Read more about Covid-19: Jump in hiring fuels optimism for US economic recovery on Business Standard. US hiring accelerated more quickly than expected last month, evidence that a year after the pandemic took hold, the economy is strengthening as virus cases drop and vaccinations ramp up.
U.S. central bankers on Friday signaled they do not plan to touch the dial on their super-easy policy for some time, expressing little concern over the rapid rise in U.S. Treasury yields in recent weeks, and hope for a robust recovery.
By Reuters Staff
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FILE PHOTO: Federal Reserve Bank of Atlanta President Raphael Bostic participates in a panel discussion at the American Economic Association/Allied Social Science Association (ASSA) 2019 meeting in Atlanta, Georgia, U.S., January 4, 2019. REUTERS/Christopher Aluka Berry
(Reuters) - The U.S. economy is still under “considerable distress” and the Federal Reserve will continue to provide support until the labor market is stronger and average inflation is on track to meet the U.S. central bank’s long-term target, Atlanta Fed President Raphael Bostic said on Friday.
“We’re ready and able…to support the recovery as long and as strongly as necessary,” Bostic said during a virtual event organized by Stanford University.
By Reuters Staff
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FILE PHOTO: Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., March 1, 2017. REUTERS/Brian Snyder
WASHINGTON (Reuters) - The coronavirus pandemic laid bare a number of weaknesses in the financial system that should be addressed with new rules to prepare for the next shock, Fed Governor Lael Brainard said on Monday.
“We should not miss the opportunity to distill lessons from the COVID shock and institute reforms so our system is more resilient and better able to withstand a variety of possible shocks in the future, including those emanating from outside the financial system,” said Brainard, a key voice in recent debates over financial regulation and a critic of recent steps to ease requirements on financial institutions.
Wall Street and a gauge of global equity markets rose on Friday as investors cheered signs of economic strength in a report that showed faster-than-expected U.S. jobs growth, data that initially stoked inflation concerns.