Fed Chair Powell to join a virtual discussion with Fed’s Mester on June 19

© Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington NEW YORK (Reuters) – Federal Reserve Chair Jerome Powell will join a virtual discussion with Cleveland Fed President Loretta Mester on June 19, the central bank announced Wednesday. Powell and Mester will participate in a panel with community representatives from Youngstown, Ohio focused […]

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Fed will soon begin ‘challenging’ Main Street lending, says Powell

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. The Fed’s Main Street Lending is geared toward medium-sized companies that are too large for […]

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Fed’s Powell fears second coronavirus wave, reiterates crisis-fighting pledge

© Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington By Howard Schneider and Lindsay (NYSE:) Dunsmuir WASHINGTON (Reuters) – Federal Reserve Chair Jerome Powell on Friday said a potential surge in U.S. coronavirus infections could derail the recovery from the deep downturn triggered by the pandemic, even as he reiterated the central […]

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Days from launch, Fed officials eye ‘Main Street’ program expansion

© Reuters. FILE PHOTO: Jerome Powell testifies before the House Financial Services Committee in Washington By Jonnelle Marte (Reuters) – Federal Reserve Chair Jerome Powell on Friday said central bank officials are open to expanding the Main Street Lending Program, which is days away from issuing its first loans, to businesses that may not currently […]

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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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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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Less than zero? Fed’s Powell shows no love for negative rates

© Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington (Reuters) – Federal Reserve Chair Jerome Powell had a clear message to interest rate futures traders on Wednesday: Bets the U.S. central bank is headed toward a negative interest-rate policy are off-base. The Fed’s top official became the latest in a parade of […]

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Fed chief has no time to worry about U.S. debt during wartime

2/2 © Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington 2/2 By Howard Schneider WASHINGTON (Reuters) – The U.S. government has a $3 trillion bulge of debt coming through the pipeline because of the coronavirus pandemic. It also has perhaps 30 million or more freshly unemployed Americans to support, tens of thousands […]

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In nod to grim U.S. outlook, Fed’s Powell calls for more fiscal support

© Reuters. U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington By Howard Schneider and Ann Saphir WASHINGTON (Reuters) – The head of the Federal Reserve warned on Wednesday of an “extended period” of weak economic growth, vowed to use the U.S. central bank’s power as needed, and called for additional fiscal spending to stem the […]

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Fed’s Powell warns of prolonged economic weakness, calls for more fiscal support

© Reuters. U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington By Howard Schneider and Ann Saphir WASHINGTON (Reuters) – Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, warned on Wednesday of an “extended period” of weak growth and stagnant incomes, pledged to […]

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Stocks tumble after Fed Chair Powell warns coronavirus could scar economy

US stocks tumbled Wednesday as Federal Reserve boss Jerome Powell warned the coronavirus could leave the economy with lasting scars. The Dow Jones industrial average fell as much as 292.48 points, or 1.2 percent, to 23,472.30 in early trading after Powell said the pandemic poses “significant downside risks” to the nation’s economic recovery. The S&P […]

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Fed’s Powell says economy may face ‘extended period’ of weak growth

© Reuters. U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington By Howard Schneider WASHINGTON (Reuters) – Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, said on Wednesday the country could face an “extended period” of weak growth and stagnant incomes, pledged to […]

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Powell warns of a possible sustained recession from pandemic

Federal Reserve Chair Jerome Powell said the threat of a prolonged recession remains and urged Congress and the White House to act further to prevent long-term economic damage from the viral outbreak By CHRISTOPHER RUGABER AP Economics Writer May 13, 2020, 1:03 PM 2 min read 2 min read WASHINGTON — Federal Reserve Chair Jerome […]

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Fed’s Powell to assess next phase of pandemic economy

© Reuters. U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington By Howard Schneider WASHINGTON (Reuters) – Federal Reserve Chair Jerome Powell, having overseen the rapid creation of the central bank’s massive network of pandemic-era programs, turns his attention Wednesday morning to where things stand on the cusp of what may be a risky reopening occurring […]

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Fed’s Powell to Address Dire Outlook, Need for Stronger Support

© Reuters. Fed’s Powell to Address Dire Outlook, Need for Stronger Support (Bloomberg) — Jerome Powell and his Federal Reserve colleagues are staring down the possibility of mass bankruptcies and long-lasting unemployment unless there’s a more concerted government effort to shield the U.S. economy from the impact of the coronavirus pandemic. That’s the context in […]

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Fed Chair Powell, Gov. Brainard to host ‘Fed Listens’ event May 21

2/2 © Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington 2/2 (Reuters) – Federal Reserve Chair Jerome Powell and Fed Governor Lael Brainard will host a virtual “Fed Listens” event to take stock of the economic effects of the coronavirus pandemic on May 21, the U.S. central bank said on its website. […]

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Fed to augment bank stress tests with pandemic-focused ‘analyses’ of bank finances

© Reuters. FILE PHOTO: Jerome Powell holds a news conference in Washington By Pete Schroeder WASHINGTON (Reuters) – The Federal Reserve plans to build on the upcoming round of bank stress tests by conducting additional “sensitivity analyses” that reflect the ongoing pandemic-driven turmoil. The central bank said in a report issued Friday that it plans […]

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‘W-shaped’ recovery may be too optimistic, Fed’s Powell suggests

© Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington By Lindsay (NYSE:) Dunsmuir WASHINGTON (Reuters) – Federal Reserve Chair Jerome Powell has sketched out an altogether bumpier ride for the U.S. economy than many are predicting – one that sees business activity stop and start for months to come, until an effective […]

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With virus war still raging, Fed peers out of the foxhole

3/3 © Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington 2/3 By Howard Schneider WASHINGTON (Reuters) – The Federal Reserve has two core jobs assigned by Congress: Foster maximum employment and stable prices. The U.S. central bank begins a two-day policy meeting on Tuesday with no control over either, and little ability […]

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Fed will continue to act ‘forcefully, proactively and aggressively,’ Powell says

© Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington By Lindsay Dunsmuir and Ann Saphir WASHINGTON/SAN FRANCISCO (Reuters) – The Federal Reserve will continue to use all the tools at its disposal until the U.S. economy begins to fully rebound from the harm caused by the novel coronavirus outbreak, Fed Chair Jerome […]

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Readout of Fed’s March meetings to capture a frenzied policy response

2/2 © Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington 2/2 By Howard Schneider (Reuters) – U.S. Federal Reserve officials launched an economic rescue plan in record time last month as the coronavirus pandemic spread, reaching decisions that may shape the global economy for decades to come in the space of a […]

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Fed Chair Powell spoke with Trump as central bank geared up for virus response

(Reuters) – Federal Reserve Chair Jerome Powell had two previously undisclosed phone calls with U.S. President Trump in February, calendars released on Friday show, including a brief call during the last week of the month when it was becoming clearer that the coronavirus would likely have more than a transitory effect on the U.S. economy. […]

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How Powell and Mnuchin Became the Duo in Charge of Saving the Economy

WASHINGTON — On March 15, as economic devastation from the coronavirus showed no signs of abating, Jerome H. Powell, the Federal Reserve chair, aimed the full weight of the central bank against the problem. He and his colleagues cut rates to near-zero in an emergency Sunday night move, while also rolling out a huge program […]

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Fed chair Jerome Powell says ‘we may well be in a recession’

Federal Reserve Chairman Jerome Powell said Thursday the country could already be in a recession, but that it was unlike a typical downturn because the economy was so strong before the coronavirus pandemic sent the markets into a tailspin and unemployment soaring. “We may well be in a recession. But I would point to the […]

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