By Rich Miller Federal Reserve Chairman Jerome Powell signaled that the central bank was nowhere close to pulling back on its support for the pandemic-damaged U.S. economy even as he voiced expectations for a return to more normal, improved activity later this year. “The economy is a long way from our employment and inflation goals, … Read more
By Matthew Boesler Federal Reserve officials left their benchmark interest rate unchanged near zero as they flagged a moderating U.S. recovery and reiterated a pledge to use all available tools to support the economy during the coronavirus pandemic. The central bank’s policy-making body also repeated it would maintain its bond-buying program at the current pace … Read more
NEW YORK- JPMorgan Chase & Co Chief Executive Officer Jamie Dimon will not get a raise in his annual pay and will receive $31.5 million for his work in 2020, the bank said on Thursday. Dimon’s total compensation will include the same annual base salary of $1.5 million and a performance-based incentive of $30 million, … Read more
WASHINGTON: U.S. employers shed jobs last month for the first time since April, cutting 140,00 positions, clear evidence that the economy is faltering as the viral pandemic tightens its grip on consumers and businesses. At the same time, the unemployment rate stayed at 6.7%, the first time it hasn’t fallen since April. Friday’s figures from … Read more
President-elect Joe Biden is considering Roger Ferguson, a former Federal Reserve vice chair, and Brian Deese, an executive at BlackRock, to be his top White House economic adviser, according to people familiar with the matter. If selected, Ferguson, now the chief executive of TIAA, would become the first African-American in the role of director of … Read more
By Kartik Goyal India’s sovereign bonds are turning a corner as a supply overhang dissipates following a raft of liquidity measures from the central bank. Early signs of economic revival are also spurring hopes of an improvement in government finances. The yield on India’s benchmark 10-year bond fell about 13 basis points over the past … Read more
By Matthew Boesler In one of his strongest appeals to date, Federal Reserve Chair Jerome Powell warned of a weak US recovery without sufficient government aid and said providing too much stimulus wouldn’t be a problem. Powell’s remarks Tuesday came amid Republicans’ opposition to a larger relief package that’s kept talks with Democrats at a … Read more
Gold inched lower on Friday, pressured by a firm dollar, and was on track for its worst week in over a month, although renewed hopes of more U.S. stimulus measures limited the decline. FUNDAMENTALS Spot gold fell 0.2% to $1,864.47 per ounce by 0113 GMT. Prices are down 4.4% so far for the week. US … Read more
By Christopher Condon, Matthew Boesler and Craig Torres US central bankers appeared to back off from an earlier readiness to clarify their guidance on the future path of interest rates when they met in July. “With regard to the outlook for monetary policy beyond this meeting, a number of participants noted that providing greater clarity … Read more
WASHINGTON: White House negotiators on Tuesday vowed to work “around the clock” with congressional Democrats to try to reach a deal on coronavirus relief by the end of this week, as the pandemic takes a heavy toll on American life. Following an afternoon meeting of the four main negotiators, Treasury Secretary Steven Mnuchin raised the … Read more