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. (AP Photo/Andrew Harnik, File)

AP source: Biden taps ex-Fed chair Yellen to lead treasury

Nov. 23, 2020 5:48 PM EST

WASHINGTON (AP) — President-elect Joe Biden has chosen former Federal Reserve Chair Janet Yellen to serve as treasury secretary, a pivotal role in which she would help shape and direct his economic policies at a perilous time, according to a person familiar with the transition plans. Yellen, who is widely...

Specialist Michael Pistillo works at the New York Stock Exchange on Monday, Nov. 23, 2020. Stocks rose in early trading Monday after investors received several pieces of encouraging news on COVID-19 vaccines and treatments, tempering concerns over rising virus cases and business restrictions.  (Nicole Pereira/New York Stock Exchange via AP)

Stocks rise on Wall Street on latest hopes for virus vaccine

Nov. 23, 2020 4:45 PM EST

More encouraging news on the development of coronavirus vaccines and treatments helped power stocks higher on Wall Street Monday, as the market clawed back most of its losses from last week. The S&P 500 index rose 0.6%, led by banks, energy and industrial companies, sectors that have been beaten down during...

AP source: Biden taps ex-Federal Reserve Chair Janet Yellen as treasury secretary; she'd be 1st woman to lead department

Nov. 23, 2020 3:41 PM EST
WASHINGTON (AP) — AP source: Biden taps ex-Federal Reserve Chair Janet Yellen as treasury secretary; she'd be 1st woman to lead department.
People wearing face masks walk past a screen showing the precautions against the coronavirus in Seoul, South Korea, Friday, Nov. 20, 2020. The screen reads:

Asian stocks rise ahead of US economic data amid virus fears

Nov. 22, 2020 11:11 PM EST

BEIJING (AP) — Asian stocks rose Monday as investors looked ahead to quarterly U.S. economic data amid unease about anti-coronavirus curbs on business and wrangling over the American presidential election. Market benchmarks in Shanghai, Seoul and Sydney rose while Hong Kong retreated. Japanese markets were...

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...

President-elect Joe Biden, accompanied by Vice President-elect Kamala Harris, speaks at The Queen theater, Thursday, Nov. 19, 2020, in Wilmington, Del. (AP Photo/Andrew Harnik)

Biden says he's decided on treasury secretary nomination

Nov. 19, 2020 7:08 PM EST

WASHINGTON (AP) — President-elect Joe Biden said Thursday that he has decided whom to nominate as his secretary of the Treasury Department. Biden said that the announcement will come just before or after Thanksgiving and that “you’ll find it is someone who I think will be accepted by all...

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...