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Added on the 19/10/2020 17:04:34 - Copyright : Wochit
President-elect Joe Biden is planning to nominate Janet Yellen to head the Treasury Department. Business Insider reports if the US Senate confirms Yellen, she will be the first woman to hold the job. Yellen served as Fed Chair during President Barack Obama's second term, from 2014 to 2017. President Donald Trump replaced her with Jerome Powell as head of the Fed. If confirmed, Yellen will face an immense set of challenges, including the pandemic, unemployment, and widespread housing and food insecurity. With both parties fiercely divided on its size and reach for months, Congress still hasn't approved a second coronavirus economic aid package.
Fed Chair Jay Powell warned on Tuesday that the US economy would suffer if another stimulus package isn't passed, which remains stalled in Congress. House Democrats passed a $2.2 trillion stimulus plan earlier this month, but Sen. Majority Leader Mitch McConnell (R-Ky.) called the amount 'outlandish.' Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses. Jay Powell Chair, US Federal Reserve But according to Business Insider, White House economic advisor Larry Kudlow said Sunday that he doesn't agree with that assessment. We are in a strong rebound. Businesses are reopening. We are learning to deal with the virus in a targeted, safe, prevented way. White House Economic Adviser Larry Kudlow Interview, CNN's 'State of the Union'
Federal Reserve Chair Janet Yellen remains cautious on raising interest rates, citing risks in China and the oil markets. Bobbi Rebell reports.
Stocks moved lower Wednesday after U.S. Federal Reserve Chair Janet Yellen said equity valuations are "generally quite high" and warned of potential dangers. Bobbi Rebell reports.
Fed Chair Janet Yellen talks about the Fed's change from "considerable time" to "patience" in deciding when to raise interest rates, along with the impact of lower oil prices, and foreign economic troubles. Rough cut. No reporter narration.