Latest Federal Reserve System News
Fed minutes show concerns about severity of downturn
WASHINGTON (AP) — Federal Reserve officials last month expressed concerns about the severity of the economic downturn triggered by the coronavirus pandemic, saying the drop in economic activity in the spring would likely be the steepest in the post-World War II period. The minutes of the June 9-10...
Asian shares up after Wall St closes best quarter since 1998
TOKYO (AP) — Asian shares were mostly higher Wednesday after Wall Street capped its best quarter since 1998, shrugging off continued signs of global economic damage from the coronavirus pandemic. Japan's benchmark Nikkei 225 slipped 0.2% to 22,187.27. South Korea's Kospi rose 1.0% to 2,130.14. Australia's...
Fed's program for loaning to Main Street off to slow start
WASHINGTON (AP) — Michael Haith, owner and CEO of a Denver-based restaurant chain called Teriyaki Madness, is in an unusual position for people like him: He's making money through food delivery and pickup and wants to borrow funds so he can expand. Yet so far, a Federal Reserve lending program set up...
Fed's program for loaning to Main Street off to slow start
WASHINGTON (AP) — Michael Haith, owner and CEO of a Denver-based restaurant chain called Teriyaki Madness, is in an unusual position for people like him: He's making money through food delivery and pickup and wants to borrow funds so he can expand. Yet so far, a Federal Reserve lending program set up...
Powell says US economy facing heightened uncertainty
WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says the outlook for the U.S. economy is “extraordinarily uncertain” and the success of the recovery effort will depend in large part on the country’s ability to contain the spread of the coronavirus. “A full recovery is...
Apple, AT&T, Jack Daniel's: Fed issues details on bond buys
WASHINGTON (AP) — The Federal Reserve on Sunday released a list of roughly 750 companies, including Apple, Walmart and ExxonMobil, whose corporate bonds it will purchase in the coming months in an effort to keep borrowing costs low and smooth the flow of credit. The central bank also said it has, so far,...
Richmond Fed chief: With outlook hazy, economy needs support
WASHINGTON (AP) — As president of the Federal Reserve Bank of Richmond since 2018, Tom Barkin is a member of the Fed's powerful committee that sets interest rates. The committee has been engaged this year in an extraordinary drive to support the economy and the financial system through ultra-low rates and...
Stocks sink as virus cases jump, forcing states to backtrack
Stocks on Wall Street fell sharply Friday as confirmed new coronavirus infections in the U.S. hit an all-time high, prompting Texas and Florida to reverse course on the reopening of businesses. The combination injected new jitters into a market that's been mostly riding high since April on hopes that the economy...
Davis Cup, Fed Cup finals pushed to 2021 because of pandemic
LONDON (AP) — The Davis Cup and Fed Cup finals were scrapped for 2020 by the International Tennis Federation on Friday because of the coronavirus pandemic, and both competitions will resume next year. The Davis Cup men’s competition was supposed to have qualifying matches for future finals this...
Fed stops big banks from buying back stock, caps dividends
NEW YORK (AP) — A worst-case scenario for the U.S. economy ravaged by the coronavirus pandemic would cause the nation’s 34 largest banks to collectively lose roughly $700 billion, the Federal Reserve said Thursday. To bolster the banks ahead of such a potentially damaging recession, the Fed ordered...
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