Markets

The Fed warned of ‘tragic’ consequences if the US didn’t do more to support its economic recovery. Hours later, Trump killed talks about more stimulus.

Federal Reserve Chair Jerome Powell on Tuesday made his most pronounced call yet for additional relief spending, saying that the risks of passing too little stimulus far outweighed the risks of overspending and that a diminished rebound would be “tragic.” Hours later, President Donald Trump said in a tweet that […]
The Fed warned of ‘tragic’ consequences if the US didn’t do more to support its economic recovery. Hours later, Trump killed talks about more stimulus.
Markets

The ‘most patriotic thing’ big banks can do to fight the coronavirus recession is raise $200 billion and cancel dividends, Fed’s Kashkari says

The nation’s largest lenders should learn from the 2008 recession and raise TARP-levels of cash to endure the coronavirus recession, Minneapolis Federal Reserve President Neel Kashkari wrote in a Financial Times op-ed Thursday. Shoring up $US200 billion through equity sales will form a healthy buffer should businesses default on loans […]
The ‘most patriotic thing’ big banks can do to fight the coronavirus recession is raise $200 billion and cancel dividends, Fed’s Kashkari says
Markets

Fed president Neel Kashkari tears into ‘giant garbage dumpster’ cryptocurrencies

Cryptocurrencies are “like a giant garbage dumpster” and lack the basic characteristics of any stable currency, Minneapolis Federal Reserve President Neel Kashkari said at an event on Tuesday. The Fed official praised the Securities and Exchange Commission for “cracking down on” the coin-offering frauds, noting “people have been fleeced for […]
Fed president Neel Kashkari tears into ‘giant garbage dumpster’ cryptocurrencies