Watch 5:08
News Wrap: Federal Reserve projects rate increases in 2023 as economy recovers from COVID
In our news wrap Wednesday, the Federal Reserve signaled it may raise a key, short-term interest rate — from near-zero — sooner than planned. The European Union called for lifting travel restrictions on Americans. North Korea's leader Kim Jong-un warned…
Federal Reserve survey finds economy rebounding, helped by stimulus, vaccines
The new survey released Wednesday showed that the Fed's business contacts around the country were expressing more optimism about the economy's outlook as activity accelerated.
U.S. nears full reopening to ‘different economy,’ says Fed Chair Powell
The U.S. economy, boosted by quickening vaccinations and signs of rapid hiring, is headed toward a strong recovery, Federal Reserve Chair Jerome Powell said Thursday.
WATCH: Yellen, Powell say more needed to promote pandemic recovery
The two officials struck upbeat notes on the future of the economy in their prepared testimony Tuesday before the House Financial Services Committee while cautioning that the economy still needs help.
Federal Reserve Chair Jerome Powell said Thursday that inflation will likely pick up in the coming months but the increase will be temporary, and won’t be enough for the Fed to alter its low-interest rate policies.
Powell also warned Wednesday that many who had worked in industries hardest hit by the pandemic and ensuing recession will likely need to find different jobs.
The Federal Reserve says there’s evidence that hiring has picked up in recent weeks, though the job market remains badly damaged by the pandemic.
Powell spent little time on inflation in prepared remarks for a webcast to the Economic Club of New York.
The Federal Reserve pledged on Wednesday to keep its low interest rate policies in place even well after the economy has sustained a recovery from the viral pandemic.
Additional Support Provided By:
