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Federal Reserve

Central banking system of the United States

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Federal Reserve: Central banking system of the United States
The Federal Reserve System is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s, the September 11 attacks in 2001, the Great Recession during the late 2000s, and the COVID-19 pandemic in 2020 have led to the expansion of the roles and responsibilities of the Federal Reserve System.

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Economic burden 'has not been evenly spread' -Fed Chair [Video]

Economic burden 'has not been evenly spread' -Fed Chair

“We are in the midst of an economic downturn without modern precedent... and while the burden is widespread, it's not evenly spread" Federal Reserve Chair Jerome Powell said before speaking to..

Credit: Reuters Studio     Duration: 01:55Published
Treasury, Fed heads grilled for coronavirus response [Video]

Treasury, Fed heads grilled for coronavirus response

Treasury Secretary Steve Mnuchin and Federal Reserve Chairman Jerome Powell were in the hot seat Tuesday as they faced senators for the first time in a required update on the financial response to the..

Credit: Reuters - Politics     Duration: 02:47Published
Federal Reserve Chair Says US Economy Recovery May Begin By Summer [Video]

Federal Reserve Chair Says US Economy Recovery May Begin By Summer

If there is not another wave of COVID-19, Jerome Powell says America could start to return in this year's second half.

Credit: Cover Video STUDIO     Duration: 01:29Published
S&P jumps 3% on vaccine hopes [Video]

S&P jumps 3% on vaccine hopes

U.S. stocks soared Monday, and the S&P 500 closed at a 10-week high. As Fred Katayama reports, encouraging data for a potential coronavirus vaccine and the promise of more stimulus for the economy sent..

Credit: Reuters Studio     Duration: 01:37Published
Nearly 40 Percent of Low-Income Workers Lost Their Jobs in March [Video]

Nearly 40 Percent of Low-Income Workers Lost Their Jobs in March

The Federal Reserve Bank reported that nearly 40% of people with a household income under $40,000 reported a job loss.

Credit: Cover Video STUDIO     Duration: 00:59Published
Retail sales drop record 16.4% in April [Video]

Retail sales drop record 16.4% in April

U.S. retail sales suffered a second straight month of record declines in April as the novel coronavirus pandemic kept Americans at home. As Fred Katayama reports, it puts the U.S. economy on track for..

Credit: Reuters Studio     Duration: 01:17Published
In Gloomy Message, Fed's Powell Dials Down Happy Talk [Video]

In Gloomy Message, Fed's Powell Dials Down Happy Talk

Seven weeks ago, Fed Chair Jerome Powell publicly said he expected economic activity would resume in the second half of the year. But on Wednesday, Reuters reports Powell offered a much darker outlook...

Credit: Wochit News     Duration: 00:46Published
Fed Survey Reveals Which Americans The Pandemic Is Hitting Hardest [Video]

Fed Survey Reveals Which Americans The Pandemic Is Hitting Hardest

The novel coronavirus COVID-19 pandemic has upended the US economy, and one group in particular is being hit the hardest. According to Business Insider, a new survey from the Federal Reserve revealed..

Credit: Wochit News     Duration: 00:49Published
Fed's Powell warns economic recovery will be slow [Video]

Fed's Powell warns economic recovery will be slow

Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, warned on Wednesday of an "extended period" of weak growth and stagnant incomes,..

Credit: Reuters Studio     Duration: 02:07Published
Wall Street slumps after somber Fed outlook [Video]

Wall Street slumps after somber Fed outlook

Wall Street's three major indexes closed lower for the second day in a row after Federal Reserve Chairman Jerome Powell warned on Wednesday of extended economic weakness due to the coronavirus pandemic..

Credit: Reuters Studio     Duration: 02:07Published
Stocks knocked down by virus resurgence fears [Video]

Stocks knocked down by virus resurgence fears

Wall Street dropped two percent on Tuesday following a warning from America's top infectious disease expert that reopening the nation's economy too quickly could lead to a fresh outbreak that would..

Credit: Reuters Studio     Duration: 02:03Published
'Extraordinary shock' -Fed Chair Powell assesses economic blow [Video]

'Extraordinary shock' -Fed Chair Powell assesses economic blow

The Federal Reserve on Wednesday left interest rates near zero and repeated a vow to use its "full range of tools" to shore up the U.S. economy amid an ongoing coronavirus pandemic that will not only..

Credit: Reuters - Politics     Duration: 02:21Published
Wall Street rallies on promising coronavirus drug [Video]

Wall Street rallies on promising coronavirus drug

U.S. stocks surged on Wednesday as hopes for an effective COVID-19 treatment prompted a broad rally and helped investors shrug off bleak GDP data and words of warning from U.S. Federal Reserve Chair..

Credit: Reuters Studio     Duration: 02:20Published
Fed vows to use 'full range' of tools to help economy [Video]

Fed vows to use 'full range' of tools to help economy

The Federal Reserve on Wednesday left interest rates near zero and repeated a vow to use its "full range of tools" to shore up the U.S. economy amid an ongoing coronavirus pandemic that will not only..

Credit: Reuters Studio     Duration: 01:53Published
U.S. growth shows sharpest drop since Great Recession [Video]

U.S. growth shows sharpest drop since Great Recession

The U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country. As Fred..

Credit: Reuters Studio     Duration: 01:05Published
U.S. economy shrinks at 4.8% clip [Video]

U.S. economy shrinks at 4.8% clip

The U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country. As Fred..

Credit: Reuters Studio     Duration: 01:05Published
Bank of Japan ramps up stimulus as virus pain deepens [Video]

Bank of Japan ramps up stimulus as virus pain deepens

The Bank of Japan has pledged unlimited government bond buying to help Tokyo spend its way out of crisis. Julian Satterthwaite reports.

Credit: Reuters Studio     Duration: 01:21Published
Senator Warren: Issues With 'Little Oversight' Of Stimulus Programs [Video]

Senator Warren: Issues With 'Little Oversight' Of Stimulus Programs

Senator Elizabeth Warren chastised the Federal Reserve and Treasury Department on Thursday over their rollout of massive stimulus programs designed to help businesses weather the global coronavirus..

Credit: Wochit News     Duration: 00:32Published
Uneven Jobs, High Unemployment Through 2021 [Video]

Uneven Jobs, High Unemployment Through 2021

WASHINGTON (Reuters) - The trillions of dollars in cash and loans unleashed by the Federal Reserve and U.S. political leaders in recent weeks is meant to build a financial bridge for the country to get..

Credit: Wochit News     Duration: 00:38Published
U.S. jobless claims hit 6.6 million [Video]

U.S. jobless claims hit 6.6 million

A staggering 6.6 million Americans filed for unemployment benefits last week. As Fred Katayama reports, that data came out just as the Fed unveiled a $2.3 trillion effort to aid local governments and..

Credit: Reuters Studio     Duration: 01:27Published
Fed chief sees road to recovery, warns on 'false start' [Video]

Fed chief sees road to recovery, warns on 'false start'

The U.S. economy could be headed "fairly quickly" toward recovery if people stay home, government gets aid to businesses and households, and public health officials create a national plan to restart..

Credit: Reuters Studio     Duration: 01:39Published
Warren Says She Will Watch Over Corporations Loans 'Carefully' [Video]

Warren Says She Will Watch Over Corporations Loans 'Carefully'

Sen. Elizabeth Warren wants corporations getting money from the stimulus package to use it responsibly. She wrote a letter to Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell...

Credit: Wochit News     Duration: 00:32Published

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Rock-Bottom Interest Rates May Be Here to Stay

Once the labor market begins to recover, the Federal Reserve’s experience in the pre-pandemic, record-long economic expansion is likely to influence when its raises rates.
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Coronavirus Live Updates: U.S. Faces Downturn ‘Without Modern Precedent,’ Fed Chief Warns

A fraud network targeted unemployment programs as jobless claims neared 39 million. Flags were ordered lowered over Memorial Day weekend for those who died from the virus.
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'Worse than any recession since World War II': Mnuchin, Powell grilled on coronavirus response

Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell faced an array of questions from senators on the response to the pandemic.
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Mnuchin and Powell Warn of Economic Scarring, and Offer Divergent Solutions

The Treasury secretary and Fed chair said economic damage could last. One prescribed rapid reopening, the other robust policy action.
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Fed, Treasury chiefs face heat over uneven U.S. coronavirus response

Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin found themselves in the hot seat on Tuesday as U.S. lawmakers grilled them about the uneven nature of the fiscal response to..
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Powell, Mnuchin face Senate grilling on U.S. coronavirus response

The U.S. government's handling of its massive economic response to the coronavirus pandemic will come under scrutiny on Tuesday as Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome..
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'Who is that money helping?': Congress asks why Treasury, Fed have spent little of $500B for coronavirus

Congress approved $500 billion to help businesses and local governments weather the economic catastrophe of coronavirus, but little has been spent
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What did eight weeks and $3 trillion buy the U.S. in the fight against coronavirus?

Unemployment checks are flowing, $490 billion has been shipped to small businesses, and the U.S. Federal Reserve has put about $2.5 trillion and counting behind domestic and global markets.
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Fed's Powell: 'Medical metrics' most important data for U.S. economy now: CBS

The most important data for the U.S. economy right now are the "medical metrics" around the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said Sunday night in broadcast remarks where he..
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Fed Chair Says Economic Recovery May ‘Stretch’ Through End of 2021

In a clip from the show “60 Minutes,” Jerome H. Powell painted an image of a slow economic recovery.
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Fed's Powell says full economic recovery may require coronavirus vaccine: CBS

Federal Reserve Chairman Jerome Powell said a U.S. economic recovery may stretch deep into next year and a full comeback may depend on a coronavirus vaccine.
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Coronavirus Live News and Updates

A whistle-blower, Dr. Rick Bright, is testifying before a House subcommittee on the U.S. response to the coronavirus. The Fed warned of long-term pain without urgent intervention.
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Coronavirus, Michael Flynn, Federal Reserve: Your Thursday Briefing

Here’s what you need to know.
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Powell warns of prolonged recession from pandemic

U.S. Federal Reserve Chair Jerome Powell warned Wednesday of the threat of a prolonged recession resulting from the viral outbreak and urged Congress and the White House to act further to prevent..
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Fed expects interest rates near zero for months

The Federal Reserve has signaled that it will keep its key short-term interest rate near zero for the foreseeable future as part of its effort to boost an economy that's sinking into its worst crisis..
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AP Top Stories April 29 P

Here's the latest for Wednesday, April 29: Dr. Fauci says a drug has been found to block the coronavirus; Fed to keep interest rates near zero; small businesses worry about getting federal government..
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Fed holds interest rates near zero, vows forceful action amid coronavirus's economic fallout

Fed holds key interest rate near zero, vow further aggressive action to fight the effects of the coronavirus.
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Republicans postpone vote on controversial Fed nominee Shelton

Republicans in the U.S. Senate have postponed plans to advance Federal Reserve nominee Judy Shelton, according to a congressional source, heading off a fight over a figure who has drawn bipartisan..
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Schumer urges Fed's Powell to open loan programs to nonprofits, local governments

U.S. Senate Democratic leader Chuck Schumer said he had urged Federal Reserve Chairman Jerome Powell in a phone call on Monday to open Fed's Main Street Lending program to nonprofits and local..
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Fed's Kashkari says Trump's 'staged approach' to reopen economy makes sense

President Donald Trump's plan for reopening the U.S. economy following the novel coronavirus pandemic "makes sense" and is consistent with the advice of health experts, Minneapolis Federal Reserve Bank..
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Senator Warren takes Treasury, Fed to task over 'little oversight' of stimulus programs

U.S. Senator Elizabeth Warren chastised the Federal Reserve and Treasury Department on Thursday over their rollout of massive stimulus programs designed to help businesses weather the global..
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Fed Faces Calls for Bailout Transparency from New Oversight Commission

The Fed has authority to make trillions of dollars in loans. Concern is growing that taxpayers will be in the dark about how the money is being disbursed.
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Pelosi calls on Fed to help universities

The top Democrat in the U.S. House of Representatives called on the Federal Reserve on Tuesday to allow nonprofit groups including colleges and universities access to a lending facility intended to..
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Stocks rise as Federal Reserve provides $2.3 trillion to support economy

U.S. stocks rose Thursday after the Federal Reserve said it would provide $2.3 trillion in support for the economy.
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Federal Reserve Moves to Pump Up Small Business Lending

The Fed announced that it would try motivating banks to make loans under the new S.B.A. program.
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Fed's Bullard says another coronavirus economic relief bill may not be needed

A top official at the U.S. Federal Reserve said on Sunday the $2.3 trillion economic relief bill approved by Congress was appropriately sized and that a further relief effort may not be needed if..
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Trump, Pence held call with investors on economy - administration official

U.S. President Donald Trump and Vice President Mike Pence held a conference call on Tuesday with Wall Street investors to discuss the U.S. economy, the Federal Reserve and other issues, an..
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One City’s Road to Recovery Offers Lessons, and Hope

Lawrence, Mass., once an industrial power, set out to reverse a long decline with the Federal Reserve’s help. Now it faces a new economic challenge.
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U.S. Fed aims 'bazooka' to backstop coronavirus-hit economy

The U.S. Federal Reserve on Monday rolled out an extraordinary array of programs to backstop an economy reeling from sweeping restrictions on commerce that scientists say are needed to slow the..
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U.S. states, cities beg for coronavirus help; Fed tries to shield economy

U.S. governors and mayors pleaded for help from the federal government and even from private citizens to fight the coronavirus outbreak as the U.S. Federal Reserve launched an extraordinary array of..
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New York begs for federal help over coronavirus as Fed sets up fiscal supports

New York Mayor Bill de Blasio pleaded for help from the federal government and from private citizens to fight the coronavirus outbreak as the U.S. Federal Reserve launched an extraordinary array of..
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Fed aims 'bazooka' at coronavirus to backstop economy

The U.S. Federal Reserve on Monday rolled out an extraordinary new array of programs aimed at blunting the "severe disruptions" to the economy caused by the coronarvirus outbreak, backstopping an..
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Stocks fall even as Federal Reserve expands lending programs to support faltering financial markets

Stock slumped Monday despite the Federal Reserve preparing to launch an expansion of lending programs in an effort to shield the economy from the coronavirus pandemic.
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In sweeping move, Fed will lend to businesses and local governments, and extend bond-buying programs

Federal Reserve to lend up to $300 billion to corporations, small businesses, and will buy more Treasuries
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Coronavirus aid bill includes $3,000 for families, $4 trillion liquidity for Fed: Mnuchin

The coronavirus economic relief bill being finalized in Congress will include a one-time $3,000 payment for families and allow the Federal Reserve to leverage up to $4 trillion of liquidity to support..
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Coronavirus stimulus: 6 ways to soften economic blow

Accelerate jobless benefits. Channel Andrew Yang. Put strings on bailouts. Empower Federal Reserve. Expand food stamps. Urge people to shop: Our view
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Stocks set to extend losses despite further central bank support

Stocks were poised for more losses Thursday even as the Federal Reserve and the European Central Bank both rolled out measures to support markets.
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Markets Plummet Further in Asian Trading: Live Updates

Fed will offer emergency loans to money market mutual funds.
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Fed to bolster money market funds amid stresses caused by coronavirus impact

The Fed will lend to financial institutions to ease strains among money market mutual funds as redemption demands increase.
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Stocks poised for more losses Monday even as Fed intervenes to try to calm markets

Stock futures plunged Monday and were halted for trading as the Federal Reserve took emergency action to cushion the economy from the virus pandemic.
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Fed cuts rates and NYC, LA close restaurants to fight coronavirus

With panic buying on Main Street and fear-driven sell-offs on Wall Street, the U.S. Federal Reserve cut interest rates to near zero on Sunday in another emergency move to help shore up the U.S. economy..
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Coronavirus Live Updates: Across U.S., Schools Are Closed and Gatherings Canceled

Biden and Sanders called on the National Guard to help in the outbreak, and the Fed cut rates nearly to zero. For the first time, the rest of the world has more cases than China.
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U.S. death toll hits 65 from coronavirus, Fed cuts rate, NYC will shutter restaurants, bars, theaters

With panic buying on Main Street and fear-driven sell-offs on Wall Street, the U.S. Federal Reserve cut interest rates to near zero on Sunday in another emergency move to help shore up the U.S. economy..
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Stocks poised for plunge Monday as Dow futures drop 1,000 points despite Fed rate cut to zero

Stocks were headed for a drop after the Fed surprised markets by cutting interest rates to zero to fight the coronavirus's impact on the economy.
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U.S. death toll hits 65 from coronavirus as Fed takes aggressive action to bolster economy

With panic buying on Main Street and fear-driven sell-offs on Wall Street, the U.S. Federal Reserve cut interest rates to near zero on Sunday in another emergency move to help shore up the U.S. economy..
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Fed slashes rates in emergency coronavirus move; U.S. death toll hits 62

With panic buying on Main Street and fear-driven sell-offs on Wall Street, the U.S. Federal Reserve cut interest rates to near zero on Sunday in another emergency move to help shore up the U.S. economy..
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Fed cuts rate to zero, launches more bond purchases in historic moves to fight coronavirus

Fed cuts rates to zero, agrees to buy more bonds
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Coronavirus Live Updates: Sophie Grégoire Trudeau, Wife of Canada’s Leader, Tests Positive for Virus

China records the lowest number of infections yet. In the United States, stocks plunge despite the Fed’s $1.5 trillion offer to banks.
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New York Federal Reserve injects $1.5 trillion into markets amid coronavirus chaos for stocks

The Federal Reserve of New York on Thursday took steps to inject more than $1.5 trillion into the markets amid coronavirus fears among investors.
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After U.S. Congress and Fed's quick coronavirus response, next steps likely tougher for Washington

The U.S. Federal Reserve and Congress moved swiftly to confront the growing coronavirus threat this week, as the central bank propped up the economy and the House and Senate approved $8.3 billion for..
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