Fed chair Yellen faces first test before Congress

One possible pitfall for Yellen would be to get ensnared in debate with lawmakers over fiscal policy.

Fed chair Yellen faces first test before Congress

The health of the U.S. economy and the extraordinary and controversial measures the Federal Reserve has taken to support it will top the agenda on Tuesday when Janet Yellen testifies to lawmakers for the first time as head of the Federal Reserve. Yellen, in just her second week on the job since succeeding Ben Bernanke […]

A weak month for hiring as unemployment drops

But the unemployment drop occurred mostly because many Americans stopped looking for jobs.

A weak month for hiring as unemployment drops

The weakest month of hiring in three years ended 2013 on a sluggish note and raised questions about whether the U.S. job market can sustain its recent strong gains. Employers added a scant 74,000 jobs in December after averaging 214,000 in the previous four months. Economists cautioned that cold weather likely played a role in […]

Senate confirms Janet Yellin as new chairman of The Fed

Yellen previously headed the Federal Reserve Bank of San Francisco.

Senate confirms Janet Yellin as new chairman of The Fed

The Senate confirmed Janet Yellen on Monday as the first woman to lead the Federal Reserve, elevating an advocate of fighting unemployment and a backer of the central bank’s efforts to spur the economy with low interest rates and massive bond purchases. Yellen, 67, will replace Ben Bernanke, who is stepping down after serving as […]

Fed taking ‘wait and see’ attitude on policy shift

Fed taking ‘wait and see’ attitude on policy shift

Federal Reserve officials are unlikely to make any shift to monetary policy this week as they wait for more evidence of how badly Washington’s budget battle has hurt the U.S. economy. Indeed, they could stand pat for the rest of the year. “I would say January or March at this point,” said Scott Brown, chief […]

Job growth could cause scaleback of stimulus

Job growth could cause scaleback of stimulus

U.S. job creation probably picked up in August, signalling a steady pace of economic growth that would give the Federal Reserve ammunition to start scaling back its massive monetary stimulus this month. Employers are expected to have added 180,000 jobs to payrolls last month after creating 162,000 in July, according to a Reuters survey of […]

Needed for next Fed head

Needed for next Fed head

President Barack Obama says his next Fed chairman should take ordinary people into account when setting monetary policy. Obama tells The New York Times in an interview on the paper’s website Saturday that he wants someone who won’t just work abstractly to keep inflation in check and maintain stability in the markets. He says he […]

Consumer spending down amid slowdown in economy

Consumer spending down amid slowdown in economy

Consumer spending fell in April for the first time in almost a year and inflation pressures were subdued, pointing to a slowdown in economic activity, which should allow the Federal Reserve to maintain its monetary stimulus for a while. The Commerce Department said on Friday consumer spending fell 0.2 percent, the weakest reading since May […]

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