Latest Federal Reserve System News

FILE - In this May 22, 2020, file photo, the Federal Reserve building is viewed in Washington. Federal Reserve officials last month expressed concerns about the severity of the economic downturn triggered by the coronavirus pandemic. The minutes of the June 9-10 discussions that were made public Wednesday, July 1, 2020, show officials grappling with economic disruptions that had already occurred. (AP Photo/Patrick Semansky, File)

Fed minutes show concerns about severity of downturn

Jul. 1, 2020 5:26 PM EDT

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...

A woman wearing a mask passes the New York Stock Exchange, Tuesday, June 30, 2020, during the coronavirus pandemic. (AP Photo/Mark Lennihan)

Asian shares up after Wall St closes best quarter since 1998

Jul. 1, 2020 12:00 AM EDT

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...

FILE - In this May 22, 2020, file photo, the Federal Reserve building is viewed in Washington. The Federal Reserve's Main Street lending program is off to a slow start. Banks are showing a surprising lack of interest in the program, while businesses are having a hard time accessing it. (AP Photo/Patrick Semansky, File)

Fed's program for loaning to Main Street off to slow start

Jun. 30, 2020 12:05 AM EDT

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...

FILE - In this May 22, 2020, file photo, the Federal Reserve building is viewed in Washington. The Federal Reserve's Main Street lending program is off to a slow start. Banks are showing a surprising lack of interest in the program, while businesses are having a hard time accessing it. (AP Photo/Patrick Semansky, File)

Fed's program for loaning to Main Street off to slow start

Jun. 29, 2020 6:12 PM EDT

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...

FILE - In this March 3, 2020 file photo Federal Reserve Chair Jerome Powell speaks during a news conference in Washington. 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 unlikely until people are confident that it is safe to re-engage in a broad range of activities,” Powell says in testimony he is scheduled to deliver Tuesday, June 30, 2020 in an appearance with Treasury Secretary Steven Mnuchin before the House Financial Services Committee. (AP Photo/Jacquelyn Martin, file)

Powell says US economy facing heightened uncertainty

Jun. 29, 2020 5:17 PM EDT

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...

File-In this May 22, 2020, file photo, a car drives past the Federal Reserve building in Washington. The Federal Reserve on Sunday, June 28, 2020, 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, purchased nearly $429 million in corporate bonds from 86 of those companies, including AT&T, Walgreen's, Microsoft, Pfizer, and Marathon Petroleum. (AP Photo/Patrick Semansky, File)

Apple, AT&T, Jack Daniel's: Fed issues details on bond buys

Jun. 28, 2020 9:46 PM EDT

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,...

In this undated photo provided by the Federal Reserve Bank of Richmond, Tom Barkin, president of the Federal Reserve Bank of Richmond,  poses for a portrait. (Federal Reserve Bank of Richmond via AP)

Richmond Fed chief: With outlook hazy, economy needs support

Jun. 28, 2020 10:20 AM EDT

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...

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, June 26, 2020. Asian stock markets followed Wall Street higher on Friday after U.S. regulators removed some limits on banks' ability to make investments. (AP Photo/Ahn Young-joon)

Stocks sink as virus cases jump, forcing states to backtrack

Jun. 26, 2020 5:36 PM EDT

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

Jun. 26, 2020 10:03 AM EDT

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...

FILE - In this Oct. 14, 2019, file photo a Bank of America logo is attached to the exterior of the Bank of America Financial Center building in Boston. The Federal Reserve said on Thursday, June 25, 2020, a worst-case scenario for the U.S. economy ravaged by the coronavirus pandemic would cause nation’s 34 largest banks to collectively lose roughly $700 billion. To bolster the banks ahead such a potentially damaging recession, the Fed ordered the banks to suspend stock buybacks and dividend payouts until Sept. 30. (AP Photo/Steven Senne)

Fed stops big banks from buying back stock, caps dividends

Jun. 25, 2020 11:38 PM EDT

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...