Federal Reserve

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Dow Passes 33K After Fed Announcement
Dow Passes 33K After
Fed Announcement
MARKETS

Dow Passes 33K After Fed Announcement

Interest rate likely to stay near zero until 2023

(Newser) - The Dow Jones Industrial Average and the S&P 500 closed at record highs Wednesday after the Federal Reserve said it expects its key interest rate to remain near zero through 2023. The central bank’s commitment to keeping rates at rock bottom lows comes even as it forecasts the...

Bitcoin Closes In on $50K After Setting a Record

Cryptocurrency climbed 4% in 24 hours

(Newser) - After rising 4% in 24 hours, Bitcoin hit a record $49,714.66 on Sunday. It slipped slightly to $48,700 later in the morning, Reuters reports. For the year, Bitcoin has risen nearly 70%. Widespread acceptance of virtual currencies is a main driver of the increase. After long hesitating,...

Your $600 Check Stalls Over 'Arcane' Argument

Sen. Pat Toomey wants to curb Federal Reserve powers

(Newser) - An arcane battle over emergency Federal Reserve powers is frustrating efforts to lock down an agreement on an almost $1 trillion COVID-19 economic relief package, the AP reports. Saturday's impasse is just the latest stumble in a partisan, monthslong fight, and feelings hardened as the Senate congregated for a...

Fed Says Outlook for 2021 Has Brightened

But interest rate is staying near zero

(Newser) - The Federal Reserve said Wednesday that it will keep buying government bonds until the economy makes "substantial" progress—a step intended to reassure financial markets and keep long-term borrowing rates low indefinitely. The Fed also reiterated after its latest policy meeting that it expects to keep its short-term benchmark...

Munchin's Move Doesn't Sit Well With the Fed

Treasury, central bank differ on pandemic relief

(Newser) - The Treasury Department and the Federal Reserve are suddenly at odds over pandemic relief. On Thursday, Treasury Secretary Steven Mnuchin said he will not extend emergency loan programs set up with the Fed, an action that could hamper the ability of the incoming Biden administration to gain important economic support...

Fed Plans to Leave Rates Unchanged Until 2023

Central bank says it will accept higher inflation

(Newser) - The Federal Reserve expects to keep its benchmark interest rate pegged near zero at least through 2023 as it strives to accelerate economic growth and drive down the unemployment rate. The central bank also said Wednesday that it will seek to push inflation above 2% annually. The Fed left its...

Fed Chair Announces Big Change on Interest Rates

Jerome Powell says Fed will keep rates near zero, even after inflation exceeds 2%

(Newser) - The Federal Reserve announced a significant change Thursday in how it manages interest rates by saying it plans to keep rates near zero even after inflation has exceeded the Fed's 2% target level. The change signifies that the Fed is prepared to tolerate a higher level of inflation than...

Stocks Continue Climb After Latest News from Fed

Eastman Kodak surges 318%

(Newser) - Stocks closed broadly higher on Wall Street after the Federal Reserve said it will keep the accelerator floored on its aid for the economy. The S&P 500 climbed 1.2% Wednesday, its best day in two weeks. Treasury yields held steady and gold reached another record high. The Fed...

US Mortgage Rate Hits 'Tremendous Benchmark'

'It's also an indication that we remain in a crisis here,' says an economist at Zillow Group Inc

(Newser) - Looking to buy a house? The average 30-year fixed mortgage has sunk below 3% for the first time in Freddie Mac's long history of tracking America's most beloved home loan, the Wall Street Journal reports. It's a "tremendous benchmark," says a Zillow Group Inc economist...

Here's Another Shortage Caused by the Pandemic

Reduced coin production, lack of circulation leads to rationing for banks

(Newser) - For the nation, the answer to "Got any change?" has become more complicated. There are coins around, though fewer than before the pandemic, and they're not necessarily in circulation. "With the partial closure of the economy, the flow of funds through the economy has stopped," Federal...

Wall Street Bounces Back After Latest News From Fed

'Volatility is here to stay, at least for a little while'

(Newser) - It took just a few hours for fear to turn back into greed on Wall Street Monday, and stocks erased a sharp, early slump to notch healthy gains after the Federal Reserve unveiled its latest push to prop up the economy, the AP reports. The S&P 500 climbed 0....

Stocks Jump After Big News From Fed

Interest rates expected to stay near zero until 2022

(Newser) - The Federal Reserve said Wednesday that it will keep buying bonds to maintain low borrowing rates and support a US economy mired in a deep recession with high unemployment. And it said nearly all its policymakers foresee no rate hikes through 2022. The Fed has cut its benchmark short-term rate...

Virus Clobbers Retail Sales, US Factories

Both industries see record drops

(Newser) - US retail sales tumbled by a record 16.4% from March to April as business shutdowns caused by the coronavirus kept shoppers away, per the AP . The Commerce Department’s report Friday on retail purchases showed a sector that has collapsed so quickly that sales over the past 12 months...

Fed Indicates It Will Hold Rates Near Zero for Months

Fed will also keep buying Treasury and mortgage bonds

(Newser) - The Federal Reserve signaled Wednesday that it will keep its key short-term interest rate near zero for the foreseeable future as part of its extraordinary efforts to bolster an economy that is sinking into its worst crisis since the 1930s. As part of its emergency steps, the Fed said it...

Fed Chief: Economy's Rebound May Be 'Robust'

Agency unveils $2.3T loan program to help small businesses, cities

(Newser) - The Federal Reserve is taking additional steps to provide up to $2.3 trillion in loans to support the economy, per the AP . The money will target American households and businesses, as well as local governments besieged by the coronavirus outbreak. The Fed said Thursday that it's activating a...

The Fed Is Lending $1T a Day
The Fed Is Lending $1T a Day

The Fed Is Lending $1T a Day

It's also buying Treasury bonds at a furious pace

(Newser) - The Federal Reserve moved with unprecedented force and speed Friday to pump huge amounts of cash into the financial system to ease disruptions that have escalated since the viral outbreak, the AP reports. The New York Federal Reserve Bank said it will offer $1 trillion of overnight loans a day...

Fed Responds to Coronavirus Outbreak With Big Rate Cut

The benchmark interest rate is reduced to nearly zero

(Newser) - The Federal Reserve took emergency action Sunday and slashed its benchmark interest rate by a full percentage point to nearly zero and announced it would purchase more Treasury securities to encourage lending to try to offset the impact of the coronavirus outbreak, the AP reports. The central bank said the...

The Fed Makes Emergency Rate Cut
Fed Makes Emergency
Rate Cut, Most Since 2008
UPDATED

Fed Makes Emergency Rate Cut, Most Since 2008

Cuts benchmark interest rate half a point

(Newser) - In a surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point Tuesday in an effort to support the economy in the face of the spreading coronavirus. Chairman Jerome Powell said at a news conference that the virus "will surely weigh on economic activity...

Fed Leaves Key Rate Unchanged
Fed Leaves Key Rate Unchanged

Fed Leaves Key Rate Unchanged

Key interest rate remains at 1.5% to 1.75%

(Newser) - The Federal Reserve kept its key interest rate unchanged at a low level Wednesday amid an economy that looks solid but faces potential global threats, including from China’s viral outbreak. The Fed sketched a mostly bright picture of the US economy in the statement it released after its latest...

Fed Doesn't Mess With Rates and Doesn't Expect to in 2020

It removes language about 'uncertainties'

(Newser) - The Federal Reserve had signaled a pause was coming, and on Wednesday that's what we got. Following a series of three rate cuts, the Fed at its December meeting kept its benchmark interest rate unchanged at between 1.5% and 1.75%. And should their expectations for the economy...

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