Thursday, February 25, 2021
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The Fed’s system that allows banks to send money back and forth is down

The Fed's system that allows banks to send money back and forth is down
The Federal Reserve's system that allows financial institutions to send money back and forth electronically went down Wednesday afternoon. The interruption impacted multiple Fed services, including its pivotal automated clearinghouse system, which connects depository and related institutions send electronic credit and debt transfers. Along with the...

Watch live: Fed Chair Powell testifies before House panel

The Fed could disappoint markets Wednesday, even if it keeps a super dovish tone
Federal Reserve Chairman Jerome Powell testifies before the House Financial Services Committee on Wednesday, completing his two-day virtual swing through Capitol Hill. In remarks delivered before the Senate Banking Committee a day ago, the central bank leader cautioned that the economic recovery remains challenged and...

Powell says inflation is still ‘soft’ and the Fed is committed to current policy

Powell says inflation is still 'soft' and the Fed is committed to current policy
Inflation and employment remain well below the Federal Reserve's goals, meaning easy monetary policy is likely to stay in place, central bank Chairman Jerome Powell said Tuesday. Despite a sharp rise this year in bond yields that has accompanied heightened concern over inflation, Powell said...

Fed’s Williams say high market prices justified by economic growth and low rates

Fed's Williams say high market prices justified by economic growth and low rates
New York Federal Reserve President John Williams said Friday that high prices for stocks and other assets are justified in light of a growing economy and low interest rate landscape. With stocks pushing to new heights on valuations not seen in decades, and as corporate...

Jobless claims show unexpected move higher

Jobless claims show unexpected move higher
First-time filings for unemployment insurance jumped last week in a news24nation of continuing strife for the labor market. New claims totaled 861,000, the highest level in a month and above the Dow Jones estimate of 773,000, the Labor Department reported Thursday. Markets moved little on the...

Treasury Secretary Janet Yellen makes push for major stimulus, sees bigger risk in not doing enough

Treasury Secretary Janet Yellen makes push for major stimulus, sees bigger risk in not doing enough
Treasury Secretary Janet Yellen on Thursday said a large stimulus package is still necessary to get the economy back to full strength, despite momentum suggesting that growth is off to a faster start than anticipated in 2021. In a CNBC interview, the lead economic official...

Fed officials see economy ‘far from’ where it needs to be, meaning easy policy won’t change soon, minutes show

Fed officials see economy 'far from' where it needs to be, meaning easy policy won't change soon, minutes show
Federal Open Market Committee members at their most recent gathering reaffirmed that the central bank will be keeping policy loose well into the future, according to meeting minutes released Wednesday. With the economy continuing to shake off the effects from the Covid-19 pandemic, the committee,...

Household debt rises to $14.6 trillion due to record-breaking rise in mortgage loans

Household debt rises to $14.6 trillion due to record-breaking rise in mortgage loans
People count money at Macy's Herald Square store in New York. Andrew Kelly | Reuters Total consumer debt rose to nearly $14.6 trillion as 2020 came to a close, pushed by a record-breaking rise for mortgages in the red-hot housing market, according to a Federal Reserve...

Retail sales burst higher in January as consumers use stimulus checks to spend heavily

Retail sales burst higher in January as consumers use stimulus checks to spend heavily
Consumers flocked to spend their stimulus checks in January, sending retail sales for the month up 5.3% in a blockbuster start to 2021, according to a government report Wednesday. Economists surveyed by Dow Jones were expecting a rise of just 1.2%. Excluding autos, sales rose 5.9%,...