Fed’s Mester says it’s hard to imagine quick V-shaped recovery

© Reuters. FILE PHOTO: Cleveland Federal Reserve Bank President Loretta Mester speaks in London NEW YORK (Reuters) – Cleveland Federal Reserve Bank President Loretta Mester said economic activity could pick up in the third quarter as businesses begin to reopen, but she cautioned the recovery is likely to be slow as consumers and businesses take […]

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Fed’s Powell to speak as focus turns from crisis to bond-buying

© Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington By Howard Schneider WASHINGTON (Reuters) – Federal Reserve Chair Jerome Powell will speak in a public webcast on Friday, with the details of the U.S. central bank’s coronavirus-era programs nearly complete and attention turning to the next phase of its response: a likely […]

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With ‘Main Street’ in view, Fed weighs risks of job, productivity shocks

2/2 © Reuters. FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington 2/2 By Howard Schneider WASHINGTON (Reuters) – U.S. Federal Reserve officials have talked broadly about helping households and firms through the current economic crisis and quickly unleashed trillions of dollars in cash and credit guarantees to build a “bridge” […]

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Fed posts fee schedule for Municipal Liquidity Facility

© Reuters. FILE PHOTO: People walk wearing masks outside The Federal Reserve Bank of New York in New York (Reuters) – The New York Federal Reserve Bank on Thursday posted a schedule of fees to be paid to BLX LLC, the administrative agent for its Municipal Liquidity Facility, the $500 billion borrowing program for states […]

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Trump Signs Executive Order on Social Media, Claiming to Protect ‘Free Speech’

President Trump signed an executive order on Thursday to empower federal regulators to crack down on social media companies like Twitter and Facebook and potentially take away the legal protections that shield them from liability for what gets posted on their platforms. Mr. Trump and his allies have often accused Twitter and Facebook of bias […]

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Fed’s Kaplan says U.S. economy has bottomed, ties rebound to testing

© Reuters. FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan speaks during an interview in his office at the bank’s headquarters in Dallas By Ann Saphir (Reuters) – The U.S. economy has likely bottomed, Dallas Federal Reserve Bank President Robert Kaplan said on Thursday, but a healthy rebound depends on a massive increase in […]

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NY Fed’s Williams says central bank has tools more powerful than negative rates

© Reuters. FILE PHOTO: John C. Williams, president and CEO of the Federal Reserve Bank of New York speaks to the Economic Club of New York in the Manhattan borough of New York NEW YORK (Reuters) – Negative interest rates are not a tool that makes sense for the U.S. central bank, New York Federal […]

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US workers file 2.1 million more jobless claims as crisis total tops 40 million

The coronavirus crisis has put more than 40 million Americans out of work, according to new federal data showing another 2.1 million people applied for unemployment benefits last week. The workers sidelined by the pandemic in the past 10 weeks now outnumber the entire population of California and account for roughly 26 percent of the […]

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U.S. states, cities may snub Fed lending program over high rates

© Reuters. FILE PHOTO: The Federal Reserve on Mayday in Washington By Karen Pierog CHICAGO (Reuters) – High borrowing costs will limit participation in a $500 billion U.S. Federal Reserve short-term borrowing program set up to address state and city revenue shortfalls due to the economic fallout from the coronavirus outbreak, analysts said. While Illinois, […]

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Biden’s Testing Strategy Sets Up a Clear Contrast With Trump on the Coronavirus

WASHINGTON — Joseph R. Biden Jr. has proposed harnessing the broad powers of the federal government to step up coronavirus testing, with a public-private board overseeing test manufacturing and distribution, federal safety regulators enforcing testing at work and at least 100,000 contact tracers tracking down people exposed to the virus. The presumptive Democratic nominee’s plan, […]

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Puerto Rico Was a Precursor for the Pandemic

One hundred thousand people are dead. There is no effective federal plan to control a pandemic for which there remains no cure, nor help the nation recover from it. President Trump is engaged in a daily exercise in willful failure, ridding his government of inspectors general and obfuscating his own negligence. In a job that […]

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Fed’s Powell to appear on CBS’ ’60 Minutes’ on Sunday: CBS

WASHINGTON (Reuters) – U.S. Federal Reserve Chair Jerome Powell will appear on CBS’ “60 Minutes” news show on Sunday at 7 p.m., the network said on Friday, his second broadcast television interview since the outbreak of the coronavirus pandemic prompted the Fed into a series of emergency moves to stabilize the economy. Powell in a […]

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With Go-Slow Approach, Republicans Risk Political Blowback on Pandemic Aid

WASHINGTON — More than eight weeks and almost $2.8 trillion federal dollars into an urgent response to the coronavirus pandemic, congressional Republicans and the Trump administration have made it clear that they have little interest in engaging with Democrats on another round of costly relief measures. But their resistance — born of spending fatigue and […]

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Authorities charge 10 in alleged MS-13 deaths

Federal authorities have brought charges including murder, attempted murder, and murder conspiracy against 10 men accused of being part of the notorious MS-13 gang By The Associated Press May 15, 2020, 1:05 AM 2 min read 2 min read Share to FacebookShare to TwitterEmail this article NEW YORK — Federal authorities on Thursday brought charges […]

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Navy Pier is an arm of government, no matter what it claims — so let’s see every contract

Navy Pier | Sun-Times file photo An agency accepting nearly $2.5 million in federal pandemic relief dollars should be held to the highest standards of public transparency. Now that the nonprofit that runs Navy Pier is getting a federal stimulus loan of nearly $2.5 million, it’s really way past time that it opened its books […]

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Paralegal for U.S. Attorney Tipped Off Drug Cartel, Prosecutors Say

Just before they were raided by federal agents, drug dealers in San Antonio affiliated with a Mexican cartel moved their stockpiles of heroin, methamphetamine and cocaine. They had been warned in advance: A paralegal in the federal prosecutor’s office tipped them off, the authorities said. Court filings in Texas describe a career path that took […]

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Lawyer appointed by judge in Flynn case once said government has ‘near-absolute power’ to ‘extinguish a case’

Former prosecutor and federal judge John Gleeson, who was appointed by Judge Emmet Sullivan to submit a brief opposing the Justice Department’s (DOJ’s) motion to dismiss former national security adviser Michael Flynn’s case, recently went public defending Sullivan’s decision not to sign off on dropping the case — but his own judicial history undermines that position. In a July 1, 2013, […]

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Fed corporate bond program starts with a fizzle as total assets near $7 trillion

(Reuters) – The Federal Reserve’s stash of bonds and other assets grew to nearly $7 trillion this week, but several of its programs are seeing slackening demand from banks and investors and a much-anticipated corporate bond buying facility bought little in its first two days of operations. The Fed’s weekly report of holdings inside its […]

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San Francisco businessman to plead guilty in corruption case

Federal officials say a businessman charged in a public corruption case involving a former high-ranking San Francisco city official has agreed to plead guilty to felony charges and cooperate with investigators By OLGA R. RODRIGUEZ May 14, 2020, 6:52 PM 2 min read 2 min read Share to FacebookShare to TwitterEmail this article SAN FRANCISCO […]

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Feinstein asked ‘basic questions’ by FBI over pre-pandemic stock sales, amid Burr investigation

Report: Federal agents seize Sen. Richard Burr’s cellphone North Carolina Sen. Richard Burr, chairman of the Senate Intelligence Committee, was reportedly forced to surrender his cellphone to federal agents as part of the Justice Department’s investigation into stock trades he made in the early days of the coronavirus crisis. Sen. Dianne Feinstein has been questioned […]

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Senate Intel chief out after feds raid home

Report: Federal agents seize Sen. Richard Burr’s cellphone North Carolina Sen. Richard Burr, chairman of the Senate Intelligence Committee, was reportedly forced to surrender his cellphone to federal agents as part of the Justice Department’s investigation into stock trades he made in the early days of the coronavirus crisis. **Want FOX News Halftime Report in […]

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Sen. Burr steps aside as Intelligence Committee chairman amid stock sale investigation

Report: Federal agents seize Sen. Richard Burr’s cellphone North Carolina Sen. Richard Burr, chairman of the Senate Intelligence Committee, was reportedly forced to surrender his cellphone to federal agents as part of the Justice Department’s investigation into stock trades he made in the early days of the coronavirus crisis. Republican Sen. Richard Burr has stepped […]

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