Federal Reserve begins meeting as Congress pushes for new US stimulus

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[WASHINGTON] The Federal Reserve's rate-setting committee began meeting on Tuesday, a central bank spokeswoman said, while a top lawmaker signaled a new push to get stimulus for the battered US economy through Congress. Read more at The Business Times.

Lawmakers in the Democrat-controlled House of Representatives were set to leave Washington at the end of the month ahead of the November elections, but in an interview with CNBC, House Speaker Nancy Pelosi said,"We are committed to staying here until we have an agreement," and that she was"optimistic that the White House, at least, will understand that we have to do some things.

Democrats complained that the blocked measure contained no new funds for cities and states, no second-round stimulus checks of US$1,200 for individual Americans and insufficient food aid, with Ms Pelosi referring to it as an"emaciated proposal for a massive problem." However, businesses' moves to reopen amid easing lockdown measures have spurred a tentative recovery, with the unemployment rate dropping to 8.4 per cent in August.

 

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