Tag: Federal Reserve

Thursday, June 11th 2020 - 13:17 UTC
Fed anticipates near zero rate through 2022 and will keep buying bonds

The United States Federal Reserve says it will keep buying bonds to maintain low borrowing rates and support the U.S. economy in the midst of a recession. And it says nearly all the Fed's policymakers foresee no rate hike through 2022.
Monday, May 18th 2020 - 08:15 UTC
Fed chief forecasts US economy could easily contract 20 to 30% this quarter

The business shutdowns caused by the coronavirus pandemic could “easily” cause the US economy to collapse by 20 to 30% this quarter, Federal Reserve Chair Jerome Powell said on Sunday. Data show more than 30 million jobs were destroyed in the world's top economy, as businesses were shuttered nationwide amid the efforts to stop the spread of COVID-19.
Wednesday, May 13th 2020 - 07:37 UTC
Fed says US households will need more fiscal support and forecasts 20% unemployment

United States businesses and households are going to need more fiscal support to get through what will likely be a longer period of recovery from the coronavirus shutdown than initially expected, Federal Reserve policymakers said on Tuesday.
Thursday, April 30th 2020 - 07:48 UTC
US economy down 4.8% in first quarter and an “unprecedented” drop forecasted for the second quarter

The U.S. central bank that has already slashed interest rates to zero reiterated on Wednesday they will stay there until the economy is clearly back on track. It has also rolled out around US$ 2 trillion in lending commitments, and Fed chief Jerome Powell said it was ready to do more as needed.
Thursday, April 30th 2020 - 07:28 UTC
Fed admits public health situation will “weigh heavily on economic activity, jobs and inflation”

The Federal Reserve on Wednesday left interest rates near zero and repeated a vow to do what it takes to shore up the U.S. economy amid an ongoing coronavirus pandemic that will not only “weigh heavily” on the near-term outlook but poses “considerable risks” for the medium term as well.
Tuesday, April 7th 2020 - 07:50 UTC
COVID-19 hits hard US economy, with millions of jobs lost, but the dollar remains king

The COVID-19 outbreak in the United States has caused millions of people to lose their jobs and brought the economy to its knees but it has not dethroned the American dollar. On the contrary, the currency has risen in value this year, gaining six percent from its lowest point reached in early March, according to the US dollar index, which measures the greenback's value against a basket of other currencies.
Monday, March 16th 2020 - 11:19 UTC
G7 global rescue: Fed cuts rates to almost zero and launches US$ 700bn stimulus program

The US has cut interest rates to almost zero and launched a US$ 700bn stimulus program in a bid to protect the economy from the effect of coronavirus. It is part of a coordinated action announced on Sunday in the UK, Japan, the Eurozone, Canada, and Switzerland.
Wednesday, March 4th 2020 - 07:18 UTC
US Treasury Secretary Mnuchin strongly supported Fed's decision to cut rates

United States Treasury Secretary Steven Mnuchin told lawmakers on Tuesday that he supported the Federal Reserve’s decision to cut rates in a bid to support the economy amid the coronavirus outbreak.
Wednesday, March 4th 2020 - 06:58 UTC
Fed emergency intervention to address potential economic toll of the coronavirus outbreak

The Federal Reserve on Tuesday cut interest rates amid concern about the potential economic toll of the coronavirus outbreak. The Federal Open Market Committee (FOMC), which sets Fed interest rates, announced it would cut its baseline rate range by 0.5 percentage points to a 1 to 1.25 percent spread.
Friday, January 10th 2020 - 09:50 UTC
Fed members confident about the US economy in 2020: headwinds abating

The global trade wars may not be over, but U.S. Federal Reserve officials on Thursday said the economy may have weathered the worst of it as risks begin to ease and businesses adjust to a new trade environment.