United States President Donald Trump has confirmed he recommended former Republican presidential hopeful Herman Cain for a seat on the Federal Reserve Board. Mr Trump told reporters at the White House Mr Cain is undergoing background checks to join America's central bank.
Federal Reserve Chair Jerome Jay Powell took steps to reassure financial markets on Friday, saying that the US central bank would be patient about rate rises. He also defended his independence, saying he would not resign if requested by US President Donald Trump.
The United States Federal Reserve raised its key interest rate on Wednesday for a fourth time this year but lowered its forecast to two hikes in 2019 amid the recent stock market sell-off and uncertain growth prospects.
United States share markets suffered on Wednesday their sharpest one-day falls in months, as fears about rising interest rates, inflation, trade tensions intensified. The tech-heavy Nasdaq led the declines, sliding 4%, or 315.9 points, to 7,422. The Dow Jones and S&P 500 also fell by more than 3%, with losses accelerating towards the end of the day. Netflix fell 8%, while Amazon slid 6%.
The Brazilian currency dipped under four Real to the dollar for the first time in five weeks at close on Thursday as the markets reacted favorably to the emergence of two clear presidential election frontrunners. The Real closed at 3.99 to the US dollar just two weeks after hitting a record low of almost 4.2 to the dollar -- it's lost around 17% since the start of the year.
United States Federal Reserve officials discussed raising interest rates soon to counter excessive economic strength but also examined how global trade disputes could batter businesses and households, minutes of the U.S. central bank’s last policy meeting showed.
The United States Federal Reserve Board announced that it has fined The Goldman Sachs Group, Inc., US$ 54.75 million for the firm's unsafe and unsound practices in its foreign exchange (FX) trading business.