Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee hearing on "The Quarterly CARES Act Report to Congress" on Capitol Hill in Washington, December 1, 2020.Susan Walsh | Pool | ReutersThe U.S. economy is at a turning point thanks to government support and a speedy campaign...
Federal Reserve Chairman Jerome PowellKevin Lamarque | ReutersDespite what he sees as a rapidly recovering economy, Federal Reserve Chairman Jerome Powell has reaffirmed the central bank's commitment to keep loose monetary policy in place.That includes a statement of near-certainty that interest rates won't be going anywhere as inflation...
Federal Reserve officials indicated at their last meeting that easy policy will stay in place until it produces stronger employment and inflation, and won't be adjusted based merely on forecasts.The Federal Open Market Committee on Wednesday released minutes from the March 16-17 meeting as investors looked for indications...
Federal Reserve Governor Lael Brainard said Wednesday that while the U.S. economic outlook has "brightened considerably," it remains well away from the central bank's goals."Brighter outlook, but of course our monetary policy forward guidance is premised on outcomes not the outlook, and so it is going to be...
First-time claims for unemployment insurance rose more than expected last week despite other signs of healing in the jobs market, the Labor Department reported Thursday.First-time claims for the week ended April 3 totaled 744,000, well above the expectation for 694,000 from economists surveyed by Dow Jones. The total...
Adewale Adeyemo, Treasury Secretary Janet Yellen's deputy, on Wednesday said increasing the U.S. corporate tax rate to 28% will not make American companies less competitive, because the Biden administration is confident it can win the support of developed nations to set a minimum tax worldwide."We've worked very closely...
Jamie Dimon is bullish on the U.S. economy – at least for the next few years.In his annual shareholder letter, the long-time JPMorgan Chase chairman and CEO said he sees strong growth for the world's biggest economy, thanks to the U.S. government's response to the coronavirus pandemic that...
The Inn of Rosslyn, which is permanently closed due to pressure from the Covid-19 pandemic, on Feb. 5, 2021 in Arlington, Virginia.Liu Jie/Xinhua via Getty Images'Breathtaking'In all, those long-term unemployed represented 24% of the 9.9 million total jobless workers last month, according to the bureau. (The data are...
Loretta Mester, president and chief executive officer of the Federal Reserve Bank of Cleveland.David Paul Morris | Bloomberg | Getty ImagesMarch's strong job gains weren't enough to convince Cleveland Federal Reserve President Loretta Mester that it's time to change monetary policy.The central bank official told CNBC on Monday...
Chairman of the Federal Reserve Jerome Powell listens during a Senate Banking Committee hearing on "The Quarterly CARES Act Report to Congress" on Capitol Hill in Washington, U.S., December 1, 2020.Susan Walsh | ReutersAs the economy booms over the next couple of months, the Fed will have a...