• Treasury wants to end COVID-19 loan programs — and the Fed isn’t happy

    Treasury wants to end COVID-19 loan programs — and the Fed isn’t happy

    The Trump administration plans to pull the plug on five loan programs that supported the economy during the coronavirus crisis — prompting a rare objection from the Federal Reserve. Treasury
  • 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
  • Jerome Powell’s bond-buying push gives stocks a boost

    Jerome Powell’s bond-buying push gives stocks a boost

    US stocks staged a dramatic recovery Monday when Federal Reserve Chairman Jerome Powell swooped in with yet another program to help buffer investors from the impact of the coronavirus. The Dow Jones industrial average tumbled as much as 762.36 points, or 2.9 percent, to 24,843.18, after several US states reported spikes in COVID-19 infections and …
  • Fed officials see no interest rate increases through 2022

    Fed officials see no interest rate increases through 2022

    The Federal Reserve on Wednesday signaled years of extraordinary support for an economy facing a torturous slog back from the coronavirus pandemic, with policymakers projecting a 6.5 percent decline in gross domestic product this year, a 9.3 percent unemployment rate at year’s end — and no interest rate increases through 2022. In the first economic …
  • Fed will soon begin ‘challenging’ Main Street lending, says Powell

    Fed will soon begin ‘challenging’ Main Street lending, says Powell

    Federal Reserve Chair Jerome Powell acknowledged Friday that the Fed faces a major challenge with the launch in the coming days of a program that will lend to companies other than banks for the first time since the Great Depression. The Fed’s Main Street Lending is geared toward medium-sized companies that are too large for …
  • Fed Chair Warns Economy May Not Fully Rebound Until End of 2021, Could Require a Vaccine

    Fed Chair Warns Economy May Not Fully Rebound Until End of 2021, Could Require a Vaccine

    Federal Reserve chairman Jerome Powell warned in an interview released on Sunday that a full economic rebound following the coronavirus pandemic may not occur until the end of 2021. Powell described the sudden slowdown as the “biggest shock that the economy’s had in living memory” during the interview on CBS’s 60 Minutes. “This economy will …
  • Federal Reserve chairman says US economy may not recover until late 2021

    Federal Reserve chairman says US economy may not recover until late 2021

    The US economy’s may not recover from the coronavirus crisis until the end of 2021, Federal Reserve chairman Jerome Powell warned. While he rejected the idea that the pandemic will lead to a second Great Depression, the nation’s top central banker said it’s unclear just how quickly the economy will get back on its feet …
  • Fed unveils $2.3 trillion new loans to support US economy amid coronavirus crisis

    Fed unveils $2.3 trillion new loans to support US economy amid coronavirus crisis

    The Federal Reserve on Thursday unveiled $2.3 trillion new loans to support the economy during the coronavirus crisis. The loan program aims to help businesses, households and state and local governments facing a cash crunch as large parts of the economy have been shut down. “Our country’s highest priority must be to address this public …
  • Fed chair Jerome Powell says ‘we may well be in a recession’

    Fed chair Jerome Powell says ‘we may well be in a recession’

    Federal Reserve Chairman Jerome Powell said Thursday the country could already be in a recession, but that it was unlike a typical downturn because the economy was so strong before the coronavirus pandemic sent the markets into a tailspin and unemployment soaring. “We may well be in a recession. But I would point to the …
  • Federal Reserve details new steps to stabilize economy amid Chinese virus pandemic

    Federal Reserve details new steps to stabilize economy amid Chinese virus pandemic

    The Federal Reserve announced a number of steps on Monday meant to shore up the US economy during the coronavirus crisis. The central bank said its Federal Open Market Committee will buy Treasury securities and mortgage-backed securities in “the amounts needed to support smooth market functioning” as part of a wide-ranging plan to blunt the …