Federal Reserve Chairman Jerome Powell Powell said he thinks the inflation pressures that are now building in the U.S. economy, partly in response to clogged supply chains that have created shortages of some goods and components, will prove temporary.
Federal Reserve Chairman Jerome Powell said that he doesn’t expect to raise the Fed’s benchmark interest rate, currently pegged at nearly zero, this year.
Federal Reserve Chair Jerome Powell said many Americans who are out of work will struggle to find new jobs because some industries will likely be smaller than they were before the pandemic. In other cases, employers are seeking to use technology instead of workers.
The easing of the regulation had been intended to give banks flexibility in what assets they could hold to meet regulatory requirements during the t ffthe pandemic, when banks were having to suddenly write down billions of dollars of loans.
The Federal Reserve foresees the economy accelerating quickly this year yet still expects to keep its benchmark interest rate pinned near zero through 2023, despite concerns in financial markets about potentially higher inflation.
Stocks and bonds sold off on Thursday after Federal Reserve Chairman Jerome Powell underwhelmed markets by refraining from pushing back more forcefully against the recent spike in Treasury yields.
Federal Reserve Chair Jerome Powell suggested Thursday that inflation will pick up in the coming months but the rise would likely prove temporary and not enough for the Fed to alter its record-low interest rate policies.
Federal Reserve Chair Jerome Powell’s comments were in contrast to the increasing optimism among many analysts that the economy will grow rapidly later this year. That outlook has also raised concerns, though, about a potential surge in inflation.
The Federal Reserve says there’s evidence that hiring has picked up in recent weeks, although the job market remains badly damaged by the pandemic.
Speaking at a news conference, Federal Reserve Chairman Jerome Powell made clear his belief that the economy will struggle in the coming weeks and months, until widespread vaccinations and government rescue aid eventually fuel a sustained rebound.
The Senate on Monday approved President Joe Biden’s nomination of Janet Yellen to be the nation’s 78th treasury secretary, making her the first woman to hold the job in the department’s 232-year history.
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.
The Federal Reserve said Wednesday that it will keep buying government bonds until the economy makes “substantial” progress—a step intended to reassure financial markets and keep long-term borrowing rates low indefinitely.
The Federal Reserve since June has been buying $120 billion in bonds each month to keep downward pressure on long-term interest rates as a way of giving the economy a boost as it struggles to emerge from a deep recession.
U.S. Treasury Secretary Steven Mnuchin said a decision to end several emergency loan programs being run by the Federal Reserve was based on the fact that the programs were not being heavily utilized.
The central bank said it “would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy.”
Federal Reserve Chair Jerome Powell said the threat also means that Congress and the White House should provide more stimulus spending to support the unemployed, states and cities, and small businesses, and to keep the economy afloat.
A Federal Reserve survey of business conditions around the country found that the U.S. economy grew at a “slight to modest” pace in September and early October, but that the pace of activity varied greatly among sectors.
The solid economic recovery under way could falter without continued financial support from the government, Fed Chair Jerome Powell said Tuesday.
Chairman Jerome Powell on Wednesday defended the Federal Reserve’s efforts to support the economy during the pandemic-induced recession from assertions that its programs bungled aspects of its response.
