Jerome Powell

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Federal Reserve Jerome Powell

Business News

Federal Reserve starts new instant payment system

WASHINGTON (UPI) -- The Federal Reserve said Thursday that its new system for instant payments to financial institutions has gone live. The Fed said that banks and credit unions can start signing up for the system, called the FedNow Service, which will allow for instant money transfers for customers at any time of the day. "The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient," Federal Reserve Chair Jerome Powell said in a statement. "Over time, […]

todayJuly 20, 2023 461

Federal Reserve Jerome Powell

Business & Lifestyle

Federal Reserve raises interest rate by 0.75%

Federal Reserve Chairman Jerome Powell and members of the Federal Open Markets Committee voted Wednesday to raise the benchmark interest rate by 75 basis points. WASHINGTON (UPI) -- The Federal Reserve raised its benchmark interest rate by 0.75% Wednesday in its latest move to fight the highest inflation in 40 years. The highly anticipated move boosts the federal funds rate to the range of 3% to 3.25% after it remained near zero as recently as March. The Federal Open Market […]

todaySeptember 21, 2022 24

stocks business financial

Business News

Stocks slide for third straight week

Traders work on the floor of the NYSE before the opening bell at the New York Stock Exchange on Wall Street in New York City on August 19. Stocks fell for a third straight week Friday. NEW YORK (UPI) -- U.S. markets posted their third straight weekly loss, falling Friday despite a solid August jobs report. The Dow Jones Industrial Average finished 337.98 points or 1.1% lower at 31,318.44. The S&P 500 also fell 1.1%, and the NASDAQ Composite declined […]

todaySeptember 2, 2022 14

Federal Reserve Jerome Powell

Business & Lifestyle

Federal Reserve to announce end of bond-buying program

WASHINGTON (UPI) -- The Federal Reserve opened a two-day meeting on Tuesday at which Chairman Jerome Powell is expected to announce the tapering of the Fed's bond-buying program, which was enacted as an emergency response to COVID-19. Powell and the Fed have resisted ending the program so far, but there's now pressure to start winding down $120 billion in monthly purchases due to changing economic conditions. Amid rising inflation, Powell has indicated that the Federal Reserve Board will begin to […]

todayNovember 3, 2021 8

Federal Reserve Jerome Powell

Consumer Alerts

Federal Reserve keeps interest rates unchanged at near-zero

WASHINGTON (UPI) -- The Federal Reserve on Wednesday held steady on its benchmark lending rate, leaving it near zero and warning that an increase could be coming as the economy rebounds from the COVID-19 pandemic. The Federal Open Market Committee concluded its two-day meeting with a statement saying interest rates will remain at 0% to 0.25%, the same level since March 2020, the beginning of the economic downturn. The statement said the status of the U.S. economy continues to depend […]

todaySeptember 22, 2021 4

Business & Lifestyle

How will America’s increasing debt levels impact the price of Bitcoin?

Debt is often compared to being a double-edged sword. Countries can borrow money to stimulate growth and large internal projects, affording their citizens a better economy to accumulate wealth and a higher quality of living. However, this debt comes with interest, and many countries end up in a vicious cycle of borrowing or printing more money to pay off their debts.  The more money a country borrows, the more it has to pay back in the future. This means future […]

todayJanuary 31, 2020 7

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