Federal Reserve Chair Janet Yellen said Tuesday that the economic recovery is not yet complete and for that reason the Fed intends to keep providing significant support to boost growth and improve labor market conditions.
The Federal Reserve will further slow the pace of its bond purchases because a strengthening U.S. job market needs less support.
The Fed will likely approve a fifth cut in its monthly bond purchases because the job market has strengthened. But no clear signal is expected on when it will start raising short-term interest rates from record lows.
The study by GoBankingRates.com finds that the average return on savings at Indiana banks is 0.056 percent. However, the average for Indianapolis-area banks was considerably higher.
Federal Reserve Chair Janet Yellen sought Tuesday to reassure investors that she will support the approach to interest-rate policy that her predecessor, Ben Bernanke, pursued before he stepped down as chairman last month.
Janet Yellen, 67, will replace Ben Bernanke, who is stepping down after serving as chairman for eight years dominated by the Great Recession and the Fed's efforts to combat it.
The Federal Reserve's move Wednesday to slow its stimulus will ripple through the global economy. But exactly how it will affect people and businesses depends on who you are.
U.S. stocks rose, sending benchmark indexes to all-time highs Wednesday, after the Federal Reserve said it will reduce the pace of its monthly bond purchases and expressed confidence in the labor market recovery.
The Federal Reserve has decided to reduce its stimulus for the U.S. economy because the job market has shown steady improvement. The Fed will trim its $85 billion a month in bond purchases by $10 billion starting in January.
But most economists think that when the Fed's latest policy meeting ends Wednesday, it will announce that it's maintaining its pace of $85 billion a month in bond purchases.
President Barack Obama will nominate Federal Reserve vice chair Janet Yellen to succeed Ben Bernanke as chairman of the nation's central bank, the White House said Tuesday. Yellen would be the first woman to head the powerful Fed.
Investors plowed money into stocks and bonds, with the S&P 500 and Dow Jones Industrial Average reaching record highs, after the Federal Reserve’s surprise decision to keep its economic stimulus in place.
On Wednesday, the Federal Reserve is expected to take its first step toward reducing the extraordinary stimulus it's supplied to help the U.S. economy rebound from its deepest crisis since the Great Depression.
Federal Reserve Chairman Ben Bernanke said that the bank would consider reducing its stimulus program if the economy improves, but emphasized that the reductions were “by no means on a preset course.”
Federal Reserve Chairman Ben Bernanke said the central bank is in no hurry to stop supporting the economy because unemployment remains high and inflation is below the Fed’s target.
Financial markets have been gyrating in the 3½ weeks since Bernanke told Congress the Fed might scale back its effort to keep long-term rates at record lows within "the next few meetings"— earlier than many had assumed.
Federal Reserve Chairman Ben Bernanke told a local lunch crowd that he expects the economy to keep growing, but he said the growth is so slow that it could create a "permanent group" of underemployed Americans.
In a speech in Indianapolis, Chairman Ben Bernanke offered a sharp defense Monday of the Federal Reserve's bold policies to stimulate the weak economy, while cautioning Congress to respect its private discussions.
The chairman of the Federal Reserve is scheduled to speak at the Economic Club of Indiana’s Oct. 1 meeting, an event that should put Indianapolis in the national spotlight given the Fed’s recent and controversial decision to try to stimulate the economy.
The Federal Reserve this week took steps to boost economic growth. But those stimulus measures are also pushing oil prices up. If gas prices follow, consumers will have less money to spend elsewhere.
