Latest Jerome Powell News

A currency trader wearing a face mask walks near the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room in Seoul, South Korea, Thursday, Aug. 6, 2020. Stocks were mixed in Asia on Thursday despite strong gains overnight on Wall Street, where the rally just kept on rolling. (AP Photo/Lee Jin-man)

Asian shares mixed as US talks on stimulus still stalled

Aug. 5, 2020 11:17 PM EDT

Stocks were mixed in Asia on Thursday despite strong gains overnight on Wall Street, where the rally just kept on rolling. Investors are watching to see if lawmakers will come ahead with fresh stimulus for the U.S. economy. Tokyo's Nikkei 225 index shed 0.4% to 22,438.61 while the Shanghai Composite index gave...

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...

A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Wednesday, Aug. 5, 2020. Major Asian stock markets declined Wednesday amid investor concern about U.S. stimulus spending and a trade agreement with Beijing. (AP Photo/Vincent Yu)

Asian shares fall on jitters over US stimulus, China trade

Aug. 4, 2020 11:43 PM EDT

BEIJING (AP) — Major Asian stock markets declined Wednesday amid investor concern about U.S. stimulus spending and a trade agreement with Beijing. Market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney declined. Investors are watching the stalemate among U.S. legislators over employment benefits for...

FILE - In this June 17, 2020 file photo, a sign advertises a sale at an H&M store along Lincoln Road Mall in Miami Beach, Fla.  
 U.S. consumer confidence had a sharp drop in July to a reading of 92.6 as coronavirus cases in many parts of the country began rising again.  (AP Photo/Lynne Sladky, File

US consumer spending up 5.6%, but virus could stall gains

Jul. 31, 2020 10:21 AM EDT

WASHINGTON (AP) — American consumers increased their spending in June by a solid 5.6%, helping regain some of record plunge that occurred after the coronavirus struck hard in March and paralyzed the economy. But the virus' resurgence in much of the country could impede further gains. Last month’s...

A man lifts his arm as he walks by the New York Stock Exchange, Thursday, July 30, 2020. Stocks are falling on Wall Street Thursday after reports showed that layoffs are continuing at a stubborn pace and that the U.S. economy contracted at a nearly 33% annual rate in the spring. (AP Photo/Mark Lennihan)

Asian benchmarks tumble, looking to earnings, central banks

Jul. 31, 2020 12:16 AM EDT

TOKYO (AP) — Asian shares tumbled Friday as reports showed layoffs of American workers are persisting at high levels after the U.S. economy contracted at a nearly 33% annual pace in the spring, the worst quarter on record. Earnings reports, a gauge of how well businesses are managing the fallout from the...

A shopper passes a display window with mask covered mannequins at a dress store, Thursday, July 30, 2020, in McAllen, Texas. (AP Photo/Eric Gay)

Record economic plunge, bleak jobs numbers reveal virus toll

Jul. 30, 2020 5:37 PM EDT

WASHINGTON (AP) — The coronavirus pandemic sent the U.S. economy plunging by a record-shattering 32.9% annual rate last quarter and is still inflicting damage across the country, squeezing already struggling businesses and forcing a wave of layoffs that shows no sign of abating. The economy's collapse in...

Currency trader watch computer monitors near the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room in Seoul, South Korea, Thursday, July 30, 2020. Asian stocks advanced Thursday after the U.S. Federal Reserve left interest rates near zero to support a struggling economy. (AP Photo/Lee Jin-man)

Asian stocks gain after Fed keep US interest rates low

Jul. 29, 2020 11:49 PM EDT

BEIJING (AP) — Asian stocks advanced Thursday after the U.S. Federal Reserve left interest rates near zero to support a struggling economy. Benchmarks in Shanghai, Tokyo, Hong Kong and Seoul all gained. Lower interest rates and investor optimism about a possible coronavirus vaccine have helped global...

FILE - In this March 3, 2020 file photo, Federal Reserve Chair Jerome Powell speaks during a news conference to discuss an announcement from the Federal Open Market Committee, in Washington.  Federal Reserve officials are grappling this week with the timing and scope of their next policy moves at a time when the raging viral pandemic has weakened the U.S. economy. No major changes are likely when the Fed releases a statement Wednesday, July 29,  after its two-day policy meeting ends and just before Powell holds a news conference.  (AP Photo/Jacquelyn Martin, File)

Fed sees dim economic outlook as virus squeezes economy

Jul. 29, 2020 5:28 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell warned Wednesday that the viral epidemic is endangering the modest economic recovery that followed a collapse in hiring and spending this spring. As a result, he said, the Fed plans to keep interest rates pinned near zero well into the future. That...

FILE - In this June 30, 2020 file photo, Federal Reserve Chair Jerome Powell testifies during a House Financial Services Committee hearing on the coronavirus response on Capitol Hill in Washington.  The Federal Reserve has opened one of its lending programs to nonprofit groups, including hospitals, educational institutions, and social service organizations. The Fed said Friday, July 17,  that its Main Street Lending Program, which is targeted to mid-sized businesses, will now extend credit to nonprofits with at least 10 employees and endowments of less than $3 billion. (Tasos Katopodis/Pool via AP, File)

Fed wrestles with its next moves as virus stalls US economy

Jul. 29, 2020 12:01 AM EDT

WASHINGTON (AP) — Federal Reserve officials are grappling this week with the timing and scope of their next policy moves at a time when the raging viral pandemic has weakened the U.S. economy. No major changes are likely when the Fed releases a statement Wednesday after its two-day policy meeting ends and...

Delaware businesses deal with national coin shortage

Jul. 25, 2020 10:00 AM EDT

WILMINGTON, Del. (AP) — At Mr. Kleen, a laundromat near New Castle, more people are wandering in searching for coins than depositing them for a trip through the spin cycle. The washing machines, which take nickels and quarters, have been lighter than usual, while the cash-for-coin exchange machine is...