Latest Jerome Powell News

FILE - This May 22, 2020, file photo shows the Federal Reserve building in Washington. A Federal Reserve survey of business conditions around the country has found that the U.S. economy grew at a “slight to modest” pace in September 2020 and early October. (AP Photo/Patrick Semansky, File)

Federal Reserve expands Main Street program to smaller firms

Oct. 30, 2020 1:43 PM EDT

WASHINGTON (AP) — The Federal Reserve will reduce the minimum loan level in its small business lending program and waive some fees to try to boost participation in a program that has so far provided little assistance to struggling companies. The Fed announced Friday that it will support loans of as low as...

FILE - In this Sept. 25, 2020 file photo, a woman shops at a clothing store in New York. The U.S. economy grew at a sizzling 33.1% annual rate in the July-September quarter — by far the largest quarterly gain on record — rebounding from an epic plunge in the spring, when the eruption of the coronavirus closed businesses and threw tens of millions out of work.  (AP Photo/Mark Lennihan, File)

Surge in virus threatens to reverse global economic rebounds

Oct. 29, 2020 2:57 PM EDT

WASHINGTON (AP) — The resurgence of coronavirus cases engulfing the United States and Europe is imperiling economic recoveries on both sides of the Atlantic as millions of individuals and businesses face the prospect of having to hunker down once again. Growing fear of an economic reversal coincided with a...

FILE - In this April 23, 2020, file photo, President Donald Trump's name is seen on a stimulus check issued by the IRS to help combat the adverse economic effects of the COVID-19 outbreak, in San Antonio. All that aid is now gone. Yet prospects for more federal stimulus this year appear all but dead, clouding the future for the unemployed, for small businesses and for the economy as a whole.(AP Photo/Eric Gay, File)

As virus resurges, so does fear of more economic pain ahead

Oct. 26, 2020 1:20 PM EDT

WASHINGTON (AP) — With winter looming and confirmed viral cases rising, Bob Szuter's craft brewery and restaurant in Columbus, Ohio, could use another government lifeline to help survive until spring. So could many restaurants and bars that buy his beer. Szuter knows of nearly 20 in the region that have...

FILE - In this June 17, 2020, file photo, people wearing masks to curb the spread of the new coronavirus wait in a line for a free meal at the Villa Maria del Triunfo district in Lima, Peru. The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago. (AP Photo/Rodrigo Abd, FIle)

IMF warns global economy could be permanently scarred

Oct. 15, 2020 1:29 PM EDT

WASHINGTON (AP) — The global economy's recovery from the pandemic recession is tentative and uneven and “marked by significant uncertainty” as confirmed coronavirus cases spread in many countries, international finance ministers warned Thursday. The policy-setting panel of the 189-nation...

FILE - In this Feb. 14, 2020, file photo, Kristalina Georgieva, Managing Director of the International Monetary Fund, attends a session on the first day of the Munich Security Conference in Munich, Germany. Georgieva said that the global economy has started on a long climb to stronger growth with prospects looking a little better than four months ago. Georgieva said Tuesday, Oct. 6 that global economic activity suffered an unprecedented fall in the spring when 85% of the global economy was in lockdown for several weeks but currently the situation is “less dire” with many countries seeing better-than-expected rebounds in recent weeks (AP Photo/Jens Meyer, File)

G-20 suspends poor nations' debt payments for 6 more months

Oct. 14, 2020 2:51 PM EDT

WASHINGTON (AP) — The Group of 20 nations, representing the world’s biggest economies, agreed Wednesday to extend the suspension of debt payments by an additional six months to support the most vulnerable countries in their fight against the coronavirus pandemic. The suspension of what the G-20 says...

FILE - In this June 11, 2020, file photo, information signs are displayed at the closed Illinois Department of Employment Security WorkNet center in Arlington Heights, Ill. U.S. employers advertised for slightly fewer jobs in August while their hiring ticked up modestly. The Labor Department said Tuesday, Oct. 6, 2020, that the number of U.S. job postings on the last day of August dipped to 6.49 million, down from 6.70 million July. (AP Photo/Nam Y. Huh, File)

US layoffs still high, but so is skepticism on jobless data

Oct. 8, 2020 2:31 PM EDT

WASHINGTON (AP) — The number of Americans seeking unemployment benefits dipped last week to a still-high 840,000, evidence that layoffs remain elevated seven months into the pandemic recession. Yet economists say they are increasingly dubious about the unemployment claims figures, even though there is...

A man wearing a face mask stands near a screen showing the Korea Composite Stock Price Index (KOSPI) at the Korea Exchange in Seoul, South Korea, Thursday, Oct. 8, 2020. Asian shares were mostly higher Thursday on optimism that U.S. stimulus may be coming, as President Donald Trump appeared to reverse his earlier decision to halt talks on another economic rescue effort. (AP Photo/Lee Jin-man)

Asian shares mostly higher on hopes for U.S. stimulus

Oct. 7, 2020 11:43 PM EDT

TOKYO (AP) — Asian shares were mostly higher on Thursday on optimism U.S. stimulus may be coming after all, as President Donald Trump appeared to reverse his earlier decision to halt talks on another economic rescue effort. Japan's benchmark Nikkei 225 added 0.9% to 23,636.35. South Korea's Kospi gained...

President Donald Trump stands on the balcony outside of the Blue Room as returns to the White House Monday, Oct. 5, 2020, in Washington, after leaving Walter Reed National Military Medical Center, in Bethesda, Md. A federal appeals court says Trump's accountant must turn over his tax records to a New York state prosecutor. The 2nd U.S. Circuit Court of Appeals in Manhattan ruled Wednesday, Oct. 7. (AP Photo/Alex Brandon)

Bleak outlook without stimulus: More layoffs, anemic growth

Oct. 7, 2020 5:32 PM EDT

WASHINGTON (AP) — President Donald Trump's move Tuesday to cut off talks on another government aid package will further weaken an economy straining to recover from an epic collapse, economists say, and deepen the hardships for jobless Americans and struggling businesses. Half of all small businesses expect...

Federal Reserve Board Chairman Jerome Powell testifies during a Senate Banking Committee hearing, Thursday Sept. 24, 2020 on Capitol Hill in Washington about the CARES Act and the economic effects of the coronavirus pandemic. (Drew Angerer/Pool via AP)

Fed officials cited risks if Congress fails to pass more aid

Oct. 7, 2020 5:12 PM EDT

WASHINGTON (AP) — Federal Reserve officials expressed concern at their most-recent meeting that the U.S. economy recovery could falter if Congress failed to approve another round of pandemic relief. The Fed on Wednesday released minutes of its most recent meeting, showing that officials believed the...

A man walks under a screen showing the KOSPI, Korea Composite Stock Price Index at the Korea Exchange in Seoul, South Korea, Wednesday, Oct. 7, 2020. Stocks were mixed in Asia on Wednesday despite an overnight decline on Wall Street after President Donald Trump ordered a stop to talks on another round of aid for the economy. (AP Photo/Ahn Young-joon)

World shares mixed after Trump calls halt to stimulus talks

Oct. 7, 2020 7:16 AM EDT

World shares were mostly lower on Wednesday after U.S. President Donald Trump ordered a stop to talks on another round of aid for the economy. U.S. futures were up slightly after dropping on Trump's announcement the day before. Markets were down slightly in Germany, France and Japan but closed higher in Hong...