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Banking & Finance

The latest coverage of the banking and financial sectors.

In this March 3, 2020, photo, Federal Reserve Chair Jerome Powell pauses during a news conference in Washington. (AP Photo/Jacquelyn Martin) **FILE**

Fed foresees interest rates near zero through 2022

- The Washington Times

The Federal Reserve on Wednesday said it was keeping benchmark interest rates at or near zero and reiterated that those rates would stay there until officials are confident the economy has sufficiently weathered the recent coronavirus-related damage.

In this Tuesday, March 3, 2020, file photo, Federal Reserve Chair Jerome Powell pauses during a news conference to discuss an announcement from the Federal Open Market Committee, in Washington. (AP Photo/Jacquelyn Martin, File)

‘This economy will recover’: Jerome Powell downplays Depression comparison

- Associated Press

Federal Reserve Chair Jerome Powell expressed optimism Sunday that the U.S. economy can begin to recover from a devastating recession in the second half of the year, assuming the coronavirus doesn’t erupt in a second wave. But he suggested that a full recovery won’t likely be possible before the arrival of a vaccine.

In this Jan. 29, 2020 file photo, Federal Reserve Chair Jerome Powell pauses during a news conference in Washington. (AP Photo/Manuel Balce Ceneta, File) ** FILE **

Fed signals it will likely hold rates near zero for months

- Associated Press

The Federal Reserve signaled Wednesday that it will keep its key short-term interest rate near zero for the foreseeable future as part of its extraordinary efforts to bolster an economy that is sinking into its worst crisis since the 1930s

MSC Anna, the largest active cargo ship in North America, is aided by tugboats as she prepares to dock at the Port of Oakland on Thursday, April 16, 2020, in Oakland, Calif. MSC Anna, which is 1,312 feet long, is transporting a backlog of empty containers and will be unloading imports. (AP Photo/Ben Margot)

Trump issues order deferring of some tariffs

- The Washington Times

President Trump issued an executive order Sunday night giving the Treasury Secretary Steven T. Mnuchin the authority to defer certain tariff payments due to the coronavirus crisis.

Trader Peter Tuchman works on the floor of the New York Stock Exchange Monday, March 16, 2020. (AP Photo/Craig Ruttle)

Global shares bounce after Wall St dive, recession warning

- Associated Press

Shares rebounded in Europe and Asia on Tuesday after a brutal sell-off that gave the U.S. stock market its worst loss in over 30 years, with many economies grinding to a standstill in hopes of containing the spread of the coronavirus.

Trader Michael Gallucci works at his post on the floor of the New York Stock Exchange, Wednesday, March 11, 2020. Stocks are closing sharply lower on Wall Street, erasing more than 1,400 points from the Dow industrials, as investors wait for a more aggressive response from the U.S. government to economic fallout from the coronavirus. (AP Photo/Richard Drew)

Global stocks dive on pandemic impact, U.S. travel ban

- Associated Press

Global stocks plunged Thursday after U.S. President Donald Trump imposed a travel ban on most of Europe and offered little in the way of new measures to contain the economic impact of the virus outbreak.

In this June 26, 2017, file photo, the Supreme Court is seen in Washington. (AP Photo/J. Scott Applewhite) ** FILE **

Supreme Court questions legality of Elizabeth Warren’s CFPB

- The Washington Times

The Supreme Court on Tuesday questioned the legality of the Consumer Financial Protection Bureau, specifically whether Sen. Elizabeth Warren’s brainchild, created during the Obama administration, can be led by a single director unaccountable to the president.