Boston Federal Reserve President Eric Rosengren said Wednesday the central bank moved rapidly to address deterioration across multiple parts of the financial market that were crippled due to the coronavirus crisis. “At the central bank we’re focused on addressing, and blunting, the economic effects of the pandemic,” Rosengren said in remarks prepared for an online […]
Tag: Economy
These states could be hit with the biggest jobs losses from the coronavirus pandemic
Pedestrians walk past a boarded up Lori’s Diner in San Francisco, California, U.S., on Tuesday, March 24, 2020. David Paul Morris | Bloomberg | Getty Images When the Coronavirus pandemic eventually subsides, the economic impact will be felt unevenly from one part of the country to another. The regions feeling the biggest impact may also […]
The Fed’s balance sheet just passed $5 trillion for the first time ever
Though the Federal Reserve’s efforts to keep markets running and boost the economy are just getting into gear, its asset portfolio has reached levels never seen before. The central bank’s balance sheet, which consists largely of bonds and other assets it has purchased over the years, ballooned to $5.3 trillion for the week ending Wednesday. […]
IMF chief Georgieva says the world is in a recession, containment will dictate strength of recovery
Kristalina Georgieva, managing director of the International Monetary Fund (IMF), speaks in Washington, D.C., on Oct. 16, 2019. Andrew Harrer | Bloomberg | Getty Images This is a developing story. Check back for updates. International Monetary Fund chief Kristalina Georgieva said Friday that the global economy is now in a recession thanks to COVID-19, but […]
Stocks snap 3-day win streak, Dow down 700
This is a live blog. Check back for updates. 10:47 am:Â Wall Street analysts upgrade stocks on hopes the market has bottomed Deutsche Bank upgraded Qualcomm to buy from hold. Bank of America downgraded JPMorgan to neutral from buy. Loop Capital upgraded Home Depot to buy from hold. JPMorgan upgraded Deere to neutral from underweight. Bank […]
Government budget deficit is about to explode to fight the coronavirus
A sign showing the national debt and each Americans share is displayed on November 6, 2019 in Washington, DC. Tasos Katopodis | Getty Images Remember when people were all worked up over trillion-dollar government budget deficits? Those might seem like the good old days, once Congress and the White House finish the coronavirus rescue package […]
US, Mexico restrict non-essential cross-border travel
The U.S. and Mexico have agreed to restrict all non-essential travel across their border, the Trump administration announced Friday. Members of the White House coronavirus task force also said that people who enter the country from Mexico and Canada without proper documentation will be immediately turned away from the United States’ borders. The announcement came two […]
Trump’s argument for reelection is collapsing
President Donald Trump speaks at a Make America Great Again rally at the Civic Center in Charleston, West Virginia. Leah Millis | Reuters WASHINGTON — Looking back now, the night of Feb. 4 was probably the pinnacle of Donald Trump’s presidency. A few minutes past 9 p.m. ET, Trump entered the ornate House Chamber and then […]
Next week jobless claims could hit 2 million on coronavirus
Next Thursday’s look at weekly new jobless claims may show a tenfold spike to 2 million as the full force of the coronavirus halt in the U.S. economy slams the labor market, economist Ian Shepherdson told CNBC. Shepherdson’s comments came ahead of this Thursday’s release of the Labor Department’s weekly report on jobless claims. The […]
Fed moves to help businesses get short-term funding in commercial paper market
The Federal Reserve said Tuesday it is providing help to companies that are having a hard time getting the short-term funding they need to operate. In a move much anticipated on Wall Street, the bank announced a special credit facility to purchase corporate paper from issuers that have been having a difficult time finding buyers […]
