The Federal Reserve, saying “the coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,” cut interest rates to essentially zero on Sunday and launched a massive $700 billion quantitative easing program to shelter the economy from the effects of the virus. The new fed funds rate, used as […]
Tag: Economy
Trump blames Obama, says ‘I don’t take responsibility at all’
WASHINGTON — President Donald Trump refused to accept any responsibility for the slow rate of coronavirus testing in the United States, saying on Friday that he was “given a set of circumstances” that wasn’t meant for the high numbers of potential COVID-19 infections. “What we’ve done, and one of the reasons people are respecting what we’ve done, is […]
The Fed details moves to buy Treasurys across all durations, starting with 30-year bond
The New York Federal Reserve will begin buying Treasurys across the yield spectrum as part of its efforts to help the financial system through the coronavirus scare. In an announcement Friday, the central bank said it was accelerating to Friday purchases it announced a day before. The move comes in response to market demand that […]
Trump gives people with student loans a break amid coronavirus
President Donald Trump said Friday that he would waive the interest on all federal student loans amid the coronavirus outbreak, meaning borrowers could pause their payments without any penalties. The measure is part of a larger strategy to mitigate the economic consequences of the pandemic which has so far infected more than 130,000 people and killed […]
Trump pressures Congress to approve payroll tax cut for rest of year
WASHINGTON, DC – MARCH 11 : President Donald J. Trump meets with bank CEOs about Coronavirus COVID-19 response in the Cabinet Room at the White House on Wednesday, March 11, 2020 in Washington, DC. The Washington Post WASHINGTON — President Donald Trump pressed Congress on Friday to include a nine-month payroll tax holiday in the […]
edged higher as food costs rose
A customer browses products at a Walmart store in Burbank, California Patrick T. Fallon | Bloomberg | Getty Images U.S. consumer prices increased slightly last month, driven higher by more expensive food. The Labor Department said Wednesday that the consumer price index ticked up 0.1% last month, matching its January increase. Prices rose 2.3% compared […]
Economy is ‘like a coiled spring’ and sharp rebound is possible
Investors should avoid getting too bearish after Monday’s global market rout, according to Patrick Armstrong, chief investment officer of Plurimi Investment Managers. Markets in Europe and the U.S. suffered their worst day since the financial crisis on Monday as a combination of the global spread of the new coronavirus and plunging oil prices sent investors […]
Oil a ‘bigger problem for markets than the coronavirus’ after OPEC deal collapse
A derek pumps in an oil field in Kuwait near the Saudi Arabian border. Joe Raedle | Getty Images Oil prices plunged last week as OPEC and its allies failed to reach an agreement on production cuts, and as prices look set to continue cratering, some are warning about the impact on the broader economy. “Crude […]
nonfarm payrolls up 273,000; unemployment 3.5%
A General Motors assembly worker moves a V6 engine, used in a variety of GM cars, trucks and crossovers, from the final assembly line at the GM Romulus Powertrain plant in Romulus, Michigan, August 21, 2019. Rebecca Cook | Reuters Nonfarm payrolls grew far more than expected in February as companies continued to hire amid […]
Zoom Video, American Eagle, FireEye, Moderna & more
Check out the companies making headlines before the bell: Zoom Video (ZM) — The video conferencing company reported earnings of 15 cents per share on revenue of $188.3 million. Wall Street was expecting earnings of 7 cents per share on revenue of $176.5 million, according to Refinitiv. American Eagle (AEO) — The retailer’s quarterly earnings beat on […]
