Latest Jerome Powell News

FILE - In this Nov. 23, 2020 file photo, stone sculptures adorn the New York Stock Exchange.  Stocks are pulling lower again on Friday, Jan. 15, 2021,  after reports showed the pandemic is deepening the hole for the economy, as Washington prepares to throw it another lifeline.   (AP Photo/Seth Wenig, File)

Stocks fall as economic pain deepens, rally runs out of gas

Jan. 15, 2021 4:27 PM EST

NEW YORK (AP) — Wall Street closed out its first losing week in three with another drop on Friday after reports showed the pandemic is deepening the hole for the economy, as Washington prepares to throw it another lifeline. The S&P 500 fell 27.29, or 0.7%, to 3,768.25, with stocks of companies that...

A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rates at the foreign exchange dealing room in Seoul, South Korea, Friday, Jan. 15, 2021. Asian shares were mixed on Friday after a late slide in several Big Tech stocks left major indexes lower on Wall Street. (AP Photo/Lee Jin-man)

Asian shares mixed following Biden speech, Wall St retreat

Jan. 14, 2021 11:08 PM EST

Asian shares were mixed on Friday after a late slide in several Big Tech stocks left major indexes lower on Wall Street. U.S. futures were trading slightly lower after President-elect Joe Biden announced his plans to propose a $1.9 billion package to help along a recovery from the coronavirus pandemic. Biden...

Federal Reserve Chairman Jerome Powell testifies before a House Financial Services Committee hearing on Capitol Hill in Washington, Wednesday, Dec. 2, 2020. (Greg Nash/Pool via AP)

Powell signals Fed will keep aiding economy with bond buying

Jan. 14, 2021 4:50 PM EST

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell sought Thursday to tamp down any concerns that the Fed might soon withdraw some of its support for the U.S. economy and stressed that any such pullback would be signaled far in advance. During an online discussion hosted by Princeton University, from...

A currency trader passes by monitors showing the Korea Composite Stock Price Inde, and foreign exchange rate at the foreign exchange dealing room of a KB Kookmin Bank branch in Seoul, South Korea, Thursday, Jan. 14, 2021. Shares were mostly higher in Asia on Thursday after a lackluster day on Wall Street, where major indexes spent the day drifting up and down near their record highs. (AP Photo/Ahn Young-joon)

Asian shares mixed after lackluster day on Wall Street

Jan. 13, 2021 10:11 PM EST

Shares were mostly higher in Asia on Thursday after a lackluster day on Wall Street, where major indexes spent the day drifting up and down near their record highs. Benchmarks rose in Hong Kong, Tokyo and Sydney but fell in Shanghai. U.S. futures were trading slightly higher after the U.S. House of...

FILE - This May 22, 2020, file photo shows the Federal Reserve building in Washington.  Newly released transcripts show that many Federal Reserve officials had concerns in late 2015 over whether they were making a mistake in raising a key interest rate for the first time in nearly decade. Transcripts of their discussions, released Friday, Jan. 8, 2021 showed that the chief concern was whether the Fed would be acting prematurely in starting to raise rates given how low inflation was at the time. (AP Photo/Patrick Semansky, File)

Fed transcripts show doubts about need for 2015 rate hike

Jan. 8, 2021 12:31 PM EST

WASHINGTON (AP) — Newly released transcripts show that many Federal Reserve officials had concerns in late 2015 over whether they were making a mistake in raising a key interest rate for the first time in nearly decade. Transcripts of their discussions, released Friday, showed that the chief concern was...

President-elect Joe Biden fist bumps with nurse practitioner Tabe Mase after receiving his first dose of the coronavirus vaccine at ChristianaCare Christiana Hospital in Newark, Del., Monday, Dec. 21, 2020, as Jill Biden looks on. (AP Photo/Carolyn Kaster)

2020: A year where the fist-bump became mainstream greeting

Dec. 30, 2020 12:47 PM EST

The moment called for a handshake. Or would have, under what used to be considered normal circumstances. As in, before 2020. Here’s the scene, from Dec. 21: Tabe Mase, the director of employee health services and a nurse practitioner at ChristianaCare Christiana Hospital in Newark, Delaware, had just...

FILIE - This June 6, 2019, file photo shows the U.S. Treasury Department building at dusk in Washington. The President's Working Group on Financial Markets, led by the Treasury Department, issued a report Tuesday, Dec. 22, 2020, which said that the flight to safety triggered by the coronavirus pandemic last spring pointed to the need for reforms that will make money market funds less vulnerable to investors rushing to withdraw their funds. (AP Photo/Patrick Semansky, File)

Report: March turbulence shows need for financial reforms

Dec. 22, 2020 7:36 PM EST

WASHINGTON (AP) — A top government financial oversight panel says that the turbulence in financial markets last spring has exposed problems in the operation of money market funds that will need to be corrected before the next crisis hits. The President's Working Group on Financial Markets, led by the...

FILE - In this Tuesday, Dec. 15, 2020, file photo, Senate Majority Leader Mitch McConnell, of Kentucky, speaks during a news conference with other Senate Republicans on Capitol Hill in Washington, while Sen. John Barrasso, R-Wyoming, listens at left. “There will be another major rescue package for the American people,

Congress' rescue aid: A dose of support, but is it enough?

Dec. 21, 2020 1:15 PM EST

WASHINGTON (AP) — The $900 billion economic relief package that emerged from Congress over the weekend will deliver vital aid to millions of households and businesses that have struggled for months to survive. Yet with the economy still in the grip of a pandemic that has increasingly tightened curbs on...

In this Dec. 15, 2029, photo, Senate Majority Leader Mitch McConnell of Ky., walks past reporters on Capitol Hill in Washington. (AP Photo/Susan Walsh)

Fight over Fed powers stalls $900 billion aid plan

Dec. 19, 2020 8:47 PM EST

WASHINGTON (AP) — An arcane battle over emergency Federal Reserve powers foiled efforts on Saturday to lock down an agreement on an almost $1 trillion COVID-19 economic relief package. The deadlock was just the latest stumble in a partisan, months-long fight over pandemic relief and the lack of progress is...

Senate Majority Leader Mitch McConnell of Ky., walks past reporters on Capitol Hill in Washington, Tuesday, Dec. 15, 2020. (AP Photo/Susan Walsh)

Congress averts shutdown; fight continues over pandemic aid

Dec. 18, 2020 10:21 PM EST

WASHINGTON (AP) — Congress passed a two-day stopgap spending bill Friday night, averting a partial government shutdown and buying yet more time for frustratingly slow endgame negotiations on an almost $1 trillion COVID-19 economic relief package. The virus aid talks remained on track, both sides said, but...