The country should see "strong job creation building up over the summer and going into the fall" as the labor shortage fades, the Fed chair said.
Industries hit hardest by Covid "remain weak," and the current 6.2% unemployment rate "underestimates the shortfall" in hiring, Powell told Congress.
The recent jump in bond yields suggests investors are also betting on a "robust and ultimately complete recovery," Powell told senators on Tuesday.
Reopening-fueled inflation is "a good problem to have," and won't derail dynamics that drove decades of weak inflation, the Fed's Jerome Powell said.
Federal Reserve Chairman Jerome Powell reiterated Thursday that the central bank is far from tapering its asset purchases or raising interest rates. “Now is not the time to be talking about an exit” from easy monetary policy, the central bank chief said in a virtual discussion. The comments come after […]
The nation’s top two economic-policy officials locked horns on Thursday, a rare public disagreement as the coronavirus pandemic worsens and the pace of economic recovery weakens. Treasury Secretary Steven Mnuchin called for the Federal Reserve to return funds allocated to a spate of emergency lending facilities, leaving five programs to […]
Federal Reserve Chair Jerome Powell said Tuesday that although recent vaccine updates are “certainly good news,” the US economy faces a tough path to full recovery. Moderna and Pfizer and BioNTech recently announced their experimental vaccines were highly efficient at protecting trial patients from COVID-19. The news drove stocks to […]
The Federal Reserve will extend the maturity of its $US80-billion-per-month purchase of Treasurys in December to further support the US economy, Michael Feroli, chief US economist at JPMorgan, said Monday. The central bank has kept its policy stance the same for months, but surging COVID-19 cases threaten to derail the […]
The US economy won’t return to the exact same state it was in before the pandemic, Federal Reserve Chair Jerome Powell said Thursday. The health crisis is accelerating digitization throughout the economy, and Americans already slammed by the virus’s fallout are at the highest risk of losing their jobs, he […]
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 […]
Failure to pass adequate and timely stimulus endangers the US economic recovery, Federal Reserve Chairman Jerome Powell said Tuesday. In one of his most pointed calls for new aid, Powell noted that the risks of passing new relief measures “are still asymmetric.” While overspending risks are small, passing too little […]
Billionaire investor Leon Cooperman said on a Monday interview with CNBC that he expects stock market returns to slow going forward. “The overall market, we’ve been pulling a lot of demand forward. I would expect that future returns will be relatively unimpressive for a long time,” Cooperman said. He added […]
Black and Latino workers are disproportionately bearing the brunt of a second wave of COVID-19 layoffs, according to a study conducted by Cornell University, the US Private Sector Job Quality Index, and RIWI. Since being put back on payroll by a previous employer, 32% of Latino workers and 31% of […]
US stocks rose on Tuesday as better-than-expected economic data outweighed mounting concern over a second wave of COVID-19 cases. The Dow Jones industrial average’s 18% gain in the three-month period from April through June marked the index’s best quarterly return since 1987. US consumer confidence jumped in June the most […]
US stocks traded mixed on Tuesday as investors weighed climbing coronavirus cases with economic-reopening efforts. Coronavirus cases continue to climb in multiple US states, leading to rollbacks of reopening phases and new restrictions. Federal Reserve Chairman Jerome Powell and Treasury Secretary Steve Mnuchin are set to testify before the House […]
US stocks closed mixed on Thursday as investors reacted to a resurgence of coronavirus cases. Texas, North Carolina, and Arizona this week reported record numbers of COVID-19-related hospitalizations, while China is grappling with its worst outbreak since the initial one in Wuhan. US weekly jobless claims hit 1.5 million last […]
US stocks fell on Thursday as investors reacted to a resurgence of coronavirus cases. States including Texas, North Carolina, and Arizona have reported record hospitalizations related to COVID-19 this week, while China is grappling with its worst outbreak since the initial Wuhan spike. US weekly jobless claims hit 1.5 million […]