Latest Central banking News

Senate confirms Christopher Waller to serve on Fed's board

Dec. 3, 2020 12:25 PM EST

WASHINGTON (AP) — The Senate on Thursday narrowly confirmed the nomination of Christopher Waller for the Federal Reserve's Board of Governors, placing another of President Donald Trump's picks on the Fed's influential board after a string of high-profile rejections. The vote in favor of Waller's...

FILE- In this Saturday, Nov. 28, 2020, file photo, customers browse while shopping for books at the Strand Bookstore, an independent family owned bookstore founded in 1927 in New York. A Federal Reserve survey of business conditions around the country found that economic activity in several regions was slowing in November as coronavirus cases surged. The report, released Wednesday, Dec. 2, 2020, and known as the beige book, will be used by Fed officials when they hold their last meeting of the year on Dec. 15-16 to discuss possible changes to the central bank's interest-rate policies.. (AP Photo/Mary Altaffer)

Fed reports slowing US economic activity due to virus surge

Dec. 2, 2020 6:21 PM EST

WASHINGTON (AP) — A Federal Reserve survey of business conditions around the country found that economic activity in several regions slowed in November as coronavirus cases surged. The Fed report released Wednesday said that overall, the Fed's 12 regional banks characterized the economic expansion as...

Federal Reserve Chairman Jerome Powell fist bumps Treasury Secretary Steven Mnuchin after a House Financial Services Committee hearing on Capitol Hill in Washington, Wednesday, Dec. 2, 2020. (Greg Nash/Pool via AP)

Fed and Treasury urge Congress to approve more virus relief

Dec. 2, 2020 2:00 PM EST

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin urged Congress to approve COVID-19 relief funds without further delay, though Democrats continued to attack a decision by Mnuchin to allow five Fed lending programs to expire during the pandemic. In his most...

A woman walks by an electronic stock board of a securities firm in Tokyo, Wednesday, Dec. 2, 2020. Asian markets are mixed after the U.S. benchmark S&P 500 set another record. (AP Photo/Koji Sasahara)

Asian shares mixed after S&P 500 sets fresh record high

Dec. 1, 2020 10:45 PM EST

Asian shares advanced Wednesday after Wall Street kicked off December with more milestones, as a broad rally pushed the S&P 500 and Nasdaq composite to new highs. Australia reported its economy expanded 3.3% in the July-September quarter as the country recovered from pandemic lockdowns. That lifted the...

Chairman of the Federal Reserve Jerome Powell listens as Treasury Secretary Steven Mnuchin testifies during a Senate Banking Committee hearing on 'The Quarterly CARES Act Report to Congress' on Capitol Hill in Washington, Tuesday, Dec. 1, 2020. (AP Photo/Susan Walsh, Pool)

Mnuchin defends shut down of Fed emergency loan programs

Dec. 1, 2020 1:20 PM EST

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin is defending his decision to close down a number of emergency Federal Reserve loan programs at a time when coronavirus cases are surging. Democrats were unconvinced, however, saying that Mnuchin’s actions are politically motivated and intended to...

File-This Sept. 24, 2020, file photo Federal Reserve Board Chairman Jerome Powell testifies during a Senate Banking Committee hearing, on Capitol Hill in Washington. In remarks released by the Fed on Monday, Nov. 30, 2020, Powell said that the increase in new COVID-19 cases both in the United States and abroad was “concerning and could prove challenging for the next few months.  (Drew Angerer/Pool via AP, File)

Powell says pace of economic improvement has moderated

Nov. 30, 2020 5:50 PM EST

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says that the pace of improvement in the economy has moderated in recent months with future prospects remaining “extraordinarily uncertain.” In remarks released by the Fed on Monday, Powell said that the increase in new COVID-19 cases...

Texas man sent to prison for bomb threat to Federal Reserve

Nov. 30, 2020 4:03 PM EST

BROWNSVILLE, Texas (AP) — A South Texas man was sentenced on Monday to two years in federal prison after making online threats to bomb a Federal Reserve building, according to authorities. Joel Hayden Schrimsher had pleaded guilty on Aug. 24 to conveying false or misleading information through the...

Protesters march during a demonstration against a security law that would restrict sharing images of police, Saturday, Nov. 28, 2020 in Paris. Civil liberties groups and journalists are concerned that the measure will stymie press freedoms and allow police brutality to go undiscovered and unpunished. The cause has gained fresh impetus in recent days after footage emerged of French police officers beating up a Black man, triggering a nationwide outcry. (AP Photo/Francois Mori)

French protesters decry bill outlawing use of police images

Nov. 28, 2020 1:35 PM EST

PARIS (AP) — Tens of thousands of critics of a proposed security law that would restrict the filming of police officers protested across France on Saturday, and officers in Paris who were advised to behave responsibly during the demonstrations repeatedly fired tear gas to disperse rowdy protesters who set...

A home for sale with a

US mortgage rates stay at record low 2.72% for 30 years

Nov. 25, 2020 5:34 PM EST

WASHINGTON (AP) — U.S. long-term mortgage rates remained at record lows this week as the coronavirus pandemic continues to threaten the economy. Mortgage finance giant Freddie Mac reported Wednesday that the average rate on the 30-year fixed-rate home loan was unchanged this week from a record low 2.72%. A...

FILE - In this Thursday Sept. 24, 2020 file photo, Federal Reserve Board Chairman Jerome Powell testifies during a Senate Banking Committee hearing, on Capitol Hill in Washington.  The Fed on Wednesday, Nov. 25,  released minutes of its Nov. 4-5 meeting revealing that while officials believed that no changes were needed to the bond purchase program at that time, “they recognized that circumstances could shift to warrant such adjustments.”  (Drew Angerer/Pool via AP, file)

As economy struggles, Fed weighs boosting bond purchases

Nov. 25, 2020 3:56 PM EST

WASHINGTON (AP) — At their meeting earlier this month, Federal Reserve officials discussed possible future adjustments to the central bank's monthly bond purchases to boost the economy. The Fed on Wednesday released minutes of its Nov. 4-5 meeting revealing that while officials believed that no changes...