Federal Reserve Chairman Jerome Powell affirmed his commitment to keeping interest rates low for the foreseeable future even as he expressed hope for a strong economic recovery."When the time comes to raise interest rates, we'll certainly do that, and that time, by the way, is no time soon,"...
First-time claims for unemployment insurance jumped to 965,000 last week amid signs of a slowdown in hiring due to pandemic restrictions, the Labor Department reported Thursday.The total was worse than Wall Street estimates of 800,000 and above the previous week's total of 784,000.Markets reacted little to the number,...
Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., March 1, 2017.Brian Snyder | ReutersUnemployment for the lowest-paid workers in the U.S. is above 20%, a figure that Federal Reserve Governor Lael Brainard said underscores...
A for sale sign sits outside a house in Miami Beach.Carlos Barria | ReutersAfter setting more than a dozen record lows last year, mortgage rates began 2021 on an upward climb, and that lit a fire under borrowers, fearing they might miss the last of the lowest rates.Mortgage...
An independent contractor to FedEx Corp. unloads packages from a delivery truck on Cyber Monday in New York, U.S., on Monday, Dec. 2, 2019.Michael Nagle | Bloomberg | Getty ImagesU.S. online purchases over the 2020 holidays grew 32.2% from 2019, totaling a record $188.2 billion as shoppers stayed...
Charles ScharfQilai Shen | Bloomberg | Getty ImagesWells Fargo CEO Charlie Scharf said Tuesday that the U.S. economy will probably rebound quickly from the coronavirus next year after vaccines are widely distributed.As head of the fourth-biggest U.S. bank by assets, Scharf has a unique view into the saving...
Treasury Secretary Steven Mnuchin listens to a question during a House Financial Services Committee hearing on "Oversight of the Treasury Department's and Federal Reserve's Pandemic Response" in the Rayburn House Office Building in Washington, December 2, 2020.Greg Nash | Pool | ReutersTreasury Secretary Steven Mnuchin's decision not to...
U.S. economy will get worse before it gets better: Ned Davis ResearchSearch quotes, news & videos (Source)
LONDON — Saxo Bank says universal basic income could become a permanent reality next year, triggering a "seismic rebalancing" of society as workers wave "bye-bye" to big city life.In a report entitled "Outrageous Predictions," the Danish bank on Tuesday outlined 10 "outlandish forecasts" for 2021, although it did...
Mortgage rates fell again, falling to a record low for the 14th time this year, defying their usual correlation to Treasury yields, which have recently been moving higher. And that is sending ever more borrowers to their lenders looking to refinance their home loans.Mortgage applications to refinance rose...