World stocks dip after new highs, dollar falls reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
2 Min Read
FILE PHOTO: Chairman of the Federal Reserve Jerome Powell listens during a Senate Banking Committee hearing on The Quarterly CARES Act Report to Congress on Capitol Hill in Washington, U.S., December 1, 2020. Susan Walsh/Pool via REUTERS/File Photo
WASHINGTON (Reuters) - The Federal Reserve will reduce its monthly bond purchases before it commits to an interest rate increase, Fed Chair Jerome Powell said on Wednesday, clarifying the order of monetary policy changes that are still months if not years in the future.
The Fed is currently buying $120 billion a month in government-issued and government-backed securities, and has pledged to continue doing that until the economy is more fully recovered.
Fed survey: Economy rebounding, helped by stimulus, vaccines | iNFOnews | Thompson-Okanagan s News Source infotel.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from infotel.ca Daily Mail and Mail on Sunday newspapers.
By MICHELLE CHAPMAN and ALEX VEIGA
AP Business Writers
Coinbase made a rousing debut on Wall Street Wednesday, with shares of the digital currency exchange rising as high as $429, briefly giving it a market value over $100 billion.
Coinbase Global Inc.âs initial public offering happened with cryptocurrency chatter seemingly everywhere, even at the U.S. Federal Reserve. Digital currencies are being incorporated into business plans and accepted for payment by major corporations like Tesla, PayPal and Visa.
The San Francisco-based companyâs listing on a public stock exchange is seen by some as an inflection point for digital currencies, as Coinbaseâs fortunes are closely tied to Bitcoin, the most popular cryptocurrency. Bitcoinâs price topped $64,000 on Wednesday, up from $29,000 at the start of the year, and Coinbase said recently that first-quarter revenue should total around $1.8 billion, exceeding its revenue for all of 2020.
Wednesday, April 14, 2021 3:30 pm
Powell defends Fed s consideration of climate change risks
CHRISTOPHER RUGABER | Associated Press
WASHINGTON – Federal Reserve Chair Jerome Powell on Wednesday defended the Fed s increasing scrutiny of the threat that climate change could pose to the health of the nation s banks, after some Republican members of Congress had complained that by doing so the Fed was overstepping its mandate.
Over the past year, the Fed has taken steps to incorporate the risks from climate change into its oversight of the financial system. A key part of the Fed s mandate, in addition to setting short-term interest rates to either stimulate or slow the economy, is regulating banks to guard against excessive risk-taking.