Powell faces lawmakers' skepticism on some Fed aid programs

WASHINGTON (AP) — Chairman Jerome Powell on Wednesday defended the Federal Reserve's efforts to support the economy during the pandemic-induced recession from assertions that its programs bungled aspects of its response. A House subcommittee released a staff analysis that found that a program in which the...

Asian stocks retreat on lack of new Fed action

Asian stock markets declined Thursday after the U.S. Federal Reserve indicated its benchmark interest rate will stay close to zero at least through 2023 but announced no additional stimulus plans. Market benchmarks in Shanghai, Tokyo, Seoul and Hong Kong all retreated. Wall Street's benchmark S&P 500 index...

Fed sees rates near zero through 2023, perhaps longer

WASHINGTON (AP) — With the economy still struggling to recover from the pandemic recession, Federal Reserve policymakers signaled Wednesday that their benchmark short-term interest rate will likely remain at zero at least through 2023 and possibly even longer. Fed chair Jerome Powell said at a press...

Text of the Fed's statement after its meeting Wednesday

WASHINGTON (AP) — Below is the statement the Fed released Wednesday after its policy meeting ended: The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The COVID-19...

Federal Reserve to seek inflation over 2%, keeps benchmark interest rate near zero; sees low rates at least through 2023

Federal Reserve to meet after sharp changes to its outlook

WASHINGTON (AP) — Federal Reserve policymakers will meet this week for the first time since they significantly revised the Fed's operating framework in ways that will likely keep short-term interest rates near zero for years to come. As a result, analysts expect the Fed will keep its benchmark rate...

Tech falters again as Wall Street ends worst week in months

NEW YORK (AP) — Wall Street closed out its worst week since June with another day of churning trading Friday, as big technology stocks resumed their suddenly weakened ways. The S&P 500 rose 1.78, or 0.1%, to 3,340.97, but only after a roller-coaster day where a gain of 0.9% gave way to a loss of 0.9%....

Consumer prices up 0.4% in August as used car prices surge

WASHINGTON (AP) — U.S. consumer prices rose 0.4% in August as used car prices surged by the largest amount in 51 years, the Labor Department reported Friday. The August increase in the consumer price index reflected some moderation following big gains of 0.6% in both June and July as the pace of energy...

Asian shares mixed after technology fall leads US stock fall

TOKYO (AP) — Asian shares were mixed Friday following a selloff of technology shares on Wall Street. Japan's benchmark Nikkei 225 recouped early losses to rise 0.3% in morning trading to 23,310.94. South Korea's Kospi dropped 0.8% to 2,377.92, while Australia's S&P/ASX 200 lost 0.8% to 5,860.50. Hong...

European Central Bank expects to use full extent of stimulus

FRANKFURT, Germany (AP) — European Central Bank head Christine Lagarde said the bank would “likely” use all of the 1.35 trillion euros ($1.6 trillion) in planned stimulus to support the economy through the pandemic, which has caused a massive recession and is seeing a new rise in contagions....