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Stimulus Checks Arriving as Early as Tuesday Night, Mnuchin Says
Secretary of the Treasury Steven Mnuchin said Tuesday that Americans could expect to start receiving their COVID-19 relief direct payment via direct deposit as early as Tuesday evening.
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Fed Keeps Rate Near Zero and Sees Brighter Economy in 2021
The Federal Reserve said Wednesday that it will keep buying government bonds until the economy makes “substantial” progress — a step intended to reassure financial markets and keep long-term borrowing rates lower for longer
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Fed Sees Rates Near Zero Through 2023, Perhaps Longer
With the economy still struggling to recover from the pandemic recession, Federal Reserve policymakers signaled Wednesday that their benchmark short-term interest rate will likely remain at zero at least through 2023 and probably even longer
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Fed Wrestles With Its Next Moves as Virus Stalls US Economy
Federal Reserve officials are grappling this week with the timing and scope of their next policy moves at a time when the raging viral pandemic has weakened the U.S. economy
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Senate Panel Approves Trump's Controversial Fed Nominee
The Senate Banking Committee approved President Donald Trump’s controversial nominee for the Federal Reserve, Judy Shelton, on a party-line vote Tuesday
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Fed to Keep Providing Aid and Sees No Rate Hike Through 2022
Confronted with an economy gripped by recession and high unemployment, the Federal Reserve signaled Wednesday that it expects to keep its key short-term interest rate near zero through 2022
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Fed Holds Rates Near Zero — Here's What That Means for You
With more than 26 million people out of work and a growing number of Americans feeling severely cash-strapped, historically low borrowing rates means that loans are cheaper — if you can get them.
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Job Losses Could Total 47 Million, Unemployment Rate May Hit 32%, Fed Estimates
Millions of Americans already have lost their jobs due to the coronavirus crisis and the worst of the damage is yet to come, according to a Federal Reserve estimate. Economists at the Fed’s St. Louis district project total employment reductions of 47 million, which would translate to a 32.1% unemployment rate, according to a recent analysis of how bad things…
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IMF Head Says Global Economy Now in Recession
The head of the International Monetary Fund said Friday it is clear that the global economy has now entered a recession that could be as bad or worse than the 2009 downturn. IMF Managing Director Kristalina Georgieva said the 189-nation lending agency was forecasting a recovery in 2021, saying it could be a “sizable rebound.” But she said this would…
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Fed Bombards Credit Markets With Limitless Pledge, But Investors Barely Respond
The Federal Reserve is blasting markets with a bigger and bolder stimulus package, but the response in credit markets has been tepid as stocks continue to sell off.
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U.S. Fed Establishes Currency Swaps With 9 Central Banks
The Federal Reserve has established currency swaps with nine central banks overseas to support dollar lending in global markets that are under pressure from the impact of the virus outbreak
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What You Need to Know About the New Federal Reserve Interest Rate
The Federal Reserve slashed its interest rates on Sunday and pledged to buy at least $700 billion in bonds. But what does that mean? The Associated Press breaks it down.
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Fed Leaves Key Rate Alone But Sees Virus Among Global Risks
The Federal Reserve kept its key interest rate unchanged at a low level Wednesday amid an economy that looks solid but faces potential global threats, including from China’s viral outbreak. The Fed sketched a mostly bright picture of the U.S. economy in a statement it released after its latest policy meeting. Yet it also cautioned that it would monitor...
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Fed Keeps Rates Unchanged. Here's Exactly What That Means to You
The Federal Reserve’s decision Wednesday to keep interest rates steady put the cap on a tumultuous year for consumers. After raising the federal funds rate nine times in three years, with the last hike just one year ago as financial markets were melting down, concerns about a slowing economy and a looming U.S.-China trade war then caused the U.S. central...
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Paul Volcker, the Carter-Reagan Fed Chairman Who Beat Inflation, Dies at Age 92
Paul Volcker, who as chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan helped tame inflation with 22% interest rates that also crunched American manufacturing, farming, and real estate but led the way to two decades of expansion, has died. He was 92. He died on Sunday, according to The New York Times and The Washington Post.
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Man Accused of Threatening Attacks Could Be Released
A local man accused of threatening a terror attack could be released from custody and supervised by relatives in Virginia while awaiting trial. A judge ruled Christopher Hasson qualifies for home detention. News4’s Tracee Wilkins reports.
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The Bond Market Is Flashing Its Biggest Recession Sign Since Before the Financial Crisis
Federal Reserve Chairman Jerome Powell’s assertion this week that the U.S. economy remains strong is facing a stern test from the bond market, which showed a classic recession sign Friday morning. Short-term government fixed income yields are now ahead of the longer part of the curve, delivering a strong recession indication that hasn’t happened since 2007.
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Trump Considering Former Presidential Hopeful Herman Cain for the Fed
Former presidential candidate and Godfather’s Pizza CEO Herman Cain is under consideration for a Federal Reserve governorship, CNBC has confirmed. Cain, 73, is a former chairman of the Kansas City Fed, having served at the bank from 1989-96 before leaving to pursue political activities full time. Cain met with President Donald Trump on Wednesday at the White House, where he...
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Stock Market Brings Record US Household Wealth, Mainly for Rich
A rising stock market lifted U.S. household wealth to a record $106.9 trillion in the April-June quarter, the culmination of a decade of economic recovery but a gain that is concentrated largely among the most affluent. The value of Americans’ stock and mutual fund portfolios rose $800 billion, while home values increased $600 billion, the Federal Reserve said Thursday. Total...
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Pay Down Debt or Save Money? How to Allocate Your Cash
It’s one of the most common questions financial advisers hear: should I prioritize paying down debt or building up savings? Americans have a cozy relationship with debt — student loans, credit cards and car loans are commonplace. The Federal Reserve said that consumer borrowing rose $24.5 billion in May alone to hit almost $3.9 trillion. And that doesn’t include mortgage...