US Federal Reserve System

Jerome Powell confirmed for second term as U.S. Fed Chair

Jerome Powell confirmed for second term as U.S. Fed Chair

The US Senate on Thursday overwhelmingly confirmed Jerome Powell to a second term as chairman of the Federal Reserve. The final vote was 80-19. Under Powell's leadership, the Fed ended its pandemic stimulus program, began …

Russia doesn't default on its foreign debt

Russia doesn't default on its foreign debt

Russian Finance Minister Anton Siluanov has called the information spread by CNN about Russia defaulting on its foreign debt "incorrect". He elaborated that questions about why investors, including Americans, did not receive …

U.S. Fed hikes interest rates for first time since 2018

U.S. Fed hikes interest rates for first time since 2018

The U.S. Federal Reserve raised interest rates for the first time since 2018 and laid out an aggressive plan to push borrowing costs to restrictive levels next year in a pivot from battling the coronavirus pandemic to countering the economic …

U.S. Fed: omicron poses major threats to the U.S. economy

U.S. Fed: omicron poses major threats to the U.S. economy

U.S. Federal Reserve Chairman Jerome Powell is set to testify Tuesday that the Omicron variant threatens America's economic recovery. Much remains unknown about Omicron. Yet if it prolongs the pandemic, it could keep prices …

Biden renames Powell to lead Fed

Biden renames Powell to lead Fed

U.S. President Joe Biden said Monday he will reappoint Federal Reserve Chair Jerome Powell as head of the U.S. central bank, opting for continuity in the government’s most powerful economic post as the specter of rising inflation looms in …

U.S. Fed keeps rates flat

U.S. Fed keeps rates flat

The U.S. Federal Reserve said Wednesday it kept its benchmark interest rate unchanged between 0.00% and 0.25% and noted tapering will start later in November. The much-awaited tapering process of reducing the $120 billion monthly asset …

U.S. Fed holds rates near zero

U.S. Fed holds rates near zero

The U.S. Federal Reserve on Wednesday held its benchmark interest rate near zero and said the economy continues to progress despite concerns over the pandemic spread. As expected, the Federal Open Market Committee concluded its two-day …

U.S. keeps ultra-low interest rate policies in place

U.S. keeps ultra-low interest rate policies in place

The U.S. Federal Reserve held interest rates and its monthly bond-buying program steady on Wednesday, nodding to the U.S. economy's growing strength but giving no sign it was ready to reduce its support for the recovery. The Fed …

Europe struggles to defend itself against dollar

Europe struggles to defend itself against dollar

Despite warm words from Biden, U.S. secondary sanctions against Iran, Russia and others punish European companies and prompt new calls for strategic autonomy, The New York Times writes. The new Biden administration is making nice with the European Union, talking of renewed cooperation and suspending retaliatory tariffs stemming from an old dispute between Airbus and Boeing

U.S. Federal Reserve leaves key interest rate unchanged

U.S. Federal Reserve leaves key interest rate unchanged

The U.S. Federal Reserve moved to hold its key interest rate steady amid what it said is "tremendous human and economic hardship across" the U.S. caused by the coronavirus pandemic. The fed was widely expected to continue …

Fed's Kashkari: U.S. recovery to be bumpy and muted

Fed's Kashkari: U.S. recovery to be bumpy and muted

With cases of Covid-19 likely to resurge, at least in some parts of the country, the U.S. economic recovery will be neither smooth nor strong, Minneapolis Federal Reserve Bank President Neel Kashkari said. "My base-case …

Trump blasts Fed for being 'wrong so often'

Trump blasts Fed for being 'wrong so often'

U.S. President Donald Trump launched his first attack against the Federal Reserve in months, taking issue with the central bank’s subdued economic forecast. "The Federal Reserve is wrong so often," Trump wrote on …

U.S. Fed keeps base interest rate at 0-0.25%

U.S. Fed keeps base interest rate at 0-0.25%

The U.S. Federal Reserve System acting as the national central bank has kept the base interest rate at the level of 0-0.25% as expected by the market, the Federal Open Market Committee (FOMC) said after the meeting. "The …

Accounts Chamber assesses U.S. Fed interest ratedecision

Accounts Chamber assesses U.S. Fed interest ratedecision

Head of the Russian Accounts Chamber Alexey Kudrin commented on the U.S. Federal Reserve's announcement of cutting the key interest rate to near-zero. "The U.S. Federal Reserve is being proactive," Kudrin …

U.S. Fed slashes rates to cushion coronavirus blow

U.S. Fed slashes rates to cushion coronavirus blow

The U.S. Federal Reserve and global central banks moved aggressively to buttress a world economy unraveling rapidly amid the coronavirus pandemic, with the Fed slashing interest rates to 0.25%. The Fed lowered the primary credit rate by …