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WATCH: News 6 at Nine

Check out News 6 at Nine for the latest news and more.

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LAEL BRAINARD


Fed ethics inquiry clears Powell and Clarida trades

The Federal Reserve’s inspector general concluded Thursday that financial trades made several years ago by Chair Jerome Powell and Richard Clarida, then the vice chair, did not violate any laws or ethics rules.

Fed's Brainard says crypto needs regulation now before it becomes so big that it threatens financial system

Fed Vice Chair Lael Brainard is the latest regulator to call for regulation of the crypto industry.

cnbc.com

Senate panel backs Michael Barr, Biden pick as Fed regulator

The nomination of Michael Barr, President Joe Biden’s choice to be the top regulator on the Federal Reserve’s Board of Governors, was approved by a congressional committee and sent on the full Senate.

Stock futures are slightly higher ahead of May's jobs report

Investors focus their attention on more jobs data due out Friday morning.

cnbc.com

Fed Vice Chair Lael Brainard says it's 'hard to see the case' for the Fed pausing rate hikes

Fed Vice Chair Lael Brainard said it's unlikely the central bank will be taking a break from its current rate-hiking cycle anytime soon.

cnbc.com

Kansas City Fed President Esther George announces retirement

Esther George, the president of the Federal Reserve Bank of Kansas City, will retire in January, as required by the Fed’s mandatory retirement rules.

Fed nominee Michael Barr calls inflation ‘far too high’

President Joe Biden’s pick to be the Federal Reserve’s top banking regulator pledged Thursday to help reduce high inflation and provide clear rules to govern financial innovation.

Senate confirms Black economist to Federal Reserve Board

The Senate has confirmed economist Phillip Jefferson to the Federal Reserve’s Board of Governors.

Senate approves Lisa Cook as first Black woman to Fed post

The Senate has confirmed Michigan State economist Lisa Cook to serve on the Federal Reserve’s board of governors.

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Anti-discriminatory bank law getting update for modern era

The three major U.S. banking regulators say they plan to rewrite many of the outdated regulations tied to a decades-old banking law.

Feds propose first major revamp to fair housing rules since 1995

The changes would tailor the Community Reinvestment Act's approach to making sure banks are not engaging in "redlining."

cnbc.com

Senate Confirms Brainard For Vice Chair Of Federal Reserve

Lael Brainard is the lone Democrat on the board for now, and has prior economic experience during the Clinton and Obama administrations.

newsy.com

Brainard wins Senate confirmation to be Fed's vice chair

Federal Reserve-Brainard FILE- In this June 14, 2018, file photo Federal Reserve Board Governor Lael Brainard participates in an open meeting in Washington. (AP Photo/Cliff Owen, File) (Cliff Owen)WASHINGTON — (AP) — The Senate on Tuesday confirmed the nomination of Lael Brainard to a four-year term as vice chair of the Federal Reserve, elevating her to the Fed's No. Brainard's confirmation comes as three other nominees for positions on the Fed's board await confirmation. They include President Joe Biden's nomination of Jerome Powell for a second four-year term as Fed chair. He enjoys broad bipartisan support and could win Senate confirmation later this week.

wftv.com

Brainard wins Senate confirmation to be Fed's vice chair

The Senate confirmed the nomination of Lael Brainard to a four-year term as vice chair of the Federal Reserve, elevating her to the Fed’s No. 2 post in the midst of the central bank’s toughest fight against inflation in four decades.

Senate confirms Lael Brainard as Fed vice chair

The Senate confirmed Lael Brainard to be the Fed's next vice chair, a long-awaited step in her ascent to the top of the central bank.

cnbc.com

Biden to nominate Michael Barr as Fed bank regulator in second attempt to fill post

President Joe Biden will nominate Michael Barr to be the Fed's big banks regulator, the administration's second attempt to fill the post.

cnbc.com

Here's how the Fed raising interest rates can help get inflation lower, and why it could fail

That higher rates help stamp out inflation is essentially an article of faith, based on long-held economic gospel. But how does it really work?

cnbc.com

Who Will Buy Bonds the Fed No Longer Wants?

The new era of inflation has only just begun to wreak havoc

washingtonpost.com
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Fed casting its inflation fight as battle against inequality

That thinking marks a sharp reversal from the conventional view of the Fed's use of interest rates. But they also suggest that some recent Fed comments have exaggerated the notion that inflation worsens economic inequality. But mortgages and other debts usually carry fixed interest rates, making them easier to pay off. The central bank also said it would no longer raise rates in anticipation of higher inflation, but would wait until higher prices actually materialized. Fed officials don't think their key rate will start to restrain growth until it reaches about 2.4%.

wftv.com

Fed casting its inflation fight as battle against inequality

As the Federal Reserve intensifies its efforts to tame high inflation, its top officials are casting their aggressive drive in a new light: As a blow against economic inequality.

Asian shares track Wall St retreat on interest rate worries

Asian shares have tracked a retreat on Wall Street after details from last month’s Federal Reserve meeting showed the central bank plans to be aggressive in fighting inflation.

Fed signals more aggressive steps to fight inflation

Federal Reserve officials are signaling that they will take a more aggressive approach to fighting high inflation in the coming months — actions that will make borrowing sharply more expensive for consumers and businesses and heighten risks to the economy.

10-year yield rises to highest level since early 2019 after Brainard signals speedy Fed tightening

The 10-year Treasury rose Wednesday as investors weighed remarks from Federal Reserve Governor Lael Brainard.

cnbc.com

Asia stocks decline amid worries over US rate hikes, Russia

Asian stocks followed Wall Street lower Wednesday after a Federal Reserve official's comments fueled expectations of more aggressive interest U.S. rate hikes and the White House announced more sanctions on Russia. On Wall Street, the S&P 500 sank to 4,525.12 for its first loss in three days. Higher interest rates tend to hurt stocks that are seen as the priciest, which puts the focus on big technology and other high-growth stocks. Wall Street is watching for clues as to how sharply interest rates will rise. On Wednesday, the Fed is due to release minutes from its March interest rate meeting.

wftv.com

Stock futures inch higher ahead of Fed minutes release

A trader works on the floor of the New York Stock Exchange (NYSE) in New York, March 30, 2022. Stock futures inched higher in overnight trading Tuesday as investors await the latest insights into the Federal Reserve's policy tightening. S&P 500 futures added 0.1% and Nasdaq 100 futures ticked up 0.2%. The moves in stock futures came after the three major stock averages each fell in Tuesday's regular session. San Francisco Fed President Mary Daly also pledged rate hikes ahead while sharing concerns about inflation.

cnbc.com

Key people from the Fed just spooked the markets — here's what they said

Investors didn't like what the heard from the Fed's Lael Brainard and Mary Daly, sending major averages considerably lower on the day.

cnbc.com

30-year fixed mortgage crosses 5%

The average rate on the popular 30-year fixed mortgage just crossed 5%, for the first time 2011, save two days in 2018. It stood at 3.38% one year ago today.

cnbc.com
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Fed's Brainard sees balance sheet reduction soon and 'at a rapid pace'

Brainard said that policy tightening will include a speedy reduction in the balance sheet and a steady pace of interest rate increases.

cnbc.com

Senate advances Fed nominee Lisa Cook on party-line vote

The Senate on Tuesday agreed to consider the nomination of Lisa Cook for a position on the Federal Reserve’s Board of Governors on a 50-49 party-line vote.

Powell and 3 other nominees to Fed posts clear Senate panel

The Senate Banking Committee has approved Jerome Powell’s nomination to a second four-year term as chair of the Federal Reserve.

Raskin nomination for Fed in peril as Democrat opposes pick

Sen. Joe Manchin says he opposes the nomination of Sarah Bloom Raskin to a key position on the Federal Reserve’s Board of Governors.

Fed's Waller says bigger rate hike in March may be needed

Federal Reserve Governor Christopher Waller says he is willing to support a half-point interest rate hike at the central bank’s next meeting in March.

Senate GOP delays votes on Raskin and 4 other Fed nominees

Republican members of the Senate Banking Committee boycotted a vote on President Joe Biden’s five nominees to the Federal Reserve, delaying indefinitely the confirmation of Chair Jerome Powell to a second four-year term.

Fed officials agree on a March rate hike but little else

A worsening inflation picture has touched off a range of opinions from the Federal Reserve’s policymakers about just how fast they should raise interest rates beginning at their next meeting in March.

Climate change a rising Fed concern as nominees face hearing

How far the Federal Reserve can go to compel banks to consider the consequences of climate change in their lending policies could take center stage at a Senate hearing Thursday on the nominations of Sarah Bloom Raskin and two economists to the Fed’s influential Board of Governors.

Fed releases long-awaited study on a digital dollar, but doesn't take a position yet on creating one

The Fed released its exploration of a digital dollar, exploring the pros and cons of the much-debated issue and soliciting public comment.

cnbc.com
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Biden nominates 3 for Fed board, including first Black woman

President Joe Biden nominated three people for the Federal Reserve’s Board of Governors, including Sarah Bloom Raskin, a former Fed and Treasury official, for the top regulatory slot and Lisa Cook, who would be the first Black woman to serve on the board.

Biden to announce three more Federal Reserve nominees

Former Treasury official Sarah Bloom Raskin and economists Lisa Cook and Philip Jefferson are the three nominees Biden is expected to announce for the Fed board on Friday.

npr.org

Biden to nominate Sarah Bloom Raskin as vice chair for supervision at Fed; Lisa Cook and Philip Jefferson as governors

President Joe Biden will nominate Sarah Bloom Raskin to be the Federal Reserve's next vice chair for supervision.

cnbc.com

Fed nominee Brainard: Fighting inflation is top priority

Federal Reserve Brainard FILE - Lael Brainard, right, President Joe Biden's nominee to be Vice Chair of the Federal Reserve, speaks during an event in the South Court Auditorium on the White House complex in Washington, on Nov. 22, 2021. (AP Photo/Susan Walsh, File) (Susan Walsh)WASHINGTON — (AP) — Lael Brainard, President Joe Biden's nominee for the Federal Reserve's No. Biden nominated Brainard to be the Fed's vice chair in late November, the same day that he announced he would nominate Powell for another four-year term as Fed chair. Fed officials have predicted that they will raise rates three times this year, though many economists envision four hikes. Yet if the Fed raise rates too quickly, it could trigger that recession earlier and perhaps unnecessarily.

wftv.com

Fed nominee Brainard: Fighting inflation is top priority

Lael Brainard, President Joe Biden’s nominee for the Federal Reserve’s No. 2 spot, said Thursday that combating high inflation is the Fed’s top priority and promised the Fed could bring it down without sacrificing job growth.

Brainard vows to help combat inflation as No. 2 Fed official

Brainard will face questioning from senators about how the Fed will rein in rising prices, as Powell did at his own Senate confirmation hearing Tuesday. In his testimony, Powell pledged that the Fed would accelerate its planned interest rate hikes, if needed, to curb high inflation. Yet if the Fed raise rates too quickly, it could trigger that recession earlier and perhaps unnecessarily. He said that high inflation, if it becomes “entrenched,” could force the Fed to tighten credit act so aggressively that employers cut jobs. In the jockeying that occurred among Democrats before Biden chose Powell for a second term as Fed chair, Brainard was the preferred alternative to Powell among many progressives.

wftv.com

Brainard vows to help combat inflation as No. 2 Fed official

Lael Brainard pledged in written remarks to help the Federal Reserve fight a spike in inflation while still supporting the economic recovery — a tricky balancing act she would face if confirmed as the Fed’s No. 2 official.

Watch Fed Chair Jerome Powell testify live at his Senate confirmation hearing

Federal Reserve Chairman Jerome Powell testifies Tuesday before the Senate Banking Committee as part of his confirmation process.

cnbc.com

Inflation, rising rates and the Federal Reserve could whip stocks around in the week ahead

The bond market could continue to set the course stocks in the week ahead, after a choppy start to the new year.

cnbc.com
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Biden aims to do what presidents often can't: Beat inflation

LBJ tried jawboning.

Treasury yields fall as investors digest Powell renomination

Treasury yields rose on Tuesday morning, as investors digested the news that Jerome Powell had been renominated to the role of Federal Reserve chair.

cnbc.com

Asian stocks mixed after late slump on Wall Street

Asian shares are mixed after a late drop left major Wall Street indexes mostly lower.

Fed's Powell will aim to win a high-stakes bet in 2nd term

Federal Reserve Chair Jerome Powell gambled last year that his ultra-low rate policies would help revive an economy that had sunk deep into a pandemic-induced recession.

Watch live: Biden addresses his decision on Fed nominees Powell and Brainard

President Joe Biden will discuss his decision to renominate Fed Chairman Jerome Powell and promote Gov. Lael Brainard to vice chair of the central bank.

cnbc.com

Jerome Powell To Stay On As Federal Reserve Chair

President Biden pointed to Powell's leadership of the economy during the pandemic recession.

newsy.com

Jerome Powell To Stay On As Federal Reserve Chair

President Biden pointed to Powell's leadership of the economy during the pandemic recession.

www1.newsy.com

President Biden nominates Jerome Powell for second term as Federal Reserve Chair

Lael Brainard, whom progressives had pushed to lead the central bank, nominated as vice chair.

cbsnews.com

Biden to keep Powell as Fed chair, Brainard gets vice chair

President Joe Biden announced he’s nominating Jerome Powell for a second term as Federal Reserve chair, endorsing Powell’s stewardship of the economy through a brutal pandemic recession in which the Fed’s ultra-low rate policies helped bolster confidence and revitalize the job market.

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Here's what you need to know about Lael Brainard, Biden's pick for vice chair at the Fed

Biden's decision to nominate Lael Brainard is thought to be the work of progressives, who say she'll put emphasis on climate change and equitability.

cnbc.com

Biden picks Jerome Powell to lead the Fed for a second term as the U.S. battles Covid and inflation

President Joe Biden made the announcement Monday morning following weeks of speculation that Fed Governor Lael Brainard could get the spot.

cnbc.com

Treasury yields rise after Biden picks Powell over Brainard for top Fed post

U.S. Treasury yields rose on Monday morning after President Joe Biden renominated Jerome Powell for a second term as Federal Reserve chair.

cnbc.com

Stock futures rise slightly as market enters holiday-shortened week

Stocks have a track record of posting gains during Thanksgiving week, which will set the stage for a potential year-end Santa rally.

cnbc.com

Stocks may be entering an optimal period in the Thanksgiving holiday week

If history is a guide, the market should do well in the upcoming Thanksgiving holiday week.

cnbc.com

Two Democratic senators oppose Powell as Fed chair

Two Senate Democrats said Friday they oppose the reappointment of Jerome Powell as chair of the Federal Reserve, as President Joe Biden is expected to announce within days who he will pick for the nation’s most powerful economic position.

Two Democratic senators oppose Powell as Fed chair

Federal Reserve FILE - Federal Reserve Chairman Jerome Powell testifies during a House Financial Services Committee hearing Thursday, Sept. 30, 2021, on Capitol Hill in Washington. Inequality can prevent the U.S. economy from reaching its potential, Federal Reserve Chair Jerome Powell said Tuesday, Nov. 9, and he underscored the Fed’s commitment to reducing unemployment as broadly as possible, including among disadvantaged groups. (Sarah Silbiger/Pool via AP, File) (Sarah Silbiger)WASHINGTON — (AP) — Two Democratic senators said Friday that they oppose the reappointment of Jerome Powell to a second term as chair of the Federal Reserve, saying Powell has been insufficiently committed to fighting climate change, an issue that the world's central banks are increasingly confronting. Many Fed watchers expect Powell to be offered a second term, though Lael Brainard, a member of the Fed’s Board of Governors, has emerged as a leading alternative. “President Biden must appoint a Fed Chair who ... shares the Administration’s view that fighting climate change is the responsibility of every policymaker,” Sens.

wftv.com

A Brainard Fed Could Finally, Openly Embrace the World

If Biden nominates her as Fed chief and she’s confirmed, the role of the global economy may no longer have to be whispered in U.S. monetary policy.

washingtonpost.com

Authers’ Notes: Benjamin Ho on ‘Why Trust Matters’

A discussion with the Vassar professor on the role trust plays in how we view our modern economic and political institutions.

washingtonpost.com
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Pressure on Fed's Powell is rising as inflation worsens

Federal Reserve FILE - Federal Reserve Chairman Jerome Powell testifies during a House Financial Services Committee hearing Thursday, Sept. 30, 2021, on Capitol Hill in Washington. The inflation spike has squeezed consumers, posed a threat to the Biden administration and intensified pressure on Powell to act. The result is a split within the Fed that Powell will likely have to settle, with potentially far-reaching consequences for the economy. Higher inflation lowers the effective cost of loans, which makes Fed policy even more supportive of growth — and potentially of inflation — than it was early in the pandemic. Many economists have been moving up their timetable for an initial Fed rate hike.

wftv.com

Pressure on Fed's Powell is rising as inflation worsens

Federal Reserve Chair Jerome Powell surely expected to have some breathing room after taking the first step this month to dial back the Fed’s emergency aid for the economy.

If Biden picks Brainard over Powell for Fed chief, expect an immediate market impact

If Lael Brainard is named Federal Reserve chairman, the market may move to price in a Fed that could be slower to raise interest rates or tighten policy.

cnbc.com

Powell highlights Fed's commitment to 'inclusive' recovery

Federal Reserve Chair Jerome Powell said inequality can prevent the U.S. economy from reaching its potential.

Biden meets with Fed leaders Powell and Brainard as nomination decision nears

President Joe Biden met with Federal Reserve Chairman Jerome Powell and Governor Lael Brainard on Thursday, a source told CNBC.

cnbc.com

Fed Governor Lael Brainard is in line for a key banking position. Here's what it could mean for Wall Street

Fed Governor Lael Brainard should figure prominently as President Joe Biden weighs who will chair the central bank and who will specifically supervise banks.

cnbc.com

Puzzle overhanging job market: When will more people return?

When the U.S. government issues the September jobs report on Friday, the spotlight will fall not only on how many people were hired last month.

Fed governor anticipates new guidance on climate change for big banks

Federal Reserve Governor Lael Brainard said the Fed is developing scenario analysis tools to model big banks' exposure to climate-related financial risks.

cnbc.com

A potential Powell renomination for Fed faces some dissent

Resistance to the potential renomination of Federal Reserve Chair Jerome Powell intensified this week, with Sen. Elizabeth Warren becoming the first senator to publicly oppose Powell and many progressive groups pushing for some alternative leader at the Fed.

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Fed officials say they see a pullback in stimulus even with inflation cooling

At least three Federal Reserve officials said Monday they are ready to pull back on stimulus even though they don't see a threat from inflation.

cnbc.com

Treasury yields rise to start the week, 10-year yield tops 1.5%

U.S. Treasury yields rose on Monday morning, with investors looking ahead to scheduled speeches from Federal Reserve Chairman Jerome Powell.

cnbc.com

The Fed is evaluating whether to launch a digital currency and in what form, Powell says

The Fed is pushing ahead with its study into whether to implement its own digital currency, Chairman Jerome Powell said.

cnbc.com

The Fed Says Inflation Is Hotter Than It Thought But Sees Prices Cooling Next Year

The Federal Reserve is projecting higher inflation this year than it had previously forecast, but says prices will cool more next year.

npr.org

Rosengren: Fed should begin slowing stimulus efforts by fall

The president of the Federal Reserve Bank of Boston added his voice to a growing number of people, inside and outside the Fed, who say the central bank should soon begin to dial back its extraordinary aid for an economy that is strongly recovering from the pandemic recession.

Biden could start reshaping the Fed next month – and progressives will want a say

The future of the Fed is up for grabs with Wall Street pushing Biden to reappoint Chair Jerome Powell and progressives calling for a fresh face.

cnbc.com

Delicate task for Fed: When to pull back on low-rate support

The Federal Reserve is poised this week to discuss when it will take its first steps toward dialing back its ultra-low interest rate policies.

Op-ed: Why a digital dollar could be just what the economy needs

Two former leaders of the U.S. Commodity Futures Trading Commission (CFTC) lay out the case for a digital dollar.

cnbc.com

Fed's Lael Brainard pushes digital dollar as central bank currency race heats up

Fed Governor Lael Brainard pressed the case for a digital dollar, saying that a cryptocurrency backed by the central bank could provide a variety of benefits.

cnbc.com
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Investors are worried about inflation data, but economists see it as a sign of temporary growth

The recent pickup in inflation may, in fact, be a temporary — and welcome — change for those who fear a slowdown in U.S. GDP.

cnbc.com

EXPLAINER: Why are fears of high inflation getting worse?

Gas prices are rising.

Fed warns high asset prices could make investors vulnerable

The Federal Reserve is warning that prices of stocks and other financial assets are rising to levels that could set investors up for big losses from sudden declines.

Why the pandemic left long-term scars on global job market

But when the pandemic slammed the U.S. economy a year ago, it swept away her job — and millions of others. Getting back the jobs lost to the pandemic is likely to prove a struggle. Even as viral vaccines increasingly promise a return to something close to normal life, the coronavirus seems sure to leave permanent scars on the job market. Millions of jobs lost likely won't come back — especially at employers that require face-to-face contact with consumers: Hotels, restaurants, retailers, entertainment venues. Jamison wonders whether the front desk operation will eventually be eliminated, the jobs lost as guests use keys on their smartphones to go straight to their rooms.

Why the pandemic left long-term scars on global job market

Even as viral vaccines increasingly promise a return to something close to normal life, the coronavirus seems sure to leave permanent scars on the job market. No one knows exactly what the job market will look like when the virus finally ends its rampage. The U.S. Labor Department, too, has tried to estimate the pandemic’s likely impact on the job market. Before taking the pandemic into account, the department last year projected that U.S. jobs would grow 3.7% between 2019 and 2029. “At this point," she said, “they have to move on with their lives.”Jamison wonders whether the front desk operation will eventually be eliminated altogether, the jobs lost to automation.

Asian shares track Wall St decline as bond yields rebound

Asian shares fell Thursday, tracking a decline on Wall Street as another rise in bond yields rattled investors who worry that higher inflation may prompt central banks to raise ultra-low interest rates. (AP Photo/Ahn Young-joon)BANGKOK – Asian shares fell Thursday, tracking a decline on Wall Street as another rise in bond yields rattled investors who worry that higher inflation may prompt central banks to raise ultra-low interest rates. Shares have yoyo'd recently with fluctuations in bond yields. When yields rise quickly, as they have in recent weeks, it forces Wall Street to rethink the value of stocks. U.S. government bond yields rose Wednesday after easing a day earlier.

Asian shares advance despite Wall Street retreat

Stocks advanced in Asia on Wednesday after a wobbly day on Wall Street, when the S&P 500 gave back most of its gains from a day earlier. (AP Photo/Eugene Hoshiko)BEIJING – Stocks advanced in Asia on Wednesday after a wobbly day on Wall Street, when the S&P 500 gave back most of its gains from a day earlier. Investors have taken heart from an easing in bond prices that has alleviated worries over possible interest rate hikes. But expectations for stronger economic growth in coming months continue to fuel worries that interest rates will head higher. Higher interest rates force investors to rethink how much they’re willing to pay for stocks, making each $1 of profit that companies earn a little less valuable.

Asian stocks mixed after Wall St. rises

A man walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Tuesday, March 2, 2021. Asian stock markets were mixed Tuesday after Wall Street rose as investor concern about possible higher interest rates receded. (AP Photo/Vincent Yu)TOKYO – Asian stock markets were mixed Tuesday after Wall Street rose as a wave of investor concern about possible higher interest rates receded. Market benchmarks in Tokyo, Shanghai and Hong Kong declined. The Hang Seng in Hong Kong lost 0.2% to 29,405.45.

Powell signals Fed will keep aiding economy with bond buying

Powell also stressed that the Fed probably won't raise its rate until inflation has topped 2% for some time. The speculation was fueled by comments from several regional Fed bank presidents, including Raphael Bostic of the Atlanta Fed and Robert Kaplan of Dallas. Bostic said last week that he was “hopeful that in fairly short order we can start to recalibrate” the bond purchases. And Lael Brainard, another governor, said Wednesday that the current level of bond buying “will remain appropriate for quite some time.”Some regional Fed bank presidents have signaled that any reduction in bond purchases is probably a long way off. Still, Powell also said he was quite optimistic that the economy would rebound later this year, once COVID-19 vaccines are widely distributed.

Fed transcripts show doubts about need for 2015 rate hike

Newly released transcripts show that many Federal Reserve officials had concerns in late 2015 over whether they were making a mistake in raising a key interest rate for the first time in nearly decade. Fed board member Lael Brainard also expressed doubts about the need for a rate hike given the low inflation, but said she would go along with the modest increase. That increase was followed by three quarter-point rate increases in 2017 as economic growth increased and the unemployment rate fell further. The Fed raised rates four times in 2018 after Yellen was replaced by Jerome Powell as Fed chair by President Donald Trump. Trump launched an unprecedented attack on the Fed’s rate hikes fearing negative affect on economic growth, breaking with the practice of past presidents to respect the Fed’s independence.

Senate confirms Christopher Waller to serve on Fed's board

WASHINGTON – The Senate on Thursday narrowly confirmed the nomination of Christopher Waller for the Federal Reserve's Board of Governors, placing another of President Donald Trump's picks on the Fed's influential board after a string of high-profile rejections. Waller had won some Democratic votes when the Senate Banking Committee approved his nomination in July. And some worried that Waller would agree with the Fed's recent moves to loosen regulations on large banks. With Waller's confirmation by the Senate, four of the Fed's six governors have now been chosen by Trump. Trump’s two previous picks for the Fed's board, Stephen Moore and Herman Cain, ran into so much opposition that they withdrew from consideration before their nominations came before the Senate.

Biden says he's decided on treasury secretary nomination

WASHINGTON – President-elect Joe Biden said Thursday that he has decided whom to nominate as his secretary of the Treasury Department. Either would be the first woman to serve as treasury secretary. Both Bostic and Ferguson are Black, and either would be the first Black treasury secretary. Brainard also advised President Bill Clinton and was floated as a potential treasury secretary if Hillary Clinton had won the 2016 election. He says, “They all acknowledge this is going to take a massive education campaign.”Biden’s treasury secretary would lead his economic team as many businesses and Americans struggle while the pandemic continues.

Fed's Brainard urges greater diversity in field of economics

WASHINGTON – A Federal Reserve official widely considered a front-runner to be tapped as President-elect Joe Biden's Treasury Secretary is urging universities and government agencies to make the field of economics more inclusive. Lael Brainard, a member of the Federal Reserve’s board of governors, noted Tuesday that the economics field is less diverse than other professions, such as law and medicine. Brainard noted that black women earned just 1.5% of undergraduate economics degrees from 2011 through 2015, far below their 6.2% share of all undergraduate degrees. Brainard was Treasury undersecretary for international affairs under President Barack Obama and was also an economic adviser to President Bill Clinton. She has served on the Fed's board since 2014 and was previously mentioned as a potential Treasury Secretary if Hillary Clinton had been elected in 2016.

Fed survey finds tepid growth as US economy battles pandemic

The Fed report made public Wednesday said that the pace of activity varied greatly among sectors of the U.S. economy. “Restaurants in many districts expressed concern that cooler weather would slow sales as they have relied on outdoor dining,” the Fed report said. The Fed survey said that businesses reported only modest price increases with “notable exceptions.” Prices were up significantly for things such as food, autos and appliances, a development that has been linked to shortages stemming from the coronavirus. The Fed report was based on responses gathered by the Fed's 12 regional banks before Oct. 9. Congress so far has been unable to reach a compromise and provide another package of economic support for individuals and businesses.

Europe's central bank moves toward introducing digital euro

The central bank issued a comprehensive report outlining the reasons why it might need to take the step. It said no decision has been made, and that any digital euro would complement cash, not replace it. We should be prepared to issue a digital euro, should the need arise.”A digital euro would be different from current cashless payment systems run by the private sector because it would be official central bank money - trustable, risk-free and likely less expensive to use. A central bank digital currency could also be used offline, for instance, to transfer small amounts between individuals using digital wallets on their smartphones and a Bluetooth connection. China’s central bank is already testing an official digital currency, while the central bank of Sweden says it has initiated a pilot project.

Federal Reserve to meet after sharp changes to its outlook

WASHINGTON – Federal Reserve policymakers will meet this week for the first time since they significantly revised the Fed's operating framework in ways that will likely keep short-term interest rates near zero for years to come. As a result, analysts expect the Fed will keep its benchmark rate unchanged after the two-day meeting that ends Wednesday. Analysts expect they will show that the Fed foresees keeping its benchmark rate at nearly zero through 2023. Instead, low unemployment and even rising wages no longer necessarily push up inflation, Fed officials believe. With most consumers and businesses accustomed to mild price increases, they have adjusted their behavior in ways that act to keep inflation low.

Fed wrestles with its next moves as virus stalls US economy

Economists call such an approach forward guidance, and the Fed used it extensively after the 2008-2009 recession. The Fed probably won't provide such guidance until its next meeting in September, economists say. Some Fed watchers expect no rate increase until 2024 at the earliest given their bleak outlook for the economy and expectations of continued ultra-low inflation. The Fed also launched nine lending programs to enable businesses and Wall Street banks to borrow at low rates. In recent speeches and appearances, Fed policymakers have sounded largely pessimistic about the economy.

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