Coin shortage hits retailers, laundromats, tooth fairy
While there are still enough coins out there, they aren’t circulating as freely because many businesses have been closed and consumers aren’t out spending as usual.
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Fed official defends slow start to Main Street loan program
A top Federal Reserve official on Friday said the small number of loans approved so far would likely expand by a significant amount in coming months, especially if the pandemic worsens.
Fed’s Main Street pandemic loan program off to slow start
The Federal Reserve says that its Main Street Lending Program designed to help small and medium-sized companies get through the pandemic has managed to make just eight loans in its first month of operations.
Treasury ramps up auctions as borrowing, virus surges
The Treasury Department will ramp up the size of the bonds and other securities it auctions across-the-board in the face of the unprecedented borrowing needs.
Wall Street rallies as Federal Reserve keeps rates pinned at record low
Besides keeping short-term rates pinned at nearly zero, the Federal Reserve also said it will continue to buy about $120 billion in Treasury and mortgage bonds each month to support the economy.
Fed extends lending programs as pandemic’s impact lengthens
The extension of seven emergency lending programs through the end of the year is an acknowledgement that the programs might be necessary for longer than was first thought as the nation struggles to control the coronavirus.
Federal Reserve expands lending program to not-for-profit groups
The Fed said Friday that its Main Street Lending Program, which is targeted to mid-sized businesses, will now extend credit to not-for-profits with at least 10 employees and endowments of less than $3 billion.
Fed buys more corporate bonds, but might soon end purchases
The Federal Reserve said Friday that it purchased $1.3 billion in corporate bonds in late June as part of its effort to keep U.S. interest rates low and ensure large companies can borrow by selling bonds.
Fed’s program for loaning to Main Street off to slow start
Fed officials say more than 200 banks have signed up to participate since the program began two weeks ago, but that’s a small slice of the nation’s roughly 5,000 lenders. None have made any loans yet.
Federal Reserve issues details on corporate bond purchases
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.
Powell: A stronger job market key to combating inequality
Federal Reserve Chairman Jerome Powell reiterated his belief that Congress must avoid withdrawing its own rescue efforts too quickly or else the most disadvantaged households would disproportionately suffer.
Fed moves to ensure companies can tap bond market for funds
The program will purchase existing bonds on the open market, as opposed to newly-issued debt. The announcement boosted the stock market, which was already rebounding from early losses.
Federal Reserve to keep providing aid, sees no rate hike through 2022
Chairman Jerome Powell stressed the Fed’s commitment to ultra-low borrowing rates for the foreseeable future. “We’re not thinking about raising rates,” he said. “We’re not even thinking about thinking about raising rates.”
Federal Reserve acts to broaden appeal of Main Street Lending Program
The Federal Reserve is expanding the range of companies that will qualify for its soon-to-begin Main Street Lending Program, in which the Fed will lend directly to individual companies for the first time since the Great Depression.
Powell: Fed to soon begin ‘challenging’ Main Street lending program
Federal Reserve Chair Jerome Powell acknowledged Friday that the Fed faces a major challenge with the launch in the coming days of a program that will lend to companies other than banks for the first time since the Great Depression.
Fed’s Powell says new lending programs to launch by June 1
Federal Reserve Chairman Jerome Powell said that while the Fed has received a “good deal of interest” in its lending programs, if not enough companies or state and local governments seek to borrow, the Fed would consider expanding their eligibility.
Fed sees sharp economic downturn across all regions
The nationwide look at the outbreak’s impact on the economy came from the Federal Reserve’s report known as the beige book, compiled from information supplied by the Fed’s 12 regional banks.
Federal Reserve rolls out $2.3T plan to buttress cities, businesses
The Fed said Thursday that it is activating a Main Street Business Lending Program authorized by the CARES Act, the largest economic relief package ever passed by Congress.
Powell says Federal Reserve will provide nearly unlimited lending
Federal Reserve Chairman Jerome Powell said the Fed was “not going to run out of ammunition” when it came to helping the economy recover quickly once the threat from the virus has passed.
UPDATE: Fed to buy as much government debt as needed to aid economy
The central bank’s all-out effort has now gone beyond even the extraordinary drive it made to rescue the economy from the 2008 financial crisis. Financial markets sharply reversed themselves after the announcement.