Economic burden 'has not been evenly spread' -Fed Chair

“We are in the midst of an economic downturn without modern precedent... and while the burden is widespread, it's not evenly spread" Federal Reserve Chair Jerome Powell said before speaking to..

Treasury, Fed heads grilled for coronavirus response

Treasury Secretary Steve Mnuchin and Federal Reserve Chairman Jerome Powell were in the hot seat Tuesday as they faced senators for the first time in a required update on the financial response to the..

Federal Reserve Chair Says US Economy Recovery May Begin By Summer

If there is not another wave of COVID-19, Jerome Powell says America could start to return in this year's second half.

S&P jumps 3% on vaccine hopes

U.S. stocks soared Monday, and the S&P 500 closed at a 10-week high. As Fred Katayama reports, encouraging data for a potential coronavirus vaccine and the promise of more stimulus for the economy sent..

Retail sales drop record 16.4% in April

U.S. retail sales suffered a second straight month of record declines in April as the novel coronavirus pandemic kept Americans at home. As Fred Katayama reports, it puts the U.S. economy on track for..

In Gloomy Message, Fed's Powell Dials Down Happy Talk

Seven weeks ago, Fed Chair Jerome Powell publicly said he expected economic activity would resume in the second half of the year. But on Wednesday, Reuters reports Powell offered a much darker outlook...

Fed's Powell warns economic recovery will be slow

Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, warned on Wednesday of an "extended period" of weak growth and stagnant incomes,..

Wall Street slumps after somber Fed outlook

Wall Street's three major indexes closed lower for the second day in a row after Federal Reserve Chairman Jerome Powell warned on Wednesday of extended economic weakness due to the coronavirus pandemic..

'Extraordinary shock' -Fed Chair Powell assesses economic blow

The Federal Reserve on Wednesday left interest rates near zero and repeated a vow to use its "full range of tools" to shore up the U.S. economy amid an ongoing coronavirus pandemic that will not only..

Wall Street rallies on promising coronavirus drug

U.S. stocks surged on Wednesday as hopes for an effective COVID-19 treatment prompted a broad rally and helped investors shrug off bleak GDP data and words of warning from U.S. Federal Reserve Chair..

Fed chief sees road to recovery, warns on 'false start'

The U.S. economy could be headed "fairly quickly" toward recovery if people stay home, government gets aid to businesses and households, and public health officials create a national plan to restart..