The Dow Jones slumped over 600 points as financial troubles at property developer China Evergrande Group became the latest in a growing list of concerns for Wall Street.
Federal Reserve Chairman Jerome Powell says the economy continues its recovery, hinting the central bank could dial back its extraordinary efforts to prop up the economy later this year.
The Federal Reserve has provided massive support to markets through the pandemic. Now it faces a tricky decision: how to start removing some of that help without triggering a market sell-off.
The U.S. economy grew 6.5% pace in the April-June quarter, continuing to strengthen from the worst of the pandemic. A slowdown is inevitable; the question is how much it will slow.
The Fed is maintaining its easy money policies for now in an effort to speed the economic recovery. It left interest rates near zero despite a jump in consumer prices.
Prices are jumping as the economy rebounds from the pandemic, but the Biden Administration and the Federal Reserve say a return to 1970s-style inflation is unlikely.
The Federal Reserve chairman tells NPR that the U.S. economy is on a clear path to recovery thanks to the Fed's rescue plan and the stimulus passed by Congress.
The Federal Reserve has raised its forecast for economic growth, thanks to an improving public health outlook and trillions of dollars in federal spending.
The Commerce Department says the U.S. economy grew just 1% in the last three months of the year, as a rise in coronavirus infections weighed on in-person businesses like restaurants.
The Fed will comply with a request from the Treasury Department to wind down coronavirus emergency lending programs after the central bank had earlier objected to the move.
The Senate is expected to vote this week on the controversial nomination of Judy Shelton to the Federal Reserve's governing board. She appears to have support from a slim majority of senators.
