Powell Says Swift Government Action Averted Deeper Economic Downturn
Federal Reserve Chairman Jerome Powell said the economic response to the coronavirus alleviated the fallout from the pandemic-induced recession but suggested Congress would likely need to spend more money to shore up parts of the economy.
RBA Weighing Further Options to Support Australian Economy
The Reserve Bank of Australia is continuing to weigh options to further support the economy, including expanded bond buying and currency intervention, Deputy Gov. Guy Debelle told business leaders.
Stocks Decline Sharply; Dow Drops More Than 500 Points
The Dow industrials dropped 1.8%, falling in tandem with oil and gold prices. Investors see dwindling prospects for a new stimulus package amid the campaign season.
Fed's Kaplan Worries New Fed Rate Guidance Ties Policy Makers' Hands
Dallas leader Robert Kaplan said new guidance on the future of interest rates may complicate Fed officials' future decision making and stoke risk taking in financial markets.
Chinese Leaders Split Over Releasing Blacklist of U.S. Companies
Beijing has sped up development of a list that could be used to punish American technology firms, but some Chinese officials are mindful of moving too aggressively and say a decision should wait until after the U.S. election.
Fresh Surge in U.S. Covid-19 Cases Feared, as Death Toll Nears 200,000
The U.S. reported 39,844 new coronavirus cases and was closing in on 200,000 deaths, amid fears that the country was heading for a new wave of infections.
U.S. Household Net Worth Hits Highest Level Ever
The net worth of American households and nonprofit organizations jumped 6.8% in the second quarter from the first, to $118.96 trillion.
Two N.Y. Men Accused of Trading on Inside Information From S&P Dow Jones Indices
Two New York men are accused of making more than $900,000 in an insider-trading scheme, using confidential information on publicly traded companies from the S&P Dow Jones Indices, the company that manages the S&P 500 benchmark and other indexes.
CBO Downgrades Long-Term Projections of Economic Growth
The federal government has the capacity to borrow more if Congress chooses, despite high and rising federal debt, Congressional Budget Office Director Phillip Swagel said.
Commodity Prices Retreat, Hurt by Dollar's Advance
Oil prices dropped on fears that some of Libya's long-blockaded crude would return to the market, adding to the global glut. The losses spilled from industrial commodities into precious metals.