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As Coin Shortage Persists, Some Banks Pay a Bounty for Small Change

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...

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...

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