Jul 29 Fed wrestles with its next moves as virus stalls U.S. economy By Associated Press The central bank is working toward providing more specific guidance on the conditions it would need to see before considering raising its benchmark short-term interest rate, which is now pegged near zero. Continue reading
Jul 01 Federal Reserve meeting minutes show concern about steep economic downturn By Martin Crutsinger, Associated Press Fed officials noted that the crisis was not falling equally on all Americans. The minutes say officials discussed how the sharp rise in joblessness had been especially severe for lower-wage workers, women, African Americans, and Hispanics. Continue reading
Jun 19 WATCH: Powell discusses ways to rebuild the workplace amid COVID-19 By Associated Press The chairman's remarks to a House committee came on the second day of his semi-annual testimony to Congress on monetary policy. Continue reading
Jun 16 WATCH: Powell warns that long downturn would mean severe damage By Martin Crutsinger, Associated Press Federal Reserve Chair Jerome Powell will present the semi-annual monetary policy report June 16 before the Senate Committee on Banking, Housing, and Urban Affairs. Continue reading
Jun 10 Federal Reserve to keep providing aid and sees no rate hike through 2022 By Christopher Rugaber, Associated Press The Federal Reserve says it will keep buying bonds to maintain low borrowing rates and support the U.S. economy in the midst of a recession. And it says nearly all the Fed's policymakers foresee no rate hike through 2022. Continue reading
Jun 10 WATCH: Fed 'not thinking about raising rates,' Powell says By Christopher Rugaber, Associated Press Chairman Jerome Powell faces a challenging task Wednesday: He'll need to make a convincing case that the Federal Reserve is committed to using all its tools to bolster an economy gripped by recession — without making any policy changes to… Continue reading
May 29 WATCH: Powell says Fed will soon begin 'challenging' Main Street lending By Christopher Rugaber, Associated Press Federal Reserve Chair Jerome Powell acknowledged Friday that the Fed faces a major challenge with the launch of a program lending directly to private companies. Continue reading
May 19 WATCH: Fed's Powell says new lending programs to launch by June 1 By Martin Crutsinger, Christopher Rugaber, Associated Press Treasury Secretary Steve Mnuchin and Federal Reserve Chair Jerome Powell will testify Tuesday at 10 a.m. before the Senate Banking, Housing and Urban Affairs Committee. Continue reading
May 13 Powell warns of prolonged recession and unemployment By Christopher Rugaber, Associated Press The Fed and Congress have taken far-reaching steps to try to counter what is likely to be a severe downturn resulting from the widespread shutdown of the U.S. economy. But Powell cautioned that widespread bankruptcies among small businesses and extended… Continue reading
Apr 29 WATCH: Fed signals it will likely keep rates near zero for months By Christopher Rugaber, Associated Press Fed chair Jerome Powell suggested that given the depth of the U.S. economic catastrophe, with perhaps 30 million people having lost jobs in the past six weeks, it will “probably will take some time for us to get back to… Continue reading