Latest Jerome Powell News

In this May 19, 2020, photo, Senate Majority Leader Mitch McConnell of Ky., speaks with reporters after meeting with Senate Republicans at their weekly luncheon on Capitol Hill in Washington. Congress is at a crossroads in the Covid-19 crisis. Lawmakers are wrestling over whether to “go big” as House Speaker Nancy Pelosi wants for the next relief bill or hit “pause” as McConnell insists. (AP Photo/Patrick Semansky)

Congress weighs choice: 'Go big' on virus aid or hit 'pause'

May. 26, 2020 5:28 AM EDT

WASHINGTON (AP) — Congress is at a crossroads in the coronavirus crisis, wrestling over whether to “go big,” as House Speaker Nancy Pelosi wants for the next relief bill, or hit “pause,” as Senate Majority Leader Mitch McConnell insists. It's a defining moment for the political...

Beachgoers relax on the shore at Good Harbor Beach in Gloucester, Mass., Friday, May 22, 2020. Beaches in Gloucester reopened with restrictions on Friday after being closed two months ago due to the pandemic. (AP Photo/Charles Krupa)

Memorial Day tempts Americans outdoors, raising virus fears

May. 22, 2020 10:07 PM EDT

Millions of Americans are getting ready to emerge from coronavirus lockdowns and venture outdoors to celebrate Memorial Day weekend at beaches, cookouts and family outings, raising concern among public health officials that large gatherings could cause outbreaks to come roaring back. Medical experts warn that the...

Cemetery musician Victor Dzib Cima, 70, plays his accordion as he waits for clients while cemetery workers remove coffins from gravesites that belonged to families who stopped paying rent at the San Nicolas Tolentino Pantheon, where he has worked for tips for 22 years, in the Iztapalapa area of Mexico City, Friday, May 22, 2020. The cemetery is making space for more burials amid the COVID-19 pandemic, and it is custom for cemeteries in Mexico to rent, instead of sell, grave sites. (AP Photo/Marco Ugarte)

Record virus infections, deaths are ravaging Latin America

May. 22, 2020 9:47 PM EDT

RIO DE JANEIRO (AP) — A surging coronavirus is ravaging parts of Latin America, setting records for cases and deaths Friday in some countries in the world's most unequal region even as the pandemic's march slows in much of Europe, Asia and the United States. Latin America's two largest nations —...

A doorman wearing a face shield and mask to protect from coronavirus stands outside the main entrance of the Fortnum & Mason department store as customers leave carrying shopping bags in the Piccadilly area of central London, Friday, May 22, 2020. The store reopened its food hall department for customers to enter yesterday as part of a phased reopening as the British government is beginning to relax aspects of its nationwide coronavirus lockdown. (AP Photo/Matt Dunham)

Global tourism upended; worst-case earnings scenario dodged

May. 22, 2020 7:14 PM EDT

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Friday related to national and global response, the work place and the spread of the virus. ________________________ SUPPLY DEMANDED: The virus has upended supply chains and shut stores...

A woman walks past a store advertising sales at 70 percent off, Thursday, May 21, 2020, in Cleveland. More than 2.4 million people applied for U.S. unemployment benefits last week in the latest wave of layoffs from the viral outbreak that triggered widespread business shutdowns two months ago and sent the economy into a deep recession. (AP Photo/Tony Dejak)

Nearly 39 million have lost jobs in US since virus took hold

May. 21, 2020 10:52 PM EDT

WASHINGTON (AP) — The number of Americans applying for unemployment benefits in the two months since the coronavirus took hold in the U.S. has swelled to nearly 39 million, the government reported Thursday, even as states from coast to coast gradually reopen their economies and let people go back to work....

FILE - In this March 3, 2020, file photo, Federal Reserve Chair Jerome Powell pauses during a news conference, to discuss an announcement from the Federal Open Market Committee, in Washington. Efforts to forecast the U.S. economy's path to recovery from the current deep downturn face “a whole new level of uncertainty,

Fed's Powell says economic forecasts filled with uncertainty

May. 21, 2020 4:28 PM EDT

WASHINGTON (AP) — Efforts to forecast the U.S. economy's path to recovery from the current deep downturn face “a whole new level of uncertainty," Federal Reserve Chairman Jerome Powell said Thursday. Not only is there the difficulty predicting how the coronavirus pandemic will play out, it is also...

A woman looks at signs at a store closed due to COVID-19 in Niles, Ill., Wednesday, May 13, 2020. (AP Photo/Nam Y. Huh)

Job market remains grim even as U.S. tentatively reopens

May. 21, 2020 4:10 PM EDT

WASHINGTON (AP) — Signs of renewed business activity are surfacing across the country as states gradually reopen economies and some businesses call a portion of their laid-off staffers back to work. Yet with millions more Americans seeking unemployment aid last week, the U.S. job market remains as bleak as...

FILE - This Jan. 14, 2010, file photo, shoes The Federal Reserve Building in Washington.  Federal Reserve officials last month worried about the coronavirus pandemic's toll on the U.S. economy, especially its impact on the most vulnerable, expressing fears that a large number of small businesses may not be able to survive the shock. Minutes of the Fed’s April 28-29 2020 meeting released Wednesday, May 20,  showed that Fed officials fully supported continuing to keep the central bank's benchmark interest rate at a record low near zero. (AP Photo/Alex Brandon, File)

Fed officials worried in April about toll of deep recession

May. 20, 2020 3:42 PM EDT

WASHINGTON (AP) — Federal Reserve officials last month worried about the coronavirus pandemic's toll on the U.S. economy, especially its impact on the most vulnerable, expressing fears that a large number of small businesses may not be able to survive the shock. Minutes of the Fed’s April 28-29...

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, May 20, 2020.  Asian shares were mixed Wednesday as market players waffled between hopes for recovery as economies gradually reopen and worries over the havoc wreaked by the pandemic. (AP Photo/Ahn Young-joon)

Asian shares mixed as virus worries counter recovery hopes

May. 19, 2020 11:50 PM EDT

TOKYO (AP) — Asian shares were mixed Wednesday as market players waffled between hopes for recovery as economies gradually reopen and worries over the havoc wreaked by the pandemic. Japan's benchmark Nikkei 225 rose nearly 0.9% in morning trading to 20,606.92 on expectations that a state of emergency...

In this March 3, 2020 file photo Federal Reserve Chair Jerome Powell speaks during a news conference in Washington. Powell is pledging to reveal the names and other details of the entities that borrow from the emergency programs the central bank has set up to offset the economic hit from the viral outbreak. In prepared testimony for a Tuesday, May 19, 2020 congressional hearing, Powell says the central bank will disclose the amounts borrowed and the interest rates it levies under its programs to provide credit for large corporations, state and local governments, and medium-sized businesses. (AP Photo/Jacquelyn Martin, file)

Mnuchin and Powell push differing priorities to aid economy

May. 19, 2020 4:13 PM EDT

WASHINGTON (AP) — Facing the gravest U.S. economic crisis in decades, Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell offered Congress contrasting views Tuesday of what the government's most urgent priority should be. Striking a theme frequently pushed by President Donald Trump,...