• Federal Reserve staffers boost political giving to Democrats’ benefit

    Federal Reserve staffers boost political giving to Democrats’ benefit

    Federal Reserve staffers more than doubled their political donations during the 2020 election season, with most of their money going to Democrats. Employees of the central bank gave more than $1.1
  • Atlanta Fed chief says US racial wealth gap is stuck in last century

    Atlanta Fed chief says US racial wealth gap is stuck in last century

    The “pernicious and persistent” impact of long-outlawed policies like “redlining” blacks out of white neighborhoods continues to influence the ability of minority families to amass wealth, and requires a deeper look at how those longstanding problems might be addressed, Atlanta Fed president Raphael Bostic said on Friday. Even as laws have moved forward to forbid …
  • NY Fed operating chief Michael Strine to retire next year

    NY Fed operating chief Michael Strine to retire next year

    Michael Strine, first vice president and chief operating officer for the New York Federal Reserve, will retire early next year, the New York Fed said Thursday. Strine, who is an alternate voting member of the US central bank’s policy-setting Federal Open Market Committee, will retire on Feb. 28, 2021, when he completes his current term. …
  • Fed vows to keeps interest rates on hold until inflation rises

    Fed vows to keeps interest rates on hold until inflation rises

    The Federal Reserve kept interest rates pinned near zero on Wednesday and promised to keep them there until inflation is on track to “moderately exceed” the US central bank’s 2 percent inflation target “for some time.” The change in guidance is part of a monetary policy shift announced by the Fed last month that is …
  • Minneapolis Federal Reserve Bank boss Neel Kashkari: ‘Hard’ shutdown can save economy

    Minneapolis Federal Reserve Bank boss Neel Kashkari: ‘Hard’ shutdown can save economy

    Locking the country down “really hard” for a period of several weeks could save the economy from long-term pain, the president of the Minneapolis Federal Reserve Bank said Sunday. In an interview with CBS’ “Face the Nation,” Neel Kashkari said that the only way to have “a real robust economic recovery” is to quash the …
  • Why looking at the stock market won’t give you full picture of US economy

    Why looking at the stock market won’t give you full picture of US economy

    Between the federal government and the Federal Reserve, about $10 trillion has been pumped into the US economy to prevent a pandemic-fueled economic collapse. Judging by the stock market, you would think we’ve sidestepped a 2008-size disaster. But stocks, at least in the short run, are rarely a good indication of what’s festering inside the …
  • The Threat of Fed’s Decision To Lower Rates

    The Threat of Fed’s Decision To Lower Rates

    This month, under the guidance of Jerome Powell, the Federal Reserve announced it is cutting rates for the first time since the 2008 financial crisis. This rate cut of 25 basis points is a decline from 2.5 percent to 2.25 percent. Powell’s reasoning for the rate cut was to provide a “mid-cycle adjustment” in an …
  • Federal Reserve reins in bank spending on pandemic fears

    Federal Reserve reins in bank spending on pandemic fears

    The Federal Reserve is making life a little harder for Jamie Dimon and his fellow big bankers until it gets more clarity on just how painful the coronavirus pandemic will be for the American economy. On Thursday, the Fed unleashed a series of restrictions on bank operations over the next few months, including a hard …
  • Feds water down Volcker Rule restrictions

    Feds water down Volcker Rule restrictions

    The Federal Reserve and four other regulatory agencies announced on Thursday that they have finalized a rule that will ease restrictions curtailing the ability of banks to make investments in such areas as hedge funds. The announcement of the easing of regulations know as the “Volcker Rule” gave an immediate boost to bank stocks because …
  • Systemic racism is hurting America’s economy: fed officials

    Systemic racism is hurting America’s economy: fed officials

    Systemic racism is choking the US economy by preventing all Americans from fully participating in it, top central bankers say. The heads of two regional Federal Reserve banks recently made economic arguments against racism amid both raging protests against police brutality and the coronavirus pandemic that has disproportionately affected black people. The Fed chiefs contend …