In a Senate Banking Committee hearing on the coronavirus response today, Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin emphasized the importance of additional fiscal support as the economy continues to feel the effects of the COVID-19 pandemic.
President-Elect Joe Biden today announced that he will nominate former Federal Reserve Chair Janet Yellen…
Federal Reserve Governor Michelle Bowman said in a speech today that regulators need to revisit the regulatory framework for nonbank mortgage lenders.
The Office of Financial Research flagged macroeconomic risk and credit risk as top areas of concern as the nation continues to deal with the economic stresses caused by COVID-19.
A new study from Freddie Mac shows that mortgage forbearance has played an important role in helping mortgage borrowers remain in their homes during COVID-19.
Household debt rose by 0.6% in the third quarter of 2020, rising by $87 billion to land at $14.35 trillion, the Federal Reserve Bank of New York reported today.
The nation’s banks have been the “shock absorbers” for the real economy as the pandemic causes turmoil in financial markets, the Federal Reserve said in its supervision and regulation report released today.
The Federal Reserve will keep its target range for the federal funds rate at 0 to 0.25% as the economy remains well below levels of output seen at the start of the year, even as economic recovery continues, the Federal Open Market Committee said today.
Federal Reserve Governor Lael Brainard today warned that the biggest risk to the economy, aside from the course of the coronavirus, is the failure of additional support to materialize.
The banking industry was able to pass the “ultimate stress test” with flying colors in March and April as the coronavirus spread, Federal Reserve Vice Chairman Richard Clarida said today at ABA’s Unconventional Convention.