Sen. Kamala Harris, D-Calif., needed a police escort to make it to the Senate floor in time to cast the key vote against the Judy Shelton nomination to the Fed board. Senate Majority Leader Mitch McConnell, R-Kent., voted No, which allows him to return the nomination to the floor.
The central bank just revised the goals of its monetary policy. The laymen’s translation? If you didn’t think rates were going to be low for a long-time, you were not listening. Cheap money is not a fad, people. Mortgage-rate cuts, for example, gave house hunters 25% more buying power in less than two years. That’s not ending soon.
Chairman Jerome Powell may be on the verge of sending a wholly different message this week: That the Fed plans to leave its key rate pinned near zero even after inflation has surpassed the central bank’s target level – at least for a while.
A new poll from The Associated Press-NORC Center for Public Affairs Research finds that 45% of Americans say they’re setting aside more money than usual. Twenty-six percent are paying down debt faster than they were before the coronavirus pandemic.
The U.S. and global economies have shown some improvements since the spring, when business lockdowns were widespread, but they are nowhere close to fully healed. The Federal Reserve and the U.S. government get a lot of the credit for the rally after pouring trillions of dollars into the economy.
Former Federal Reserve Chair Janet Yellen was among a team of advisers who briefed Joe Biden on Thursday about the economic fallout from the coronavirus. Kamala Harris, participated in the briefing from separate, socially distanced tables at a hotel in Wilmington, Delaware.
Negotiators on a huge coronavirus relief bill reported slight progress after talks resumed Monday afternoon in the Capitol, with issues like food for the poor and aid to schools struggling to reopen safely assuming a higher profile in the talks. Multiple obstacles remain, including an impasse so far on extending a $600-per-week pandemic jobless benefit.
The Senate Banking Committee on Tuesday approved President Donald Trump’s choice of Judy Shelton for the Federal Reserve board of governors on a party-line vote, overcoming widespread questions about her qualifications for the Fed.
—Small businesses can still get help from the government’ s coronavirus relief plan after Congress extended the Paycheck Protection Program until Aug. 8. The PPP is part of a $2 trillion coronavirus aid package passed by Congress in March. On Monday, the Small Business Administration, which oversees the program, disclosed the names of companies that received…
The Fed has cut its benchmark short-term rate to near zero. Keeping its rate ultra-low for more than two more years could make it easier for consumers and businesses to borrow and spend enough to sustain an economy depressed by still-widespread business shutdowns from the coronavirus.
