Fed sees dim economic outlook as virus squeezes economy

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...

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 coronavirus...

Fed wrestles with its next moves as virus stalls US economy

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...

Gold's luster grows as investors hedge in uncertain times

Wall Street is in the throes of a gold rush, as investors drive the price of the precious metal to new heights. Gold has been the best investment of the year so far. The price of the precious metal has climbed nearly 27% this year, more than triple the return of the largest U.S. bond funds and towering over the...

Pandemic tough on Argentina's already overworked care givers

BUENOS AIRES, Argentina (AP) — Even before the new coronavirus hit, Argentina's health care workers were struggling, most of them often working more than 12 hours a day at multiple jobs to make ends meet amid the country's overheated inflation. The pandemic has meant even tougher times on the job,...

Zimbabwe's economy to shrink by 4.5%, says finance minister

HARARE, Zimbabwe (AP) — Zimbabwe’s economy is expected to shrink by 4.5% this year, the country’s finance minister said Thursday, although others say it will contract even more, as the effects of the coronavirus and a drought take a toll on the struggling southern African nation. The...

Spiking cost of gasoline pushes June consumer prices up 0.6%

WASHINGTON (AP) — U.S. consumer prices increased 0.6% in June, after three months of declines, with a big jump in gasoline prices accounting for over half of the gain. The Labor Department reported Tuesday that the increase in its consumer price index followed declines of 0.4% in March, 0.8% in April and...

Consumer prices jump 0.6% in June, led by gains in energy and food but expectation is virus will keep lid on inflation

WASHINGTON (AP) — Consumer prices jump 0.6% in June, led by gains in energy and food but expectation is virus will keep lid on inflation.

IMF: Mideast loses $270B oil income amid virus, recession

DUBAI, United Arab Emirates (AP) — The Middle East's energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region's economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund's...

US wholesale prices fell 0.2% in June as food costs plunged

WASHINGTON (AP) — U.S. wholesale prices fell 0.2% in June as food costs dropped sharply, offsetting a big increase in energy prices. The drop in the Producer Price Index, which measures inflation pressures before they reach consumers, followed a 0.4% gain in May, the Labor Department reported Friday....