Latest Federal Reserve System News

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. The Federal Reserve will issue the first loans under its groundbreaking Main Street Lending program in a “few days,”  Powell said Friday, May 29.  (AP Photo/Jacquelyn Martin)

Powell: Fed to soon begin 'challenging' Main Street lending

May. 29, 2020 2:21 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell acknowledged Friday that the Fed faces a major challenge with the launch in the coming days of a program that will lend to companies other than banks for the first time since the Great Depression. The Fed's Main Street Lending is geared toward...

Workers build a protective barrier as construction resumed on the New York Islanders' new arena, located adjacent to Belmont race track, during the current coronavirus outbreak, Wednesday, May 27, 2020, in Elmont, N.Y. Long Island became the latest region of New York to begin easing restrictions put in place to curb the spread of the coronavirus as it entered the first phase of the state's four-step reopening process. Gov. Andrew Cuomo announced Tuesday that Nassau and Suffolk counties could begin reopening parts of their economy after nonessential businesses were shuttered for two months. (AP Photo/Kathy Willens)

Fed report notes businesses less optimistic about economy

May. 27, 2020 5:10 PM EDT

WASHINGTON (AP) — Businesses across the country surveyed by the Federal Reserve don’t appear to share the Trump administration's optimism about a rapid economic recovery starting this summer. The Federal Reserve released a report Wednesday that draws on business contacts from the central bank's 12...

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 —...

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...

In this Nov. 25, 2019 file photo Federal Reserve Bank of Boston President Eric Rosengren, left, speaks during a round table discussion at Silver Lane Elementary School, in East Hartford, Conn.  (AP Photo/Steven Senne, file)

Regional Fed chief: Loan program could aid a slow recovery

May. 20, 2020 8:54 PM EDT

WASHINGTON (AP) — The president of a regional Federal Reserve bank that will oversee a groundbreaking business lending program said Wednesday that he thinks a slower-than-expected recovery from the economic downturn would lead companies to seek critical support from the program. In an interview with The...

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...

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,...

Treasury Secretary Steven Mnuchin speaks during a meeting with restaurant industry executives about the coronavirus response, in the State Dining Room of the White House, Monday, May 18, 2020, in Washington. (AP Photo/Evan Vucci)

Mnuchin to face grilling about small-business lending effort

May. 19, 2020 3:01 AM EDT

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin will likely come under tough questioning from senators Tuesday about a small business lending program included in the government's $2 trillion relief package. Lawmakers from both parties have criticized the Payroll Protection Program, which initially...

A woman wearing face mask walks past a bank electronic board showing the Hong Kong share index Tuesday, May 19, 2020. Asian shares rose Tuesday on optimism about a potential vaccine for the coronavirus after hopes for a U.S. economic recovery in the second half of the year sent Wall Street into a rebound. (AP Photo/Vincent Yu)

Asian stocks up on hopes for vaccine and economies reopening

May. 19, 2020 12:10 AM EDT

TOKYO (AP) — Asian shares rose Tuesday on optimism about a potential vaccine for the coronavirus after hopes for a U.S. economic recovery in the second half of the year sent Wall Street into a rebound. Japan's benchmark Nikkei 225 added 1.9% in morning trading to 20,517.42. Australia's S&P/ASX 200...

Treasury Secretary Steven Mnuchin wears a mask as he walks on the grounds of the White House, Thursday, May 14, 2020, in Washington. (AP Photo/Alex Brandon)

Report: Treasury fund to ease virus crisis off to slow start

May. 18, 2020 6:44 PM EDT

WASHINGTON (AP) — The Treasury Department and Federal Reserve have lent hardly any money under a $500 billion fund created by the economic rescue law passed in response to the coronavirus crisis, a congressional oversight panel says in a new report. The Treasury fund is being used to guarantee new,...