- U.S. Federal Reserve Chair Jerome Powell on Tuesday makes the first of three appearances on Capitol Hill this week to address lawmakers’ questions and concerns about the raft of emergency measures the central bank has taken to blunt the hit to the economy delivered by the coronavirus pandemic.
Tuesday’s hearing - six weeks before a presidential election for which the pandemic and the government’s response to it is a central issue - is before the House Financial Services Committee chaired by Democrat Maxine Waters of California. The economy has made “marked improvement” since the depths of the crisis, Powell said in his prepared remarks.
The Fed’s $600 billion Main Street Lending program has so far lent or is in the process of lending $2 billion to businesses that cannot otherwise obtain credit. Critics say the Fed and Treasury should loosen terms so more borrowers can tap in to the funds.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fed's Powell says central bank committed to using all tools to help recoveryThe Federal Reserve remains committed to using all the tools at its disposal to help the U.S. economy recover from the blow delivered by the coronavirus pandemic, Chair Jerome Powell said on Monday. This guy has said this 100 times. We know. Who cares? So negative interest? Loaning you’re zombie corporations? Buying their bad debt? Same old tune, same result. Try doing for the consumer instead. Do something so older people can go ahead and retire. Or young people can get out of school debt. Start some public works programs. This means more free Helicopter QE Stimulus money for Wall Street Markets thru Asset Purchases of ETF/Corporate (Junk) Bonds. This just Increases Govt Debt and Deficit. Global Asset Mgr's say Japan tried this for years. It Didn't help their Economic growth just Debt balance sheet
Source: Reuters - 🏆 2. / 97 Read more »
Fed’s Covid-19 response could score once-embattled Powell another termFederal Reserve Chair Jerome Powell was once on the verge of being fired by President Donald Trump for not doing enough to turbocharge the U.S. economy. Now, he stands a decent chance of keeping his job no matter who is elected president. This usually means he balked at illegal and/or unethical orders. I’d fire him if I were president
Source: politico - 🏆 381. / 59 Read more »
Fed policymakers urge Congress, state and local government action to close racial gapsMore action is needed from Congress and state and local governments to adequately address wealth and income inequalities, two Federal Reserve policymakers said on Monday. Does the Fed have any ideas how fix problems we have struggled with for years. It's easy to talk about what the problems are. The solutions are much more complicated than anybody thinks. This,statement seemed unnecessary because it states the obvious. prove income inequality is due to racism and not a million other things it can be. They said it yo make themselves feel important I guess. I question their motive.
Source: Reuters - 🏆 2. / 97 Read more »
Americans grew more pessimistic about job prospects amid pandemic: New York Fed surveyAmericans faced a tougher labor market in early summer as more people lost jobs during the pandemic and became more pessimistic about their employment prospects going forward, according to a survey released by the New York Federal Reserve on Monday. Trump Depression!
Source: Reuters - 🏆 2. / 97 Read more »
Fed's Powell says central bank committed to using all tools to help recoveryThe Federal Reserve remains committed to using all the tools at its disposal to help the U.S. economy recover from the blow delivered by the coronavirus pandemic, Chair Jerome Powell said on Monday. This guy has said this 100 times. We know. Who cares? So negative interest? Loaning you’re zombie corporations? Buying their bad debt? Same old tune, same result. Try doing for the consumer instead. Do something so older people can go ahead and retire. Or young people can get out of school debt. Start some public works programs. This means more free Helicopter QE Stimulus money for Wall Street Markets thru Asset Purchases of ETF/Corporate (Junk) Bonds. This just Increases Govt Debt and Deficit. Global Asset Mgr's say Japan tried this for years. It Didn't help their Economic growth just Debt balance sheet
Source: Reuters - 🏆 2. / 97 Read more »
Musk: Tesla's Battery Day product won't reach 'serious high volume' until 2022Elon Musk tweeted late Monday an 'important note' about the electric-car maker's Battery Day slated for Tuesday: What Tesla will announce tomorrow 'will not reach serious high-volume production until 2022' UPOD? Under promise, before the event, then over delivery when presented? ?
Source: MarketWatch - 🏆 3. / 97 Read more »