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The Senate Banking Committee took its first look at spending under the massive CARES Act approved in March. Sen. Elizabeth Warren said more should have been done to keep U.S. workers on the payroll.
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In its latest salvo, the Federal Reserve announced $2.3 trillion in new lending programs in an effort to keep businesses and local governments afloat during the coronavirus pandemic.
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Policymakers increased a key rate for the third time this year. The quarter-point move indicates the Fed is confident in the economy as it continues to recover from the financial crisis.
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Janet Yellen says she'll step down from the Federal Reserve Board when her successor as chair is sworn in. Earlier this month, President Trump named Jerome Powell to be the next Fed chairman.
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As Fed chair, Janet Yellen helped the central bank largely achieve its mandate to engineer full employment while keeping inflation at a level that fosters growth.
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President Trump has named Federal Reserve Gov. Jerome Powell to head the U.S. central bank. If confirmed by the Senate he will succeed Janet Yellen, the first woman to serve in the Fed's top post.
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The Federal Reserve in October will begin unwinding the extraordinary stimulus it used to battle the Great Recession. That means that over the long run, rates on car loans and mortgages could go up.
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Federal Reserve Chair Janet Yellen's remarks in Jackson Hole, Wyo., on Friday put her at odds with President Trump. She applauded the post-crisis regulations that he says are hurting businesses.
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As expected, the Federal Reserve says it will hold interest rates in a range between 1 percent and 1.25 percent, while noting job gains have been solid and the labor market continues to strengthen.
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The quarter-point increase in the Federal Reserve's benchmark rate was widely expected. Rates are still near historic lows, but the increase will mean higher borrowing costs for consumers.