Tag: Federal Reserve

• 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.

• Thursday, November 21st 2019 - 09:21 UTC

  Fed dismisses the idea of negative interest rates, despite Trump's insistence, according to released minutes

  

  US central bankers last month dismissed the idea of taking interest rates into negative territory, something President Donald Trump has called for many times, according to meeting minutes released on Wednesday.

• Thursday, November 14th 2019 - 09:50 UTC

  Fed chief Powell urged Congress to take action on rising US debt and deficit

  

  Federal Reserve chief Jerome Powell urged Congress on Wednesday to take action on the rising US debt and deficit to ensure the continued growth of the American economy. Called before the Joint Economic Committee to discuss the economic outlook, the central bank chief stressed that it was not his role to give policy advice, before he gave diplomatically-worded policy advice.

• Thursday, October 31st 2019 - 09:01 UTC

  Fed lowers benchmark by a quarter point: third cut in four months

  

  The US central bank has cut interest rates again, hoping to shield the economy from the impact of trade wars and a global slowdown. The Federal Reserve lowered the target for its benchmark rate by a quarter-point, to a range of 1.5% to 1.75%. The move was the third cut in four months.