Latest Central banking News

Fed's Powell: US nears full reopening to 'different economy'

Apr. 08, 2021 15:21 PM EDT

WASHINGTON (AP) — The U.S. economy, boosted by quickening vaccinations and signs of rapid hiring, is headed toward a strong recovery, Federal Reserve Chair Jerome Powell said Thursday. But he cautioned that not all will immediately benefit. ...

Eastern Caribbean dollar goes digital, a help for unbanked

Apr. 08, 2021 14:49 PM EDT

SAN JUAN, Puerto Rico (AP) — The Eastern Caribbean has created its own form of digital currency meant to help speed transactions and serve people without bank accounts. The Eastern Caribbean Central Bank said its “DCash” is the first such blockchain-based currency...

Fed in March saw brighter outlook, yet underscored patience

Apr. 07, 2021 16:52 PM EDT

WASHINGTON (AP) — Federal Reserve officials were encouraged last month by evidence the U.S. economy was picking up, but they showed no sign of moving closer to ending their bond purchases or lifting their benchmark short-term interest rate from nearly zero. Fed...

UN experts pull back on corruption claims against Yemen

Mar. 29, 2021 21:48 PM EDT

UNITED NATIONS (AP) — The U.N. panel of experts monitoring sanctions against Yemen has pulled back from its claims of corruption and money laundering by the government, central bank and a United Arab Emirates-based holding corporation, saying a preliminary review of new information has...

Fed says restrictions on bank dividends and buybacks to end

Mar. 25, 2021 19:14 PM EDT

WASHINGTON (AP) — The Federal Reserve said Thursday that as of June 30 it will end for most banks the temporary limits it had imposed on their ability to make dividend payments and buy back their own stock. The Fed imposed the restrictions last summer, citing the need...

US 30-year mortgage rates jump to 3.17%, highest since June

Mar. 25, 2021 12:24 PM EDT

McCLEAN, Va. (AP) — U.S. long-term mortgage rates jumped to their highest level since June, though still remain near historic lows. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year fixed-rate home loan rose to 3.17% from 3.09% the...

Powell likens Fed's pandemic response to British at Dunkirk

Mar. 25, 2021 11:23 AM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell compared the actions taken by the central bank early in the pandemic as the economy barreled toward a recession to British efforts in World War II to evacuate troops at Dunkirk. Asked Thursday in an NPR interview...

Yellen, Powell say more needed to limit US economic damage

Mar. 23, 2021 15:29 PM EDT

WASHINGTON (AP) — Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell told Congress on Tuesday that more must be done to limit the economic damage from the coronavirus pandemic. Powell also reiterated that he does not expect programs aimed at...

Powell says economy recovering but Fed support still needed

Mar. 22, 2021 20:14 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says the economic recovery from the coronavirus pandemic has progressed more quickly than expected, but the central bank does not intend to let up in its support efforts. In congressional testimony released...

Turkish lira plummets after Erdogan fires central bank chief

Mar. 22, 2021 14:14 PM EDT

ANKARA, Turkey (AP) — The Turkish currency plummeted against the U.S. dollar on Monday after President Recep Tayyip Erdogan fired his third central bank head in less than two years, raising concerns about a possible return to the unconventional monetary policy favored by the Turkish...