A shortage of coins circulating in the U.S. economy is prompting more retailers to ask customers to avoid paying with cash or to use exact change. Signs posted locally at some stores, including Lowe's Home Improvement and 7-Eleven, are reminders that the COVID-induced coin scarcity is still a real thing....
Fed Survey Says Economy Has Picked up but Outlook Cloudy
WASHINGTON — The Federal Reserve says economic activity has picked up in most regions of the country but still remains well below pre-pandemic levels with the country facing high levels of uncertainty. The Fed reported Wednesday that its latest survey of economic conditions around the country found improvements in consumer...
Federal Reserve to Boost Small Business Lending Efforts
WASHINGTON — The Federal Reserve said Monday it will support the government's $349 billion small business lending program, which had a rocky start Friday. The Fed said that it will buy loans that banks make to small businesses as part of the program, which is being carried out by banks...
Fed Steps in Once Again to Try to Smooth out Lending Markets
WASHINGTON — The Federal Reserve is intervening once again to try to smooth out the world's lending markets, this time by lending dollars to other central banks in exchange for Treasurys. The Fed's move Tuesday marks its latest aggressive effort to keep borrowing rates down and ensure that financial markets...
Fed to Buy Unlimited Government Debt and Lend to Businesses
WASHINGTON — In its boldest effort to protect the U.S. economy from the coronavirus, the Federal Reserve says it will buy as much government debt as it deems necessary and will also begin lending to small and large businesses and local governments to help them weather the crisis. The Fed's...
As Central Banks Intervene to Calm Markets, Few See Solution
WASHINGTON — The Federal Reserve and the European Central Bank moved Thursday to try to calm financial markets and restore some degree of confidence. It didn't quite work. The central banks are facing a crisis only partly responsive to the medicine they can provide. The Fed sought to ensure that...
Fed Slashes Interest Rate in Response to Coronavirus Worries
WASHINGTON — In a surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point Tuesday in an effort to support the economy in the face of the spreading coronavirus. Chairman Jerome Powell noted that the virus “poses evolving risks to economic activity." It was the...
Federal Reserve Proposes Loosening Rules on Bank Investments
WASHINGTON — The Federal Reserve approved a proposal Thursday to loosen a financial-crisis era rule that prevents banks from investing in venture capital funds. The proposal would affect the so-called “Volcker Rule," which was created after the 2008 financial meltdown. The rule bars banks from trading with government-insured deposits in an effort...
Fed Leaves Low Rates Alone and Sees No Moves in Near Future
WASHINGTON — Chairman Jerome Powell made clear Wednesday that the Federal Reserve is prepared to keep its benchmark interest rate very low through at least next year — and possibly longer. Fueling that expectation is the growing belief of Fed officials that inflation will remain tame even as the economy...
US Economy Grew at a Moderate 2.1% Annual Rate Last Quarter
WASHINGTON — The U.S. economy grew at a moderate 2.1% annual rate over the summer, slightly faster than first estimated, the government said Wednesday. But many economists say they think growth is slowing sharply in the current quarter. The July-September growth rate in the gross domestic product, the economy’s total...