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Added on the 25/08/2016 16:17:55 - Copyright : Euronews EN
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.
Former chair of the US Federal Reserve Janet Yellen is on the same page as current Fed chair Jay Powell. Markets Insider reports Yellen echoes Powell, in that the Fed has 'already done a huge amount,' and now it's time for the US Congress to start pulling its weight. While the pandemic is still seriously affecting the economy, we need to continue extraordinary fiscal support. Janet Yellen Former Chair, US Federal Reserve Furthermore, Markets Insider reports Yellen told Bloomberg News she wants to see the US make a 'more effective effort' at fighting the pandemic. After all, she added, Germany, Korea, and China have all been successful in doing so.
A Morning Consult poll finds that four in five Americans want Biden to prioritize federal aid. The top two concerns of the voters were small business aid and stimulus checks. Respondents also indicated favorability of extending mortgage forbearance policies. They also favored increasing unemployment benefits and raising taxes for the wealthy. Treasury Secretary nominee Janet Yellen affirmed Biden's stance on aid in her confirmation hearing. Biden lists a quick economic recovery from the pandemic at the top of his to-do agenda.
The Federal Reserve will leave its key interest rate at zero "until we're confident that the economy has weathered recent events and is on track to achieve our maximum employment and price stability goals," says Fed Chair Jerome Powell during a press conference. SOUNDBITE
The US Federal Reserve holds interest rates at a 23-year high. "Today, the FOMC (Federal Open Market Committee) decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings," announces US Fed Chair Jerome Powell. SOUNDBITE
"The median projection for real GDP growth stands at just 0.5 percent this year and next," says US Federal Reserve Chair Jerome Powell. SOUNDBITE
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