Latest Federal Reserve System News

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...

People stand by an electronic stock board of a securities firm showing Japan's Nikkei 225 index in Tokyo, Wednesday, Nov. 25, 2020. Asian shares rose Wednesday after the Dow Jones Industrial Average closed above 30,000 points for the first time despite an ongoing pandemic, as progress in development of coronavirus vaccines kept investors in a buying mood. (AP Photo/Koji Sasahara)

Asian shares rise after Dow crests 30,000 on vaccine hopes

Nov. 24, 2020 10:36 PM EST

TOKYO (AP) — Asian shares rose Wednesday after the Dow Jones Industrial Average closed above 30,000 points for the first time despite an ongoing pandemic, as progress in development of coronavirus vaccines kept investors in a buying mood. Japan's benchmark Nikkei 225 jumped 1.7% to 26,607.63 in morning...

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. (AP Photo/Andrew Harnik, File)

Awaiting Yellen at Treasury: Yet another daunting crisis

Nov. 24, 2020 12:01 AM EST

WASHINGTON (AP) — Janet Yellen is in line for another top economic policy job — just in time to confront yet another crisis. Yellen, President-elect Joe Biden's apparent choice for treasury secretary, served on the Federal Reserve's policymaking committee during the 2008-2009 financial crisis that...

A woman walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Tuesday, Nov. 24, 2020. Asian shares were mostly higher Tuesday, encouraged by news on the development of coronavirus vaccines and more assurance for a transition of power in the U.S. to President-elect Joe Biden. (AP Photo/Vincent Yu)

Asian shares mostly rise on virus vaccine, Yellen hopes

Nov. 23, 2020 10:17 PM EST

TOKYO (AP) — Asian shares were mostly higher Tuesday, encouraged by news on the development of coronavirus vaccines and more assurance for a transition of power in the U.S. to President-elect Joe Biden. The U.S. federal government recognized Biden as the “apparent winner” of the Nov. 3...

AP source: Biden taps ex-Federal Reserve Chair Janet Yellen as treasury secretary; she'd be 1st woman to lead department

Nov. 23, 2020 3:41 PM EST
WASHINGTON (AP) — AP source: Biden taps ex-Federal Reserve Chair Janet Yellen as treasury secretary; she'd be 1st woman to lead department.
People wearing face masks walk past a screen showing the precautions against the coronavirus in Seoul, South Korea, Friday, Nov. 20, 2020. The screen reads:

Asian stocks rise ahead of US economic data amid virus fears

Nov. 22, 2020 11:11 PM EST

BEIJING (AP) — Asian stocks rose Monday as investors looked ahead to quarterly U.S. economic data amid unease about anti-coronavirus curbs on business and wrangling over the American presidential election. Market benchmarks in Shanghai, Seoul and Sydney rose while Hong Kong retreated. Japanese markets were...

FILE - In this Sept. 24, 2020 file photo, Federal Reserve Chair Jerome Powell, right, and Treasury Secretary Steve Mnuchin testify during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress on Capitol Hill, in Washington. Mnuchin on Friday, Nov. 20 denied that he is trying to limit the choices President-elect Joe Biden will have to promote an economic recovery by ending several emergency loan programs being run by the Federal Reserve. Mnuchin said his decision was based on the fact that the programs were not being heavily utilized and the money could be better used by being re-allocated by Congress to provide support in other areas such as further grants to small businesses and extended unemployment assistance.  (Toni L. Sandys/The Washington Post via AP, Pool)

Mnuchin denies trying to limit Biden's economic options

Nov. 20, 2020 6:19 PM EST

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin denied on Friday that he is attempting to limit President-elect Joe Biden's options for reviving the pandemic-damaged economy by ending several emergency loan programs being run by the Federal Reserve. Mnuchin said the programs were not being heavily...

FILE - In this Monday, Sept. 21, 2020 file photo, Treasury Secretary Steve Mnuchin speaks during a news conference to announce the Trump administration's restoration of sanctions on Iran at the U.S. State Department in Washington. Treasury Secretary Steven Mnuchin said Thursday, Nov. 19, 2020 he will not to extend several emergency loan programs set up with the Federal Reserve to support the economy in the midst of the coronavirus pandemic.(AP Photo/Patrick Semansky, File)

Mnuchin rejects renewal of some Fed emergency loan programs

Nov. 19, 2020 7:33 PM EST

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin said Thursday he will not extend several emergency loan programs set up with the Federal Reserve, an action that could hamper the ability of the incoming Biden administration to gain important economic support from the central bank to deal with the...

President-elect Joe Biden, accompanied by Vice President-elect Kamala Harris, speaks at The Queen theater, Thursday, Nov. 19, 2020, in Wilmington, Del. (AP Photo/Andrew Harnik)

Biden says he's decided on treasury secretary nomination

Nov. 19, 2020 7:08 PM EST

WASHINGTON (AP) — President-elect Joe Biden said Thursday that he has decided whom to nominate as his secretary of the Treasury Department. Biden said that the announcement will come just before or after Thanksgiving and that “you’ll find it is someone who I think will be accepted by all...

FILE - In this Oct. 14, 2020 file photo, the American Flag hangs outside the New York Stock Exchange in New York. U.S. stocks are drifting close to their record highs Wednesday, Nov. 18 as hopes for a coronavirus vaccine coming in the future collide with worries about the worsening pandemic in the present.  The S&P 500 was 0.1% lower in early trading after flipping between small gains and losses.  (AP Photo/Frank Franklin II, File)

Asian stocks follow Wall Street lower on virus anxiety

Nov. 18, 2020 10:40 PM EST

BEIJING (AP) — Asian stocks followed Wall Street lower on Thursday as anxiety about the economic fallout from rising coronavirus infections in the United States and Europe clashed with optimism about a possible vaccine. Shanghai, Tokyo, Hong Kong and Sydney retreated. On Wall Street, the benchmark S&P...