Fed s Powell says economic recovery clouded by racial, education gaps
Reuters | May 03, 2021 04:19 PM EDT
Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee hearing on Capitol Hill in Washington, U.S. (Photo : Susan Walsh/Pool via REUTERS)
The U.S. economy is doing better but is not out of the woods yet, Federal Reserve Chair Jerome Powell said on Monday in remarks that flagged an upcoming central bank study documenting the disproportionate blow suffered by the less educated and working parents during the coronavirus downturn.
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Like Us on Facebook The economy is reopening, bringing stronger economic activity and job creation, Powell said in remarks prepared for delivery at a conference of the National Community Reinvestment Coalition. That is the high-level perspective - let s call it the 30,000-foot view - and from that vantage point, we see improvement. But we should also take a look at what is happening at street level.
2021/05/04 02:58 FILE - In this Dec. 1, 2020 file photo, Chairman of the Federal Reserve Jerome Powell appears before the Senate Banking Committee on Capitol Hill in W. FILE - In this Dec. 1, 2020 file photo, Chairman of the Federal Reserve Jerome Powell appears before the Senate Banking Committee on Capitol Hill in Washington. Powell says the economic outlook has “clearly brightened” in the United States but the recovery remains too uneven with lower income groups lagging behind. In a speech Monday, May 3, 2021 Powell cited a number of reasons that U.S. growth prospects have brightened. (AP Photo/Susan Walsh, Pool) (AP photo) WASHINGTON (AP) Federal Reserve Chairman Jerome Powell says the economic outlook has “clearly brightened” in the United States but the recovery remains too uneven with lower income groups lagging behind.
Shares were mixed in Europe and Asia on Tuesday after strong corporate earnings and data lifted stocks on Wall Street. London, Paris and Hong Kong advanced while Frankfurt declined. Tokyo and Shanghai were closed for holidays. Oil prices advanced. Saudi Aramco said Tuesday its profits soared by 30% in the first-quarter of the year, compared to last year, riding on the back of higher crude oil prices and recovering demand as major economies claw their way out of recession, easing restrictions amid coronavirus vaccine rollouts. U.S. benchmark crude oil jumped 70 cents to US$65.19 per barrel in electronic trading on the New York Mercantile Exchange. It rose 91 cents on Monday to $64.49 per barrel. Brent crude, the international standard, picked up 70 cents to $68.31 per barrel.
World markets mixed after strong earnings, data lift Wall St
Elaine Kurtenbach
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Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, May 4, 2021. Asian shares were mixed Tuesday after strong corporate earnings and economic data lifted stocks on Wall Street. (AP Photo/Ahn Young-joon)
Shares were mixed in Europe and Asia on Tuesday after strong corporate earnings and data lifted stocks on Wall Street.
London, Paris and Hong Kong advanced while Frankfurt declined. Tokyo and Shanghai were closed for holidays. Oil prices advanced.