May 2021 Consumer Price Index Shows Fastest Inflation Since 2008

The Consumer Price Index showed the strongest year-over-year reading since 2008, and a core index popped the most since 1992.

#consumer-price-index, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-reserve-system, #inflation-economics, #labor-and-jobs, #powell-jerome-h, #prices-fares-fees-and-rates, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

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Fed Leaves Interest Rates Unchanged as Economy Begins to Heal

The Federal Reserve said the economy had “strengthened” but opted to continue providing support while playing down a rise in inflation.

#coronavirus-2019-ncov, #federal-open-market-committee, #federal-reserve-system, #government-bonds, #inflation-economics, #interest-rates, #labor-and-jobs, #powell-jerome-h, #quantitative-easing, #stimulus-economic, #unemployment, #united-states-economy

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Still Getting Your Head Around Digital Currency? So Are Central Bankers.

If you are trying to grasp Bitcoin and understand what China’s digital yuan means, America’s Federal Reserve is right there with you.

#banking-and-financial-institutions, #brainard-lael, #federal-reserve-bank-of-boston, #federal-reserve-system, #giancarlo-j-christopher, #libra-currency, #massachusetts-institute-of-technology, #peoples-bank-of-china, #powell-jerome-h, #united-states-economy, #us-dollar-currency, #virtual-currency

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The Fed Faces Criticism as It Wades Into Climate and Equity Issues

The Federal Reserve is proudly politically independent. That makes key discussions around climate change and racial inequity a balancing act.

#banking-and-financial-institutions, #daly-mary-c, #federal-reserve-system, #global-warming, #politics-and-government, #powell-jerome-h, #race-and-ethnicity, #united-states-economy, #united-states-politics-and-government

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Fed Chief Says U.S. Economy Is at an ‘Inflection Point’ as Risks Remain

“It’s going to be smart if people can continue to socially distance and wear masks,” Jerome Powell said on “60 Minutes.”

#60-minutes-tv-program, #federal-reserve-system, #inflation-economics, #labor-and-jobs, #powell-jerome-h, #stimulus-economic, #united-states-economy

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As U.S. Prospects Brighten, Fed’s Powell Sees Risk in Global Vaccination Pace

Some countries are lagging behind in vaccinations, and policymakers warned that no economy is secure until the world is safe from coronavirus variants.

#coronavirus-2019-ncov, #economic-conditions-and-trends, #federal-reserve-system, #georgieva-kristalina-ivanova, #income-inequality, #international-monetary-fund, #labor-and-jobs, #powell-jerome-h, #stimulus-economic, #united-states-economy, #united-states-politics-and-government, #vaccination-and-immunization

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Jerome Powell Promises Not to Take Away the Punch Bowl

If the economy turns into a giant party, the Fed is promising not to be an uptight host.

#federal-reserve-system, #inflation-economics, #interest-rates, #powell-jerome-h, #united-states-economy

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The Financial Crisis the World Forgot

The Federal Reserve crossed red lines to rescue markets in March 2020. Is there enough momentum to fix the weaknesses the episode exposed?

#banking-and-financial-institutions, #coronavirus-2019-ncov, #credit-and-debt, #federal-reserve-bank-of-new-york, #federal-reserve-system, #government-bonds, #powell-jerome-h, #quantitative-easing, #regulation-and-deregulation-of-industry, #stocks-and-bonds, #united-states-economy, #united-states-politics-and-government

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Biden Presses Economic Aid Plan, Rejecting Inflation Fears

Despite a better-than-expected jobs report, administration officials stressed that millions of workers still needed help from a proposed $1.9 trillion stimulus package.

#biden-joseph-r-jr, #black-people, #blanchard-olivier-j, #coronavirus-2019-ncov, #federal-reserve-system, #inflation-economics, #labor-and-jobs, #labor-department-us, #law-and-legislation, #portman-rob, #powell-jerome-h, #senate, #stimulus-economic, #summers-lawrence-h, #united-states-economy, #united-states-politics-and-government

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Investors Are Focused on Treasurys. Here’s What the Fed Could Do.

Central bankers have said they aren’t worried about a pop in longer-term bond yields. If they do become concerned, they have some options.

#banking-and-financial-institutions, #brainard-lael, #credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #powell-jerome-h, #stocks-and-bonds, #united-states-economy

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Why Market Investors Are Now Troubled by Signs of Surging Growth

The markets are stressed at the prospect of an economic rebound, which is forcing investors to reassess their holdings.

#credit-and-debt, #federal-reserve-system, #government-bonds, #inflation-economics, #interest-rates, #powell-jerome-h, #standardpoors-500-stock-index, #stimulus-economic, #stocks-and-bonds, #treasury-department, #united-states, #united-states-economy

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Powell Says Better Child Care Policies Might Lift Women in Work Force

The Fed chair said better caregiving options was an “area worth looking at” for Congress, while reiterating the central bank’s full-employment pledge.

#child-care, #federal-reserve-system, #labor-and-jobs, #powell-jerome-h, #quantitative-easing, #unemployment, #united-states-economy, #united-states-politics-and-government, #women-and-girls

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How Is the Fed Thinking About Unemployment?

Our economics reporter gives a rundown on the real unemployment rate, stimulus checks and inflation.

#coronavirus-aid-relief-and-economic-security-act-2020, #federal-reserve-system, #inflation-economics, #powell-jerome-h, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

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Powell Focuses on Economic Need at Key Moment in Markets and Politics

The Federal Reserve will continue to support the economy, its chair, Jerome H. Powell, pledged at a Senate hearing, even as concerns about inflation rise.

#federal-reserve-system, #interest-rates, #powell-jerome-h, #quantitative-easing, #senate-committee-on-banking, #toomey-patrick-j, #united-states-economy, #united-states-politics-and-government

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Why Top Economists Are Citing a Higher-Than-Reported Jobless Rate

The official rate stood at 6.3 percent in January, but using an expanded metric, Fed and Treasury officials say it’s closer to 10 percent.

#coronavirus-2019-ncov, #labor-and-jobs, #labor-department-us, #layoffs-and-job-reductions, #powell-jerome-h, #recession-and-depression, #unemployment, #united-states-economy, #yellen-janet-l

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Democrats Push to Borrow More Money as Deficit Is Set to Shrink Slightly in 2021

Top Democrats and some of President Biden’s advisers are considering borrowing money to fund a sweeping infrastructure package as the nation’s fiscal situation improves more rapidly than expected.

#biden-joseph-r-jr, #congressional-budget-office, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-budget-us, #federal-reserve-system, #house-committee-on-ways-and-means, #house-of-representatives, #neal-richard-e, #pelosi-nancy, #powell-jerome-h, #schumer-charles-e, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

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The Fed Chair Is Worried About Getting People Back to Work

Playing down inflation worries, Jerome H. Powell said policymakers needed to focus on restoring maximum employment.

#coronavirus-2019-ncov, #inflation-economics, #powell-jerome-h, #unemployment, #united-states-economy

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Do Fed Policies Fuel Bubbles? Some See GameStop as a Red Flag

Analysts warn that low-interest rates are promoting speculative bubbles. The Fed itself has downplayed the possibility that it’s behind asset prices.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #federal-reserve-system, #gamestop-corporation, #interest-rates, #powell-jerome-h, #reddit-inc, #stocks-and-bonds, #united-states-economy

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The Year the Fed Changed Forever

Jerome H. Powell’s central bank slashed rates, bought bonds in huge sums and rolled out never-before-tried loan programs that shifted its identity. The backlash is already beginning.

#banking-and-financial-institutions, #content-type-personal-profile, #coronavirus-2019-ncov, #credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #labor-and-jobs, #mnuchin-steven-t, #powell-jerome-h, #treasury-department, #united-states-economy, #united-states-politics-and-government

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Lawmakers Resolve Fed Dispute as They Race to Close Stimulus Deal

Top senators appeared to strike an agreement on the central bank’s lending powers as they struggled to clear away the last sticking points in the $900 billion compromise plan.

#bernanke-ben-s, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-reserve-system, #mcconnell-mitch, #pelosi-nancy, #powell-jerome-h, #stimulus-economic, #toomey-patrick-j, #united-states-economy, #united-states-politics-and-government

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Fed Closes Out Wild Year as All Eyes Focus on Bond-Buying Program

The central bank’s meeting will wrap up Wednesday, as the Fed stares down a bifurcated economic outlook.

#coronavirus-2019-ncov, #federal-reserve-system, #powell-jerome-h, #stimulus-economic, #treasury-department, #united-states-economy

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Fed Joins Climate Network, to Applause From the Left

The central bank joined a network of global financial regulators focused on climate risk. The response to the move underlined its tricky politics.

#bank-of-england, #bank-of-japan, #banking-and-financial-institutions, #barr-andy, #biden-joseph-r-jr, #brainard-lael, #coronavirus-2019-ncov, #daly-mary-c, #federal-reserve-system, #global-warming, #lagarde-christine, #powell-jerome-h, #quarles-randal-k, #schatz-brian, #united-states-politics-and-government

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Mnuchin Cites Principles in Clawing Back Fed Money. Democrats See Politics.

Trump’s Treasury secretary said Congress wanted key economic supports to end by Dec. 31, a view he expressed only after the vote count in the presidential election.

#biden-joseph-r-jr, #coronavirus-2019-ncov, #credit-and-debt, #federal-reserve-system, #mnuchin-steven-t, #powell-jerome-h, #stimulus-economic, #treasury-department, #united-states-economy

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Economic Risks Are High as Chances for Quick Stimulus Narrow

The Federal Reserve chief warned that a vaccine was still too uncertain to count on, and lawmakers signaled that more support was not imminent.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-budget-us, #lagarde-christine, #law-and-legislation, #mcconnell-mitch, #powell-jerome-h, #senate, #stimulus-economic, #unemployment, #united-states-economy

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Federal Reserve’s Emergency Loan Programs at Center of Political Fight

Democrats are eyeing the programs as a backup option if they can’t strike a deal to aid states and localities, and believe they may be needed to backstop markets. Republicans want them off the table.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #democratic-party, #federal-reserve-system, #mnuchin-steven-t, #municipal-bonds, #powell-jerome-h, #presidential-election-of-2020, #republican-party, #stimulus-economic, #treasury-department, #united-states-economy, #united-states-politics-and-government

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Why the Biden Economy Could Be the Same Long Slog as the Obama Economy

With continuing Republican control of the Senate likely, the sort of large-scale stimulus some economists have urged may be off the table.

#biden-joseph-r-jr, #economic-conditions-and-trends, #federal-reserve-system, #powell-jerome-h, #recession-and-depression, #stimulus-economic, #united-states-economy

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In Building Economic Team, Biden Faces Tug From Left and Center

The Democratic nominee is seeking to balance experience and diversity in preparing a team for a potential administration if he wins in November.

#biden-joseph-r-jr, #brainard-lael, #democratic-party, #federal-reserve-system, #ferguson-roger-w-jr, #goolsbee-austan-d, #labor-and-jobs, #powell-jerome-h, #presidential-election-of-2020, #raskin-sarah-bloom, #treasury-department, #united-states-economy, #united-states-politics-and-government, #warren-elizabeth, #yellen-janet-l

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Wait, Wall Street Is Pro-Biden Now?

Investors are warming to the possibility of a “blue wave” as Joseph R. Biden Jr. rises in the polls and the chances of a contested election diminish.

#biden-joseph-r-jr, #coronavirus-2019-ncov, #democratic-party, #house-of-representatives, #jpmorgan-chasecompany, #powell-jerome-h, #presidential-election-of-2020, #standardpoors-500-stock-index, #stimulus-economic, #stocks-and-bonds, #trump-donald-j, #united-states-economy

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Jerome Powell, Fed Chair, Says Economy Has ‘a Long Way to Go’

Jerome H. Powell, the Federal Reserve chair, called the recovery “incomplete” and highlighted that it was better to overdo the pandemic policy response than to undershoot.

#coronavirus-2019-ncov, #federal-reserve-system, #powell-jerome-h, #unemployment, #unemployment-insurance, #united-states-economy, #united-states-politics-and-government

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Steven Mnuchin’s Deal Staved Off Catastrophe. Can He Make Another One?

Even many Trump critics credit his Treasury secretary with rescuing the economy from the pandemic. Will the White House and Congress keep him from doing it again?

#appointments-and-executive-changes, #coronavirus-aid-relief-and-economic-security-act-2020, #mnuchin-steven-t, #powell-jerome-h, #united-states-economy

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Fed Forecasts Low Interest Rates for Years, and Until Inflation Picks Up

The Federal Reserve’s latest economic forecasts suggest that interest rates will remain near zero at least through 2023.

#banking-and-financial-institutions, #credit-and-debt, #federal-open-market-committee, #federal-reserve-system, #inflation-economics, #interest-rates, #powell-jerome-h, #stimulus-economic, #united-states-economy

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Fed Pledges Low Rates for Years, and Until Inflation Picks Up

Federal Reserve economic forecasts show that interest rates will remain near zero at least through 2023.

#banking-and-financial-institutions, #credit-and-debt, #federal-open-market-committee, #federal-reserve-system, #inflation-economics, #interest-rates, #powell-jerome-h, #stimulus-economic, #united-states-economy

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How the Fed’s Quick Action May Have Given Congress Cover for Inaction

By doing its job of stabilizing the financial system, it has reduced the sense of urgency for lawmakers to help ordinary Americans.

#coronavirus-aid-relief-and-economic-security-act-2020, #federal-reserve-system, #powell-jerome-h, #stimulus-economic, #united-states-economy

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Fed Chair Sets Stage for Longer Periods of Lower Rates

Jerome H. Powell said the central bank would focus its efforts on fostering a strong labor market while tolerating higher inflation.

#federal-reserve-system, #inflation-economics, #interest-rates, #powell-jerome-h, #recession-and-depression, #unemployment

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Oversight Member Blasts the Fed’s Efforts to Rescue Main Street

The Federal Reserve president leading the Main Street lending program testified before a congressional commission, as one member labeled it a “failure.”

#banking-and-financial-institutions, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #federal-reserve-system, #mnuchin-steven-t, #powell-jerome-h, #ramamurti-bharat, #rosengren-eric-s, #small-business, #treasury-department, #united-states-economy

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God Help Us if Judy Shelton Joins the Fed

Trump’s latest unqualified nominee to the Federal Reserve Board must be rejected.

#federal-reserve-system, #gold-standard-monetary, #powell-jerome-h, #shelton-judy, #trump-donald-j, #united-states-economy

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A Coffee Chain Reveals Flaws in the Fed’s Plan to Save Main Street

Businesses that want to use the Federal Reserve’s Main Street program cannot, and many that can use it have better options in the private market.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #coronavirus-reopenings, #credit-and-debt, #mnuchin-steven-t, #powell-jerome-h, #small-business, #united-states-economy

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Fauci Says US Could Reach 100,000 Coronavirus Cases a Day

The government’s top infectious disease expert told a Senate panel that bars needed to be closed, and the Fed chairman cautioned that “a full recovery is unlikely” until safety is restored.

#bars-and-nightclubs, #coronavirus-2019-ncov, #coronavirus-reopenings, #coronavirus-risks-and-safety-concerns, #disease-rates, #fauci-anthony-s, #powell-jerome-h, #redfield-robert-r, #senate-committee-on-health-education-labor-and-pensions, #united-states-politics-and-government

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Fed Leaves Rates Unchanged and Projects Years of High Unemployment

Federal Reserve officials indicated they expected the economic recovery from the pandemic-induced recession to be a slow one, with rates near zero for years.

#coronavirus-2019-ncov, #federal-reserve-system, #interest-rates, #powell-jerome-h, #unemployment, #united-states-economy

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Here’s What to Watch at the Fed’s June Meeting

The central bank will release its first set of economic projections of 2020, and is expected to signal that rates will be at rock-bottom for years.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-reserve-system, #interest-rates, #powell-jerome-h, #quarles-randal-k, #stimulus-economic, #unemployment, #united-states-economy

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Federal Reserve June Meeting: What to Watch

The central bank will release its first set of economic projections of 2020, and is expected to signal that rates will be at rock-bottom for years.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-reserve-system, #interest-rates, #powell-jerome-h, #quarles-randal-k, #stimulus-economic, #unemployment, #united-states-economy

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Trump’s Economic Advisers Are Wrong

The economy can’t fully recover without longer-term help from Washington.

#coronavirus-aid-relief-and-economic-security-act-2020, #infrastructure-public-works, #mcconnell-mitch, #mnuchin-steven-t, #powell-jerome-h, #united-states-economy

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Rock-Bottom Interest Rates May Be Here to Stay

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.

#coronavirus-2019-ncov, #federal-reserve-system, #inflation-economics, #interest-rates, #labor-and-jobs, #powell-jerome-h, #prices-fares-fees-and-rates, #shutdowns-institutional, #unemployment, #united-states-economy

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Fed Chair Warns This Is a ‘Downturn Without Modern Precedent’

It’s impossible to guess what the trajectory for the economy will look like, a series of central bankers warned. That makes nimbleness key.

#brainard-lael, #clarida-richard-h-1957, #coronavirus-2019-ncov, #economic-conditions-and-trends, #federal-reserve-bank-of-new-york, #federal-reserve-system, #labor-and-jobs, #powell-jerome-h, #recession-and-depression, #unemployment, #united-states-economy, #williams-john-c

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Fed Is Wary About the Post-Pandemic Economy, April Minutes Show

Notes from the Federal Reserve’s late-April meeting showed that officials were worried that the coronavirus might cause a lasting hit to the economy.

#coronavirus-2019-ncov, #federal-reserve-system, #interest-rates, #labor-and-jobs, #powell-jerome-h, #quarantines, #unemployment, #united-states-economy

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Mnuchin and Powell Warn of Economic Scarring, and Offer Divergent Solutions

The Treasury secretary and Fed chair said economic damage could last. One prescribed rapid reopening, the other robust policy action.

#banking-and-financial-institutions, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-budget-us, #gross-domestic-product, #interest-rates, #labor-and-jobs, #mnuchin-steven-t, #powell-jerome-h, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

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Too Big to Fail: The Entire Private Sector

Large parts of financial markets are now being managed by the government. Even if they don’t like it, investors must acknowledge it.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #credit-and-debt, #federal-reserve-system, #government-bonds, #powell-jerome-h, #regulation-and-deregulation-of-industry, #shutdowns-institutional, #stock-buybacks, #stocks-and-bonds

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Jesus, the Beatles and … Masa Son?

The SoftBank chief made some eye-opening arguments to justify his company’s poor investment performance.

#coronavirus-2019-ncov, #delivery-services, #doordash-mobile-app, #grubhub-inc, #mergers-acquisitions-and-divestitures, #mnuchin-steven-t, #powell-jerome-h, #softbank-corporation, #son-masayoshi, #ubereats, #united-states-economy, #united-states-politics-and-government

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Government Spending? In This Economy?

Congress is debating how much to spend on economic relief. Every plan will require borrowing money the U.S. doesn’t have.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #federal-budget-us, #federal-reserve-system, #house-of-representatives, #national-debt-us, #powell-jerome-h, #recession-and-depression, #senate, #unemployment, #united-states-economy, #united-states-politics-and-government

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Fed Chair Says Economic Recovery May ‘Stretch’ Through End of 2021

Jerome H. Powell, who heads the central bank, predicted a slow economic recovery and reiterated that policymakers may need to do more.

#60-minutes-tv-program, #coronavirus-2019-ncov, #credit-and-debt, #federal-reserve-system, #government-bonds, #powell-jerome-h, #recession-and-depression, #shutdowns-institutional, #unemployment, #united-states-economy

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