Latest Federal Reserve System News

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. Former Federal Reserve Chair Janet Yellen was among a team of advisers who briefed Joe Biden on Thursday, Aug. 13, 2020, about the economic fallout from the coronavirus. (AP Photo/Andrew Harnik, File)

Ex-Fed Chair Yellen advises Biden on virus economic fallout

Aug. 13, 2020 6:46 PM EDT

WILMINGTON, Del. (AP) — Former Federal Reserve Chair Janet Yellen was among a team of advisers who briefed Joe Biden on Thursday about the economic fallout from the coronavirus. The presumptive Democratic presidential nominee and his newly chosen running mate, California Sen. Kamala Harris, participated in...

FILE - This July 21, 2020 file photo shows The New York Stock Exchange.  Stocks are rebounding in early trading on Wall Street Wednesday, Aug. 12, carrying the S&P 500 back toward the cusp of its record high. The benchmark index was up 1% after the first half-hour of trading and on pace for its eighth gain in nine days.  (AP Photo/Mark Lennihan, File)

Stocks rebound on Wall Street, S&P 500 trades above record

Aug. 12, 2020 5:54 PM EDT

Stocks marched broadly higher on Wall Street Wednesday, briefly nudging the S&P 500 above its all-time closing high set in February, before the coronavirus pandemic led to a historic market plunge. The benchmark index notched a 1.4% gain, its eighth in nine days. It ended within 0.2% of its record high from...

FILE - In this June 30, 2020 file photo, a woman wearing a mask passes a sign for Wall Street during the coronavirus pandemic. The S&P 500 is trading above its record closing high Wednesday, Aug. 12,  after a rebound for stocks helped the index erase the last of the historic losses taken due to the pandemic. The index was up 1.6% in afternoon trading, with big technology stocks once again leading the way.   (AP Photo/Mark Lennihan, File)

How can Wall Street be so healthy when Main Street isn't?

Aug. 12, 2020 5:51 PM EDT

NEW YORK (AP) — The stock market is not the economy. Rarely has that adage been as clear as it is now. An amazing, monthslong rally means the S&P 500 is roughly back to where it was before the coronavirus slammed the U.S, even though millions of workers are still getting unemployment benefits and...

FILE - In this Nov. 25, 2019 file photo Federal Reserve Bank of Boston President Eric Rosengren, left, speaks during a round table discussion at Silver Lane Elementary School, in East Hartford, Conn.  Rosengren said in remarks delivered online Wednesday, Aug. 12, 2020,  that states in the South and West that allowed their businesses to reopen after short shutdowns saw an initial burst of economic activity. But spikes in infection rates soon followed and those states’ economies are now lagging those in the Northeast as consumers have become more cautious.  (AP Photo/Steven Senne, file)

Boston Fed chief: States' rush to reopen slowed US recovery

Aug. 12, 2020 12:31 PM EDT

WASHINGTON (AP) — A top official at the Federal Reserve criticized the decision by many states to reopen businesses this spring before getting the virus fully under control, and said those choices have hindered an economic recovery in the U.S. Eric Rosengren, president of the Federal Reserve Bank of...

James Mahoney, senior Bank of America executive, dies at 67

Aug. 10, 2020 5:08 PM EDT

NEWTON, Mass. (AP) — James Mahoney, a senior Bank of America executive and former chief spokesman for the Federal Reserve Bank of Boston, has died from injuries sustained in a biking accident a year ago. He was 67. The longtime cyclist suffered a major head injury in July 2019 and died Saturday in his...

FILE - In this May 27, 2019, file photo, Serena Williams of the U.S. plays a shot against Vitalia Diatchenko of Russia during their first round match of the French Open tennis tournament at the Roland Garros stadium in Paris. If the French Open were being held as scheduled right now -- instead of postponed to September because of the coronavirus pandemic, Williams again would have had a shot at her 24th major to pull even with Margaret Court for the most in history. (AP Photo/Pavel Golovkin, File)

Serena Williams is fit and ready to play after 6-month break

Aug. 8, 2020 4:37 PM EDT

LEXINGTON, Ky. (AP) — Serena Williams flexed and then kissed a sinewy right bicep to show down time well spent in training even without bench pressing. “This is God given, thank you very much,” the 23-time Grand Slam champion said as she thanked her mother, Oracene. Williams now looks to flex...

FILE - In this Feb. 20, 2019, file photo,  credit cards are displayed in Zelienople, Pa. U.S. consumer borrowing rose in June after three months of declines but the key category of credit card debt extended its decline. (AP Photo/Keith Srakocic, File)

US consumer borrowing up in June after 3 months of declines

Aug. 7, 2020 6:06 PM EDT

WASHINGTON (AP) — The pandemic still has Americans easing off the plastic. U.S. consumer borrowing rose in June after three months of declines but the key category of credit card debt extended its decline. The Federal Reserve reported Friday that overall consumer borrowing rose by 2.6%, or $8.95 billion,...

FILE - In this Nov. 25, 2019 file photo Federal Reserve Bank of Boston President Eric Rosengren, left, speaks during a round table discussion at Silver Lane Elementary School, in East Hartford, Conn. Rosengren  on Friday, Aug. 7, 2020 defended the central bank’s efforts to launch a Main Street lending program and said the small number of loans approved so far would likely expand by a significant amount in coming months, especially if the pandemic worsens.  (AP Photo/Steven Senne, file)

Fed official defends slow start to Main Street loan program

Aug. 7, 2020 12:56 PM EDT

WASHINGTON (AP) — A top Federal Reserve official on Friday defended the central bank’s efforts to launch a Main Street lending program and said the small number of loans approved so far would likely expand by a significant amount in coming months, especially if the pandemic worsens. While the Fed...

An outdoor table is ready for customers at Loretta and the Butcher restaurant during the coronavirus pandemic, Thursday, Aug. 6, 2020, in the Coconut Grove neighborhood in Miami. Restaurants continue to offer outdoor dining and take-out only, with indoor dining still not permitted in Miami-Dade County. (AP Photo/Lynne Sladky)

Fed's Main Street pandemic support program off to slow start

Aug. 6, 2020 7:20 PM EDT

WASHINGTON (AP) — The Federal Reserve says that its Main Street Lending Program designed to help small and medium-sized companies get through the pandemic has managed to make just eight loans in its first month of operations. In its first report on the program, the Fed said Thursday it had provided $76.9...

FILE - In this March 3, 2020, file photo, Federal Reserve Chair Jerome Powell pauses during a news conference, to discuss an announcement from the Federal Open Market Committee, in Washington. A group of congressional Democrats introduced legislation Wednesday, Aug. 5, that would require the Federal Reserve to pursue the elimination of racial disparities in jobs, wealth and income as one of its policy goals. (AP Photo/Jacquelyn Martin, File)

Fed should address racial gaps in jobs, income, Dems propose

Aug. 5, 2020 7:20 PM EDT

A group of congressional Democrats introduced legislation Wednesday that would require the Federal Reserve to pursue the elimination of racial disparities in jobs, wealth and income as one of its policy goals. The legislation would also require the Fed's chair, currently Jerome Powell, to report every six...