Latest Jerome Powell News

FILE - In this Thursday Sept. 24, 2020 file photo, Federal Reserve Board Chairman Jerome Powell testifies during a Senate Banking Committee hearing, on Capitol Hill in Washington.  The Fed on Wednesday, Nov. 25,  released minutes of its Nov. 4-5 meeting revealing that while officials believed that no changes were needed to the bond purchase program at that time, “they recognized that circumstances could shift to warrant such adjustments.”  (Drew Angerer/Pool via AP, file)

As economy struggles, Fed weighs boosting bond purchases

Nov. 25, 2020 3:56 PM EST

WASHINGTON (AP) — At their meeting earlier this month, Federal Reserve officials discussed possible future adjustments to the central bank's monthly bond purchases to boost the economy. The Fed on Wednesday released minutes of its Nov. 4-5 meeting revealing that while officials believed that no changes...

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. (AP Photo/Andrew Harnik, File)

Awaiting Yellen at Treasury: Yet another daunting crisis

Nov. 24, 2020 12:01 AM EST

WASHINGTON (AP) — Janet Yellen is in line for another top economic policy job — just in time to confront yet another crisis. Yellen, President-elect Joe Biden's apparent choice for treasury secretary, served on the Federal Reserve's policymaking committee during the 2008-2009 financial crisis that...

FILE - In this Sept. 24, 2020 file photo, Federal Reserve Chair Jerome Powell, right, and Treasury Secretary Steve Mnuchin testify during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress on Capitol Hill, in Washington. Mnuchin on Friday, Nov. 20 denied that he is trying to limit the choices President-elect Joe Biden will have to promote an economic recovery by ending several emergency loan programs being run by the Federal Reserve. Mnuchin said his decision was based on the fact that the programs were not being heavily utilized and the money could be better used by being re-allocated by Congress to provide support in other areas such as further grants to small businesses and extended unemployment assistance.  (Toni L. Sandys/The Washington Post via AP, Pool)

Mnuchin denies trying to limit Biden's economic options

Nov. 20, 2020 6:19 PM EST

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin denied on Friday that he is attempting to limit President-elect Joe Biden's options for reviving the pandemic-damaged economy by ending several emergency loan programs being run by the Federal Reserve. Mnuchin said the programs were not being heavily...

FILE - In this Monday, Sept. 21, 2020 file photo, Treasury Secretary Steve Mnuchin speaks during a news conference to announce the Trump administration's restoration of sanctions on Iran at the U.S. State Department in Washington. Treasury Secretary Steven Mnuchin said Thursday, Nov. 19, 2020 he will not to extend several emergency loan programs set up with the Federal Reserve to support the economy in the midst of the coronavirus pandemic.(AP Photo/Patrick Semansky, File)

Mnuchin rejects renewal of some Fed emergency loan programs

Nov. 19, 2020 7:33 PM EST

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin said Thursday he will not extend several emergency loan programs set up with the Federal Reserve, an action that could hamper the ability of the incoming Biden administration to gain important economic support from the central bank to deal with the...

FILE - In this Oct. 14, 2020 file photo, the American Flag hangs outside the New York Stock Exchange in New York. U.S. stocks are drifting close to their record highs Wednesday, Nov. 18 as hopes for a coronavirus vaccine coming in the future collide with worries about the worsening pandemic in the present.  The S&P 500 was 0.1% lower in early trading after flipping between small gains and losses.  (AP Photo/Frank Franklin II, File)

Asian stocks follow Wall Street lower on virus anxiety

Nov. 18, 2020 10:40 PM EST

BEIJING (AP) — Asian stocks followed Wall Street lower on Thursday as anxiety about the economic fallout from rising coronavirus infections in the United States and Europe clashed with optimism about a possible vaccine. Shanghai, Tokyo, Hong Kong and Sydney retreated. On Wall Street, the benchmark S&P...

FILE - In this Feb. 13, 2020 file photo, President Donald Trump's nominee to the Federal Reserve, Judy Shelton, appears before the Senate Banking Committee for a confirmation hearing, on Capitol Hill in Washington. President Donald Trump's controversial nominee to the Federal Reserve is facing a razor-close vote in Congress. The Senate is voting Tuesday on the nomination of Judy Shelton to join the Federal Reserve's powerful board of governors. Shelton is an unusually caustic critic of the Fed and is opposed by three Republican senators. Expected absences from two other Republicans could block her from advancing in Tuesday’s vote.  (AP Photo/J. Scott Applewhite, File)

Controversial Fed nominee Shelton stalls in Senate test vote

Nov. 18, 2020 12:05 PM EST

WASHINGTON (AP) — The nomination of Judy Shelton, President Donald Trump's controversial pick for the Federal Reserve, is stalled in the Senate after Vice President-elect Kamala Harris returned to the chamber to cast a key vote in a tally Tuesday. Two key Republicans were absent because of COVID-related...

A woman walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Tuesday, Nov. 18, 2020. Asian stock markets were mixed Wednesday after Wall Street declined as worries about the long-term impact of the coronavirus pandemic tempered enthusiasm about possible vaccine development. (AP Photo/Vincent Yu)

Asian stocks mixed after Wall Street fall on virus worries

Nov. 17, 2020 11:04 PM EST

BEIJING (AP) — Asian stock markets were mixed Wednesday after Wall Street declined as worries about the long-term impact of the coronavirus pandemic tempered enthusiasm about possible vaccine development. Benchmarks in Tokyo and Hong Kong declined while Shanghai and Seoul advanced. Announcements that two...

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. Powell said Tuesday, Nov. 17, 2020, that the nationwide surge in confirmed coronavirus could slow the economy in the months ahead by discouraging consumers from spending.  (AP Photo/Jacquelyn Martin, File)

Fed's Powell says surge in virus cases threatens US economy

Nov. 17, 2020 3:31 PM EST

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Tuesday that the nationwide surge in confirmed coronavirus could slow the economy in the months ahead by discouraging consumers from spending. “We’re seeing states begin to impose some activity restrictions," Powell said in an online...

FILE - In this Monday, Sept. 21, 2020, file photo, a giant American Flag hangs on the New York Stock Exchange.  Wall Street is moving past the uncertainty of election season and, if history is a guide, investors can indeed breathe a sigh of relief. Stocks typically post solid gains following an election, no matter which party controls the White House or Congress.  (AP Photo/Mary Altaffer, File)

History points to post-election gains for Wall Street

Nov. 12, 2020 5:19 PM EST

Wall Street is moving past the uncertainty of election season and, if history is a guide, investors can indeed breathe a sigh of relief. Stocks typically post solid gains following an election, no matter which party controls the White House or Congress. On average the S&P 500 gains 8.1% in the year after the...

Senate likely to vote on controversial Fed pick next week

Nov. 12, 2020 4:58 PM EST

WASHINGTON (AP) — President Donald Trump's unorthodox choice for the Federal Reserve Board of Governors, Judy Shelton, could be approved by the Senate next week, Majority Leader Mitch McConnell's office said Thursday. The willingness of the Senate GOP leadership to bring Shelton's nomination to the floor...