FED LAUNCHES NEW PACKAGE OF $2.3 TRILLION IN CREDITS
By Steven K. Beckner (MaceNews) – The Federal Reserve’s aggressive credit easing measures since early March have steadied financial markets, though not the economy, but not content to rest on its laurels, the Fed continues to innovate and explore the full extent of its emergency lending powers. The Fed, in conjunction with the U.S. Treasury, […]
TEXT: FED DETAILS MAIN ST., OTHER LENDING FACILITIES
WASHINGTON (MaceNews) – The following is the Federal Reserve announcement of details of its new Main Street lending facilities and other programs, released Thursday morning: The Federal Reserve on Thursday took additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes […]
FOMC CONF CALL MINUTES DOCUMENT START OF A NEW ERA
-Fed’s Mester Wanted Smaller Cut March 15 Meet; March 2 Unanimous WASHINGTON (MaceNews) – The Federal Open Market Committee conference call meeting minutes from the beginning of the central bank’s massive reaction to the corona virus demand destruction, released Wednesday, are interesting history but relatively irrelevant given the evolution since of the crisis. Facing deteriorating […]
WHITE HOUSE WATCH COMMENTARY: THE ECONOMY STRAINS AS THE VIRUS KILLS
By Denny Gulino WASHINGTON (MaceNews) – It’s almost too painful to concentrate on the numbers in this week that is so full of death in the United States. Better to look to a better future and an economy that might begin staggering back at some point. The day saw more than an additional 1,800 dead, […]
NEW PHILADELPHIA FED SURVEY: ALMOST 25% OF DISTRICT COMPANIES SHUT DUE TO PANDEMIC
By Jon Hurdle PHILADELPHIA (MaceNews) – Almost a quarter of companies surveyed by the Federal Reserve Bank of Philadelphia temporarily shut down because of the coronavirus in the week ending March 29, the Philly Fed said Thursday in its first weekly survey https://www.philadelphiafed.org/-/media/research-and-data/regional-economy/covid-19-survey/2020/20200402-covid-19-bos-survey.pdf?la=en of how businesses in the Third District are responding to the pandemic. […]
WHITE HOUSE WATCH COMMENTARY: FEDERAL GOVT STILL CATCHING UP WITH VIRUS NEEDS
By Denny Gulino WASHINGTON (MaceNews) – What’s become a literal American deathwatch was a grinding slog on Wednesday with whatever major progress being made behind the scenes obscured by the questions on why progress is not faster. The evening’s Corona Virus Task Force briefing seemed more bogged down with vague answers rather than being illuminated […]
BOSTON FED’S ROSENGREN Q&A: DISTRESS AHEAD FOR HEAVILY LEVERAGED
–Pandemic Likely To Be A Bigger Financial Distress Problem NEW YORK (MaceNews) – Boston Federal Reserve Bank President Eric Rosengren opposed the pre-crisis rate cuts and now he is being proven right, the pandemic’s effects will be worse than otherwise because the Fed had less ammunition while some individuals and firms accumulated too much low-interest […]
FED’S ROSENGREN: UNEMPLOYMENT TO RISE ‘DRAMATICALLY’; FOCUSING ON PLIGHT OF WORKERS
NEW YORK (MaceNews) – The Federal Reserve is working to limit economic fallout from the pandemic and promote recovery, but unemployment is surging, and fiscal policy is “crucial,” Eric Rosengren, president of the Federal Reserve Bank of Boston, said Wednesday. “The Federal Reserve is working to limit the financial and economic distress – to take […]
BANK OF CANADA CUTS RATES ANOTHER 50 BPS
By Gloria Galloway OTTAWA (MaceNews) – The Bank of Canada has dropped its target overnight rate for the third time in less than a month as it tries to mitigate the financial and economic damage of the COVID-19 pandemic. Stephen Poloz, the bank’s governor, announced Friday morning that the rate would fall 50 basis points […]
BANK OF CANADA EMERGENCY MEASURES STATE OF PLAY
By Gloria Galloway OTTAWA (MaceNews) – The Bank of Canada has joined other banks around the word in making credit more available and affordable to consumers and financial institutions as the Covid-19 pandemic causes unprecedented upheaval to the global economy. The financial situation in Canada and elsewhere continues to be stressed as a result of […]