Economic News

  • U.S. lawmakers likely to press Powell on Fed's 'hawkish' turn

    WASHINGTON (Reuters) - Federal Reserve Chair Jerome Powell on Tuesday will testify in a congressional hearing likely to focus on how the U.S. central bank is balancing rising inflation risks with its promise to ensure the economy recovers all the jobs lost after the onset of the coronavirus pandemic.

  • U.S. Fed bank stress tests pave way for stock buyback, dividend bonanza

    WASHINGTON (Reuters) - The country's largest lenders are poised to start issuing as much as $130 billion in dividends and stock buybacks from next month after the U.S. Federal Reserve gives them what is expected to be a clean bill of health on Thursday, said analysts.

  • Record-high U.S. house prices, tight supply weigh on sales

    WASHINGTON (Reuters) - U.S. home sales fell for a fourth straight month in May as record-high prices amid low inventory frustrated potential buyers, a trend that could persist for a while, with builders unable to deliver more houses because of expensive lumber.

  • Fed's Daly says could get to taper threshold late this year

    (Reuters) -The U.S. central bank may be in a position to start reducing its extraordinary support of the U.S. economy by late this year or early next year, according to San Francisco Federal Reserve President Mary Daly.

  • Labor, green groups urge Biden to reject any 'watered-down' infrastructure deal

    WASHINGTON (Reuters) -Leaders of environmental and labor groups, among President Joe Biden's biggest supporters, on Tuesday urged the White House and Democratic congressional leaders to reject any bipartisan infrastructure deal that lacks strong provisions to fight climate change and strengthen unions.

  • U.S. business borrowings jump 20% in May - ELFA survey

    (Reuters) - U.S. companies borrowed $8.1 billion for capital investments in May, 20% higher than last year, the Equipment Leasing and Finance Association (ELFA) said, as an economic recovery fueled by rising vaccinations and easing curbs drove up demand.

  • Egypt eyes surge in fintech investment after new laws

    CAIRO (Reuters) - New legislation and regulatory changes in Egypt are set to unleash a surge in new fintech investments and change the way the country's largely unbanked citizens do business, industry players say.

  • Nasdaq hits record high as Big Tech roars back

    (Reuters) - The Nasdaq hit an intra-day record high on Tuesday, lifted by Amazon, Microsoft and other top-shelf growth companies, while investors awaited remarks about the economic recovery from Federal Reserve Chair Jerome Powell.

  • Fed's Mester says framework needs to be more explicit on financial stability

    WASHINGTON (Reuters) -Cleveland Federal Reserve bank president Loretta Mester said Tuesday the Fed's new approach to monetary policy needed to more explicitly account for the risks to financial stability from ultra-low interest rates, ongoing asset purchases, and promises to keep borrowing conditions easy.

  • Low rates to persist, drive quest for yield -Allianz Life CEO

    NEW YORK (Reuters) -U.S. interest rates likely will stay relatively low with ample cash in the financial system for the foreseeable future, the head of Allianz Life said, despite Federal Reserve comments that sent stock prices tumbling last week.

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