Janet Yellen, Biden's pick for treasury secretary, says U.S. needs more pandemic relief spending

Yellen, a former Fed chair, has advocated for more spending to aid small businesses and the unemployed during COVID-19.
Yellen is seen as an authority on what happens if the government cuts back on stimulus spending too soon.
Brendan Smialowski/AFP via Getty Images

Lapse in Fed lending programs could cost companies hurt by COVID

Companies hurt by the pandemic could end up paying investors a full percentage point more in interest to buy their bonds.
Treasury Secretary Steven Mnuchin and Chairman of the Federal Reserve Jerome Powell testify during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress on Sept. 24, 2020, in Washington.
Drew Angerer/Pool/AFP via Getty Images

What's next for Main Street, Wall Street as Fed lending programs are set to expire

Nov 20, 2020
Fed programs and policy have helped ease economic pain during the pandemic. In its dwindling days, the Trump administration will end some of those emergency programs Dec. 31.
Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin greet each other after testifying before Congress in June.
Tasos Katopodis/Getty Images

Mnuchin moves to cut off Fed pandemic emergency lending program

Economist Karen Petrou says the Fed programs have fallen short, but that the Fed needs some facilities in the face of inaction from Congress.
Treasury Secretary Steven Mnuchin and Federal Reserve Board Chair Jerome Powell testify during a Senate Banking Committee hearing on Capitol Hill on Sept. 24, 2020 in Washington.
Drew Angerer/Getty Images

NY Fed's John Williams on the state of the recovery

Nov 19, 2020
The president of the NY Fed expects the economy to fully recover within a few years, despite current setbacks as the virus continues to spread.
John Williams in 2015, when he was President of the San Francisco Federal Reserve.
Rob Kim/Getty Images

Top central bankers: Economy needs help despite vaccine news

Nov 13, 2020
U.S. Federal Reserve Chair Jerome Powell said Congress “may need to do more” to cushion the blow from the pandemic.
Chairman of the Federal Reserve Jerome Powell testifies during the Senate's Committee on Banking, Housing and Urban Affairs hearing examining the quarterly CARES Act report to Congress on Sept. 24, 2020, in Washington.
Drew Angerer/Pool/AFP via Getty Images

Fed Chair Powell says full economic recovery depends on managing COVID-19

Social distancing and wearing masks will help get the economy back to full strength, Powell said Thursday.
Drew Angerer/Pool/AFP via Getty Images

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The Fed wants to lend money to more small businesses, but many aren't interested

Nov 2, 2020
The central bank dropped the minimum loan amount under its Main Street Lending Program to $100,000. But not many businesses feel confident taking out loans they'll have to repay in five years.
A bartender prepares to open his bar in Ocean City, Maryland, amid the pandemic, May 29, 2020.
Alex Edelman/AFP via Getty Images

A president and his Fed chair clash. Sound familiar?

Oct 27, 2020
Trump has pressured the head of the Federal Reserve to lower interest rates. But he wasn't the first American leader to do so.
President Lyndon B. Johnson wanted to fire Fed Chair William McChesney Martin Jr. for hiking interest rates. But presidents can't do that, so Johnson gave him a tongue lashing instead and shoved him against a wall.
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Fed’s Powell: Lack of further stimulus imperils recovery

Oct 6, 2020
Powell said that government support has so far prevented a recessionary “downward spiral."
Fed Chairman Jerome Powell is reflected in the sneeze guard set up between himself and members of the House Committee during a hearing in June.
Bill O'Leary/AFP via Getty Images