U.S. ECONOMY SEEMS HOLDING UP DESPITE COVID-19 RESURGENCE: FED'S THOMAS BARKIN

Highlights

• Federal Reserve Bank of Richmond President Thomas Barkin said despite number of new COVID-19 cases and hospitalizations going up, the U.S. economy seems to be holding up

• Talking about the Fed's contribution in revival of the U.S. economy, Barkin sa...

BIDEN TO NOMINATE JANET YELLEN AS HIS TREASURY SECRETARY: BIDEN TRANSITION TEAM

Highlights

• Janet Yellen is all set to become the first person to head the Treasury, the Fed and the White House Council of Economic Advisers

• Yellen is one of those rare personalities who is being respected by Congress, international finance officials, progressive...

“I HOPE CONGRESS SERIOUSLY RECONSIDERS INJECTING $580 BILLION IN THE U.S. ECONOMY” SAYS MNUCHIN

Highlights

• The lawmakers in the country should redirect unspent stimulus funding, including money withdrawn from the Federal Reserve said Treasury Secretary Steven Mnuchin

• Mnuchin said “I hope that Congress will seriously consider reallocating $580 billion ...

U.S. RETAIL SALES SURGED MEAGRE 0.3% IN OCTOBER

Highlights

• The impact of the third wave of COVID-19 cases in the United States was immediately visible on consumer spending as the retail sales surged at the slowest pace in six months

• According to the report published by the Commerce Department, the value of tot...

RISING COVID-19 CASES LIKELY TO SLOW DOWN THE U.S. ECONOMY SAYS FEDERAL RESERVE CHAIR POWELL

Highlights

• Speaking in an online discussion with the Bay Area Council, Powell said “We’re seeing states begin to impose some activity restrictions.”

• This statement from Powell comes at a time when the retail sales in the U.S. surged only 0.3 per...

U.S. ECONOMY IS STILL IN A DEEP HOLE SAYS NY FEDERAL RESERVE BANK PRESIDENT JOHN WILLIAMS

Highlights

• Talking about the U.S. economy, Williams said though it is recovering and on a positive trajectory, but is still in a deep hole and a rise in coronavirus infections could slow growth

• Williams said “The very large rise in COVID cases recently clea...

U.S. ECONOMY RECOVERING BUT RISING COVID-19 CASES STILL A THREAT SAYS FED CHAIR POWELL

Highlights

• Powell said “We do see the economy continuing on a solid path of recovery, but the main risk we see to that is clearly the further spread of the disease here in the United States.”

• Powell made these comments at a virtual conference hosted b...

GROWTH OF U.S. ECONOMY DEPENDANT ON RETRAINING WORKERS: HARKER

Highlights

• Harker said “The economy will not grow unless we bring people up from the lower-skilled jobs into the middle class.”

• The U.S. economy has been massively dented by the COVID-19 pandemic and this is likely to result in the permanent decline o...

U.S. FEDERAL RESERVE KEEP INTEREST RATES NEAR ZERO

Highlights

• “Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year” said the Federal Open Market Committee (FOMC)

• No changes were made to the monthly purchases by the Fed officials an...

U.S. ECONOMY LIKELY TO REBOUND 3.5 PERCENT NEXT YEAR: ROBERT KAPLAN

Highlights

• Robert Kaplan, President of Dallas Federal Reserve Bank said though the U.S. economy will contract 2.5 percent this year, it will definitely grow a strong 3.5 percent next year

• Speaking in an online event organised by the Houston Hispanic Chamber of Co...

IT IS IMPORTANT FOR U.S. TO GET DIGITAL CURRENCY RIGHT THAN BE FIRST: FED CHAIR POWELL

Highlights

• According to a recently given statement by the U.S. Federal Reserve Chair Jerome Powell on development of a cross-border digital currency, it is more important for the United States to get it right than be first

• Powell said in addition to assessing the...

U.S. ECONOMY NEEDS EXTRA SUPPORT FROM MONETARY AND FISCAL POLICY: FED VICE CHAIR CLARIDA

Highlights

• Clarida said that it will take some time to return to the levels of economic activity and employment that prevailed at the business cycle peak in February, and additional support from monetary and likely fiscal, policy will be needed

• Clarida’s re...

U.S. ECONOMY NEEDS AT LEAST AN YEAR TO RECOVER TO PRE-PANDEMIC LEVELS: FEDERAL RESERVE

Highlights

• Clarida on Wednesday said the COVID-19 recession threw the economy into a very deep hole and it will take some time, perhaps another year, for the level of GDP to fully recover to its previous 2019 peak

• US GDP slumped at its fastest pace in the second ...

‘U.S. ECONOMY & FED POLICY IN A GOOD POSITION' SAYS SAN FRANCISCO FED PRESIDENT MARY DALY

Highlights

• The decision taken by the U.S. Federal Reserve to keep interest rates at zero until 2021 is appropriate for now said San Francisco Fed President Mary Daly

• The situation seems unfair and another example of Wall Street winning and Main Street losing said...

CITIGROUP WILL PAY $400 MILLION FINE OVER FAILURE TO ASSESS RISK AND INTERNAL CONTROLS

Highlights

• According to the Federal Reserve, Citigroup has failed in various areas of risk management and internal controls that include data management, capital planning and regulatory reporting

• This fine was the punishment for Citigroup's long standing fail...

US ECONOMY IS IMPROVING, BUT WILL TAKE TIME TO RECOVER COMPLETELY: FEDERAL RESERVE'S JEROME POWELL

Highlights

• The US economy is improving but has a long way to go before a full recovery from the COVID-19 pandemic stated Federal Reserve Chair Jerome Powell

• Powell said both employment and overall economic activity, however, remain well below their pre-pandemic l...

TOKYO STOCKS FELL ON THURSDAY AS U.S FEDERAL RESERVE INDICATED INTEREST RATES TO STAY LOW

Highlights –

• Tokyo stocks fell on Thursday as U.S Federal Reserve indicated interest rates to stay low.
• 225-issue Nikkei Stock Average ended down by 156.16 points.
• Topix index finished at 5.95 points.
• Stock issues declined ...

US ECONOMY LIKELY TO RECOVER TO PRE-COVID LEVELS BY Q2 OF FY21: EXPERTS

Highlights

• The country’s GDP (Gross Domestic Product) is expected to recover to pre pandemic levels by quarter 2 of 2021

• The Federal Reserve had recently announced its policies of targeting higher inflation in the U.S. economy, which some experts feared wou...

U.S. STOCKS SURGE, HOPEFUL ABOUT THE FEDERAL RESERVE MEETING

Highlights

• The Dow Jones Industrial Average index went up by 212 points or 0.8 percent, while the S&P 500 surged 0.4 percent continuing the rally in the fourth consecutive session

• The tech-heavy Nasdaq Composite Index fell less than 0.1 percent in the first t...

U.S. INDUSTRIAL PRODUCTION GROWTH WEAKENS AGAIN, SURGES 0.4 PERCENT IN AUGUST

Highlights

• The industrial production growth rate went up by 6.1 percent month of June and by 3.5 percent in July

• Despite gains over the summer, industrial production stays 7.3 percent where it was pre-COVID

After bouncing back strongly in the months of ...