More important for US to be right than first on digital currency, says Fed’s Powell October 19, 2020 It is more important for the US to get the development of a cross-border digital currency (CBDC) right than to be first, Federal Reserve chair Jerome Powell said. Speaking to a panel discussion hosted by the International Monetary Fund, Powell said it was vital for the Fed to assess the impact of such a currency [...]
US budget deficit hits record $3tn due to coronavirus spending September 12, 2020 The US budget deficit has reached a record high after topping $3tn (£2.3tn) as the government’s mass spending on coronavirus relief continues. The treasury department said it spent more than $6tn in the first 11 months of its financial year, which included $2tn on Covid-19 programmes. It means the figure outpaces the $3tn it took [...]
Fed chair Powell: US economic recovery hinges on coronavirus being under control June 16, 2020 The US economy will not fully recover from the coronavirus pandemic until the American people are sure that the outbreak has been brought under control, Federal Reserve chair Jerome Powell said. “Until the public is confident that the disease is contained, a full recovery is unlikely,” Powell told US lawmakers. In the first of two [...]
FOMC decision: Four things to expect from the Federal Reserve’s June meeting June 10, 2020 Policymakers at the US Federal Reserve are set to publish their first set of economic projections of 2020 later today when the Open Market Committee (FOMC) makes its June decision. The Federal Reserve is widely expected to leave interest rates near zero at its FOMC June decision. But all eyes are on the meeting for [...]
Federal Reserve slashes interest rates to zero amid coronavirus chaos March 15, 2020 The US Federal Reserve has cut interest rates to near zero this evening in a fresh attempt to shore up the economy amid the devastation caused by the coronavirus epidemic. The move, which cuts rates to 0.0 to 0.25 per cent, comes just days after an initial emergency cut of 50 basis points, which had [...]
Federal Reserve slashes interest rates over coronavirus fears March 3, 2020 The US Federal Reserve has slashed interest rates by 50 basis points – 0.5 percentage points – in an emergency response to the economic risks of coronavirus. Fed chair Jay Powell said rate-setters had witnessed the “broader spread of the virus” and “come to the view that it is time for us to act in [...]
Federal Reserve ends cycle of cutting interest rates December 11, 2019 The US Federal Reserve left interest rates on hold today, bringing to an end the cutting cycle instigated in July. The decision came after a booming US jobs report on Friday showed that employment rose by its most in ten months in November. The Fed’s target interest rate will stay at between 1.5 and 1.75 [...]
US Federal Reserve cuts interest rates by a quarter point September 18, 2019 The US Federal Reserve has cut interest rates for the second meeting in a row amid concerns about a global economic slowdown, in a move which was largely expected by economists. The central bank lowered its main federal funds target rate by 25 basis points (0.25 percentage points) to between 1.75 and two per cent, [...]
Trump: Fed interest rates harming US exporters August 8, 2019 US President lashed out at the Federal Reserve today, saying a high dollar, which he blames on Fed policy, is hitting US exporting giants. The President, not a stranger to Fed-bashing said that he was not “thrilled” by the strength of the currency. Read more: A belligerent President has an effect on us all “The [...]
US stocks fall as industrial sector contracts for third time in four months May 15, 2019 US industrial production unexpectedly fell for the third time in four months in news that will displease the Trump administration as it wages a trade war on China. Read more: European markets back in red following weak Chinese data Industrial production fell 0.5 percent in April, meaning output declined at an annual rate of 1.9 per [...]