A trade war with China, the European Union and other trading partners is casting some doubts about the U.S. economic future, Federal Reserve Chairman Jerome Powell said on Tuesday. And the longer it goes, the more potential harm it could cause, Powell told the Senate Banking Committee at a hearing about the Fed's monetary policy and the economy.
The US Senate confirmed on Thursday Stanley Fischer to be vice chairman of the Federal Reserve and approved Jerome Powell and Lael Brainard as members of the central bank's board, bolstering the Fed as it prepares to wind down its extraordinary stimulus.
The former chairman of the Federal Reserve Ben Bernanke, who during eight years piloted the world’s largest economy through the worst financial and economic crisis since the Depression of last century, is now reaping the fruits of his success.
Federal Reserve Chair Janet Yellen said on Tuesday the US central bank was on track to keep reducing its policy stimulus, even as she acknowledged the labor market recovery was far from complete.
Janet Yellen on Monday was sworn in as chair of the Federal Reserve, the US central bank, replacing Ben Bernanke in the role. She is the first woman to hold the post at the Washington-based bank.
The US Federal Reserve announced a $10bn reduction in its monthly bond purchases from 75bn to 65bn in the second straight month of winding down stimulus efforts. The central bank had been buying bonds in an effort to keep interest rates low and stimulate growth.
US President Barack Obama Friday nominated former Israeli central bank governor and renowned economist Stanley Fischer as vice chair of the Federal Reserve, completing a shakeup of the board's leadership.
Federal Reserve members mostly agreed about a reduction in the central bank's stimulus efforts in December, meeting minutes released Wednesday reveal. The central bank announced a $10bn a month reduction in its bond buying program at the end of its December meeting.
Janet Yellen, a key force behind the Federal Reserve's unprecedented and controversial efforts to boost the US economy, was confirmed on Monday by the Senate to lead the central bank just as it begins to unwind that stimulus.
The U.S. Federal Reserve will start scaling back its monthly bond-buying program as early as next month, but the reduction will be gradual. The Federal Reserve has been buying 85 billion dollars a month in government bonds in an effort to keep interest rates low and boost economic growth.