By , (Reuters) - The U.S. economy is “much improved,” Federal Reserve Chair Jerome Powell said on Monday, crediting Congress and the central bank both for providing “unprecedented” support, but at the same time warning that the recovery is still “far from complete.”Slideshow “The recovery has progressed more quickly than generally expected and looks to be strengthening,” Powell said in remarks prepared for delivery to a congressional hearing on Tuesday morning. Household spending has risen, he said, and the housing sector has more than fully recovered.“However, the sectors of the economy...…By , (Reuters) - The U.S. economy is “much improved,” Federal Reserve Chair Jerome Powell said on Monday, crediting Congress and the central bank both for providing “unprecedented” support, but at the same time warning that the recovery is still “far from complete.”Slideshow “The recovery has progressed more quickly than generally expected and looks to be strengthening,” Powell said in remarks prepared for delivery to a congressional hearing on Tuesday morning. Household spending has risen, he said, and the housing sector has more than fully recovered.“However, the sectors of the economy...WW…

By (Reuters) - Federal Reserve Chair Jerome Powell is scheduled to speak Monday at a Bank for International Settlements conference on innovation in the digital age, the U.S. central bank said on Thursday.On Tuesday, Powell will testify before the House of Representatives Financial Services Committee, and on Wednesday he will testify before the Senate Banking Committee, on the Coronavirus Aid, Relief, and Economic Security Act, the Fed said. The appearances come after the Fed signaled Wednesday that it will hold rates at their current near-zero level through 2023, even as policymakers...…By (Reuters) - Federal Reserve Chair Jerome Powell is scheduled to speak Monday at a Bank for International Settlements conference on innovation in the digital age, the U.S. central bank said on Thursday.On Tuesday, Powell will testify before the House of Representatives Financial Services Committee, and on Wednesday he will testify before the Senate Banking Committee, on the Coronavirus Aid, Relief, and Economic Security Act, the Fed said. The appearances come after the Fed signaled Wednesday that it will hold rates at their current near-zero level through 2023, even as policymakers...WW…

By (Reuters) - Federal Reserve policymakers are expected this week to forecast that the U.S. economy will grow in 2021 at the fastest rate in decades, with unemployment falling and inflation rising, as the COVID-19 vaccination campaign gathers pace and a $1.9 trillion relief package washes through to households.But investors who expect rosier projections to translate to any change in monetary policy when the U.S. central bank’s Federal Open Market Committee ends its two-day meeting on Wednesday will likely be disappointed.“The FOMC will not validate market expectations of an earlier and...…By (Reuters) - Federal Reserve policymakers are expected this week to forecast that the U.S. economy will grow in 2021 at the fastest rate in decades, with unemployment falling and inflation rising, as the COVID-19 vaccination campaign gathers pace and a $1.9 trillion relief package washes through to households.But investors who expect rosier projections to translate to any change in monetary policy when the U.S. central bank’s Federal Open Market Committee ends its two-day meeting on Wednesday will likely be disappointed.“The FOMC will not validate market expectations of an earlier and...WW…

By , The $900 billion pandemic aid package expected to win Congressional approval on Monday will deliver support to a recession-ravaged economy slowing under a deadly coronavirus surge, and set it up for a stronger recovery next year as vaccines become more widely available, economists said.But it comes months after the last big fiscal aid package was passed and lacks direct help to struggling states and cities, as millions remain unemployed and businesses suffer anew from fresh restrictions to slow spread of the virus.“While the deal is months late and will likely fall short of what is...…By , The $900 billion pandemic aid package expected to win Congressional approval on Monday will deliver support to a recession-ravaged economy slowing under a deadly coronavirus surge, and set it up for a stronger recovery next year as vaccines become more widely available, economists said.But it comes months after the last big fiscal aid package was passed and lacks direct help to struggling states and cities, as millions remain unemployed and businesses suffer anew from fresh restrictions to slow spread of the virus.“While the deal is months late and will likely fall short of what is...WW…

By , SAN FRANCISCO/NEW YORK (Reuters) - Joe Biden is returning to the White House to lead the United States in the midst of an economic crisis after beating President Donald Trump in Tuesday’s election, a turn of events likely to conjure an eerie sense of deja vu for the Democratic former vice president.Unlike in 2008, when the country elected Democrat Barack Obama and his running mate Biden as the global economy teetered from the sub-prime mortgage crisis and collapse of the Lehman Brothers investment bank, the worst of the current economic downturn may have passed already, economists and...…By , SAN FRANCISCO/NEW YORK (Reuters) - Joe Biden is returning to the White House to lead the United States in the midst of an economic crisis after beating President Donald Trump in Tuesday’s election, a turn of events likely to conjure an eerie sense of deja vu for the Democratic former vice president.Unlike in 2008, when the country elected Democrat Barack Obama and his running mate Biden as the global economy teetered from the sub-prime mortgage crisis and collapse of the Lehman Brothers investment bank, the worst of the current economic downturn may have passed already, economists and...WW…

By (Reuters) - Democratic presidential candidate Joe Biden wants to expand the Affordable Care Act, President Barack Obama’s signature healthcare legislation, and then name it after himself.Republican President Donald Trump wants to end it altogether, and replace it with something that has yet to be defined.An ongoing debate over which approach is better for the economy is partly about price tags. Bidencare is forecast to increase federal healthcare spending by $2 trillion or more over 10 years. Trump’s approach is to hold federal spending stable or reduce it.Bidencare supporters emphasize...…By (Reuters) - Democratic presidential candidate Joe Biden wants to expand the Affordable Care Act, President Barack Obama’s signature healthcare legislation, and then name it after himself.Republican President Donald Trump wants to end it altogether, and replace it with something that has yet to be defined.An ongoing debate over which approach is better for the economy is partly about price tags. Bidencare is forecast to increase federal healthcare spending by $2 trillion or more over 10 years. Trump’s approach is to hold federal spending stable or reduce it.Bidencare supporters emphasize...WW…

By , (Reuters) - After delivering a split-decision rate cut earlier this week, U.S. Federal Reserve officials put their divisions on full display Friday, with warnings of a slowdown on the one hand and financial risks on the other bookending talk of how well things are going.Central bankers are often called on to speak with one voice, but the Fed now has three - those ready to reduce rates even lower to ward off economic risks, those who prefer to stand pat and watch the data for now, and those warning that the Fed may already be fueling a credit bubble.“The economy is in a good place,” Fed...…By , (Reuters) - After delivering a split-decision rate cut earlier this week, U.S. Federal Reserve officials put their divisions on full display Friday, with warnings of a slowdown on the one hand and financial risks on the other bookending talk of how well things are going.Central bankers are often called on to speak with one voice, but the Fed now has three - those ready to reduce rates even lower to ward off economic risks, those who prefer to stand pat and watch the data for now, and those warning that the Fed may already be fueling a credit bubble.“The economy is in a good place,” Fed...WW…

By , , (Reuters) - Federal Reserve policymakers charged with guiding the economy through its worst collapse in a century diverged broadly this week over what to expect in coming months, with narratives of an unexpectedly fast recovery vying against warnings of a resurgence in the coronavirus pandemic and deepening economic malaise.The central bank’s monetary policy is already set on a loose and supportive course, and in broad contours at least is unlikely to change much for the next few years.But in a series of starkly contrasting public statements, policymakers offered differing views on...…By , , (Reuters) - Federal Reserve policymakers charged with guiding the economy through its worst collapse in a century diverged broadly this week over what to expect in coming months, with narratives of an unexpectedly fast recovery vying against warnings of a resurgence in the coronavirus pandemic and deepening economic malaise.The central bank’s monetary policy is already set on a loose and supportive course, and in broad contours at least is unlikely to change much for the next few years.But in a series of starkly contrasting public statements, policymakers offered differing views on...WW…

By , SAN FRANCISCO/WASHINGTON (Reuters) - The U.S. economy is set for a deep slide in coming months with the coronavirus forcing businesses to shut and putting millions out of work, but Federal Reserve policymakers are also warning of a slugging recovery once the pandemic subsides.Slideshow “Because of the shock of this... will consumer behavior just be more cautious?” Dallas Federal Reserve Bank President Robert Kaplan asked in a phone interview with Reuters on Wednesday.“It’s not just the safety concerns... it’s also financial and potentially job insecurity which might cause them to save...…By , SAN FRANCISCO/WASHINGTON (Reuters) - The U.S. economy is set for a deep slide in coming months with the coronavirus forcing businesses to shut and putting millions out of work, but Federal Reserve policymakers are also warning of a slugging recovery once the pandemic subsides.Slideshow “Because of the shock of this... will consumer behavior just be more cautious?” Dallas Federal Reserve Bank President Robert Kaplan asked in a phone interview with Reuters on Wednesday.“It’s not just the safety concerns... it’s also financial and potentially job insecurity which might cause them to save...WW…