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.
“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..
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..
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..
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..
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...
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..
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,..
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..
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..
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..
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..
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..
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..
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..
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..
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..
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..
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..
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...
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. NYTimes.com - Published
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. NYTimes.com - Published
Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell faced an array of questions from senators on the response to the pandemic.
USATODAY.com - Published
The Treasury secretary and Fed chair said economic damage could last. One prescribed rapid reopening, the other robust policy action. NYTimes.com - Published
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.. Reuters - Published
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.. Reuters - Published
Congress approved $500 billion to help businesses and local governments weather the economic catastrophe of coronavirus, but little has been spent
USATODAY.com - Published
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. Reuters - Published
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.. Reuters - Published
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. Reuters - Published
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. NYTimes.com - Published
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.. USATODAY.com - Published
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.. USATODAY.com - Published
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.. USATODAY.com - Published
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.. Reuters - Published
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.. Reuters - Published
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.. Reuters - Published
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.. Reuters - Published
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. NYTimes.com - Published
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.. Reuters - Published
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.. Reuters - Published
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.. Reuters - Published
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. NYTimes.com - Published
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.. Reuters - Published
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.. Reuters - Published
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.. Reuters - Published
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.. Reuters - Published
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.
USATODAY.com - Published
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.. Reuters - Published
Accelerate jobless benefits. Channel Andrew Yang. Put strings on bailouts. Empower Federal Reserve. Expand food stamps. Urge people to shop: Our view
USATODAY.com - Published
Stocks were poised for more losses Thursday even as the Federal Reserve and the European Central Bank both rolled out measures to support markets.
USATODAY.com - Published
Stock futures plunged Monday and were halted for trading as the Federal Reserve took emergency action to cushion the economy from the virus pandemic.
USATODAY.com - Published
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.. Reuters - Published
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. NYTimes.com - Published
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.. Reuters - Published
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.
USATODAY.com - Published
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.. Reuters - Published
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.. Reuters - Published
China records the lowest number of infections yet. In the United States, stocks plunge despite the Fed’s $1.5 trillion offer to banks. NYTimes.com - Published
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.
USATODAY.com - Published
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.. Reuters - Published
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