Latest Jerome Powell News

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)

Asia shares mixed amid jitters over US stimulus, China trade

Aug. 5, 2020 1:19 AM EDT

BEIJING (AP) — Asian stock markets were mixed Wednesday amid investor concern about U.S. stimulus spending and a trade agreement with Beijing. Shanghai and Hong Kong advanced while Tokyo and Sydney retreated. Gold, which has set a string of records, rose again after a deadly explosion in Beirut. Investors...

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...

Senate Majority Leader Mitch McConnell of Ky., right, and House Minority Leader Kevin McCarthy of Calif., listen as President Donald Trump speaks during a meeting in the Oval Office of the White House, Monday, July 20, 2020, in Washington. Congress is just starting to negotiate new legislation to renew coronavirus aid. But the biggest obstacles to a deal are already coming into view. The Democratic House passed a whopping $3.5 trillion coronavirus response bill more than two months ago and is demanding robust funding to help state and local governments. Republicans want to keep the bill closer to $1 trillion and are insisting on new legal protections for schools, businesses, and charities that are trying to reopen. It’s up to top congressional leaders to bridge the gaps as they negotiate with President Donald Trump's White House.  (AP Photo/Evan Vucci)

Flashpoints emerge as lawmakers negotiate new virus aid

Jul. 23, 2020 7:16 AM EDT

WASHINGTON (AP) — Bipartisan Capitol Hill talks have only just begun on a sweeping renewal of coronavirus legislation, but areas of likely agreement — and flashpoints of discord — are becoming apparent as the package starts to take shape. The Democratic House passed a whopping $3.5 trillion...

Senate Majority Leader Mitch McConnell of Ky., right, and House Minority Leader Kevin McCarthy of Calif., listen as President Donald Trump speaks during a meeting in the Oval Office of the White House, Monday, July 20, 2020, in Washington. Congress is just starting to negotiate new legislation to renew coronavirus aid. But the biggest obstacles to a deal are already coming into view. The Democratic House passed a whopping $3.5 trillion coronavirus response bill more than two months ago and is demanding robust funding to help state and local governments. Republicans want to keep the bill closer to $1 trillion and are insisting on new legal protections for schools, businesses, and charities that are trying to reopen. It’s up to top congressional leaders to bridge the gaps as they negotiate with President Donald Trump's White House.  (AP Photo/Evan Vucci)

Flashpoints emerge as lawmakers negotiate new virus aid

Jul. 22, 2020 7:04 PM EDT

WASHINGTON (AP) — Bipartisan Capitol Hill talks have only just begun on a sweeping renewal of coronavirus legislation, but areas of likely agreement — and flashpoints of discord — are becoming apparent as the package starts to take shape. The Democratic House passed a whopping $3.5 trillion...