a coronavirus pandemic that shuttered businesses and threw millions out of work. The Commerce Department's estimate... Read More

Fed’s Powell to Bring Sober Message to Capitol Hill This Week
Economy
Fed’s Powell to Bring Sober Message to Capitol Hill This Week

WASHINGTON — Federal Reserve Chairman Jerome Powell will deliver a cautionary message about the U.S. economy and COVID-19 when he appears twice this week on Capitol Hill. His remarks to lawmakers are widely expected to echo the mostly downbeat assessment... Read More

Powell Warns US Recovery Could Stretch Through End of 2021
Economy
Powell Warns US Recovery Could Stretch Through End of 2021

The U.S. economy will recover from the coronavirus pandemic, but the process could stretch through until the end of next year and depend on the delivery of a vaccine, said Federal Reserve Chairman Jerome Powell. “Assuming there’s not a second... 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

Federal Reserve Extends Lending to Smaller US Cities and Counties
Economy
Federal Reserve Extends Lending to Smaller US Cities and Counties
2020-04-28 20:22:16
by Dan McCue

WASHINGTON - The Federal Reserve is expanding the eligibility criteria for a lending program intended to support the municipal bond market to allow small U.S. cities and municipalities to access needed funds from the central bank. The loosening of lending... 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

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

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

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

US Consumer Borrowing Slowed in February, Fed Says
Economy
US Consumer Borrowing Slowed in February, Fed Says
2019-04-05 20:56:28
by Dan McCue

Consumer borrowing rose at a slower pace in February as a surge in the use of credit cards was offset by a slackening in demand for student loans and auto loans, the Federal Reserve said Friday. The central bank said... Read More

United States Posted Largest-Ever Monthly Budget Deficit in February
Economy
United States Posted Largest-Ever Monthly Budget Deficit in February
2019-03-22 21:31:58
by Dan McCue

The federal government posted its biggest monthly budget deficit ever in February as a sharp decline in corporate revenue coincided with increased spending, the Treasury Department announced Friday. The budget gap widened to $234 billion in February, compared with a... Read More

Federal Reserve Foresees No Additional Interest Rate Hikes This Year
Economy
Federal Reserve Foresees No Additional Interest Rate Hikes This Year
2019-03-20 20:53:15
by Dan McCue

The Federal Reserve's policymaking Federal Open Market Committee said Wednesday there will be no more interest rate hikes this year, baring a significant, unforeseen change in the economy. The unanimous decision by the committee following its two-day meeting this week... Read More

Straight From The Well
scroll top