WASHINGTON U.S. President Joe Biden on Monday nominated Federal Reserve Chair Jerome Powell for a second four-year term, positioning the former investment banker to continue the most consequential revamp of monetary policy since the 1970s and finish guiding the economy out of the pandemic crisis. | Video
WASHINGTON Lael Brainard, who has been nominated as vice chair of the Federal Reserve, has been a mainstay in Democratic policy circles since joining the administration of former President Bill Clinton in the 1990s, including stints running a global economics program at the Brookings Institution and as former President Barack Obama's top Treasury liaison for international affairs.
WASHINGTON Hopes to restore U.S. employment to its pre-pandemic level, an aim of the Federal Reserve and the Biden administration, now rest on a recovery of jobs in New England and California, a potentially troubling fact for the president's Democratic Party ahead of critical midterm elections and as the Fed plots a possible turn to tighter monetary policy.
WASHINGTON Huge spending by governments kept the world economy afloat during the pandemic as officials mobilized a fiscal response not seen since World War Two to bolster household incomes and give businesses a fighting chance to survive the health crisis.
WASHINGTON The U.S. Federal Reserve for the past 20 months has put its monetary policy arsenal behind the single-minded goal of restoring U.S. employment particularly for the less well off whose prospects suffered most during the pandemic.
WASHINGTON U.S. President Joe Biden's nominee as the next chair of the Federal Reserve, expected as soon as this week, will inherit an economy headed for the fastest annual growth in a generation with wage increases flowing to the lowest-paid workers, strong hiring, and household bank accounts flush with cash.
WASHINGTON A year ago, as the coronavirus built toward its most intense peak, the U.S. economy was in a dark spot with job growth stalled, more than 10 million out of work and about to lose unemployment benefits, and warnings of a slide back into recession.
WASHINGTON Inflation pushed more broadly through the economy in October again challenging the Federal Reserve's outlook for only "transitory" price increases, offsetting recent wage hikes in a blow to consumers, and prompting investors to boost bets the central bank will raise interest rates sooner than expected.
WASHINGTON (Reuters) -U.S. Federal Reserve officials on Monday turned their focus toward a debate over monetary policy that will heat up in coming months as the Fed slows the pace of its asset purchases, clearing the decks for interest rate hikes as soon as next year.