The Commerce Department says the U.S. economy grew just 1% in the last three months of the year, as a rise in coronavirus infections weighed on in-person businesses like restaurants.
The Senate is expected to vote this week on the controversial nomination of Judy Shelton to the Federal Reserve's governing board. She appears to have support from a slim majority of senators.
Powell renews his call for congressional action on the economy, but President Trump tells his representatives to stop negotiating on new relief until after the election.
The Federal Reserve left interest rates near zero Wednesday and pledged it was ready to use all of its available tools to support an economic recovery that appears to be weakening.
Nevada U.S. Senator Catherine Cortez Masto is cosponsoring Federal Reserve reform legislation introduced by Massachusetts Senator Elizabeth Warren and New York Senator Kirsten Gillibrand aiming to address racial economic inequality.
In an interview with NPR, Powell says it may take years before the economy has fully recovered. He says practicing social distancing and wearing masks is essential for the economy to rebound.
The Federal Reserve is adjusting its long-range policy on inflation and employment. The central bank said it's now more concerned with prices that are too low than with runaway inflation.
Raphael Bostic, president and CEO of the Federal Reserve Bank of Atlanta says his organization is committed to reducing racial economic inequities, which he says, is crucial to a stable economy.
In another sign of how the coronavirus crisis is disrupting commerce, banks are running short of nickels, dimes and quarters. The Federal Reserve, which supplies banks, is having to ration change.
No Federal Reserve chair has ever been ridiculed publicly as much as Powell has. And that's despite the central bank's unprecedented efforts to save the American economy.
The Dow plunged more than 1,500 points as cases surged in several states and the Federal Reserve warned that the pandemic "will weigh heavily on economic activity."
The Fed leaves interest rates near zero as expected, and promises to use all of its tools to support the economy. Officials project unemployment above 9% at the end of this year.
Companies can borrow money from the Federal Reserve under its new lending programs. It's been good for the stock market, but the central bank's effort to help the economy has had lopsided results.
Lawmakers squabbled over how quickly the economy can rebound from the coronavirus shutdown and whether the government is doing enough to support struggling families and businesses.
Fed Chairman Jerome Powell warns it could be another year and a half before the U.S. recovers from the economic fallout of the pandemic. But he says this will not be another Great Depression.
Jerome Powell said the economy should recover once the coronavirus is under control. But the central bank chief cautioned that without more help, many small businesses may not survive that long.
In its latest salvo, the Federal Reserve announced $2.3 trillion in new lending programs in an effort to keep businesses and local governments afloat during the coronavirus pandemic.
The Federal Reserve has moved quickly and creatively to pump money into the rapidly shrinking U.S. economy in hopes of keeping it afloat long enough to outlast the coronavirus pandemic.
The Federal Reserve cut its key interest rate to near zero — a dramatic move not seen since the depths of the 2008 financial crisis. President Trump — who has slammed the Fed — praised the move.
The Federal Reserve cut interest rates by the largest amount since the 2008 financial crisis, but the emergency move failed to mollify investors worried about the coronavirus epidemic.
Stocks continued their downward slide on Thursday, with major indexes falling 10% below their recent peaks at times. Investors worry about the economic toll of a widening coronavirus epidemic.
