Cohn urged Congress to focus on the next stage of the nation's economic recovery.
Gross domestic product, the broadest measure of goods and services produced across the economy, fell at a seasonally adjusted annual rate of 5 percent.
It marks the eighth week in a row of declining jobless claims since the peak of 6.9 million the week ended March 25.
Lawmakers say these workers are critical to keeping vulnerable small businesses afloat.
Bullard said policymakers should consider incentives for workers to return to their jobs instead
Most of the Fed’s 12 districts reported a sharp decline in economic activity, the central bank said.
The San Francisco Fed represents the twelfth district in the U.S., which is the nation's largest by area and population.
The concept of a four-day workweek has been kicked around for years, but it's gained some momentum during the coronavirus pandemic
One year after last summer's chaotic and frequently violent anti-government protests, the Chinese government has announced that it plans to pass a controversial national security law.
The coronavirus pandemic has caused 38.6 million job losses
As the economy slowly starts to reopen, how to cope with reentry anxiety for people grappling with uncertainty
It's been close to 10 weeks since the Democratic governors of California, New York, New Jersey and Illinois ordered all nonessential businesses in their states to close.
A recent survey found the outbreak of the virus has affected the income of nearly two-thirds of all renters.
The $3 trillion economic relief package passed by House Democrats earlier this month included an expanded wage subsidy.
Yellen is the first woman to have led the U.S. central bank.
If building owners are unable to pay their next property tax bill at the beginning of July, a deadline the city has refused to shift, the city will lose out on its single biggest source of funding.
Hesitancy in the wake of the coronavirus outbreak could muffle any recovery from what has been the sharpest and swiftest economic downturn in U.S. history.
Since the nation's economy came to a near standstill in mid-March, 38.6 million Americans have filed for first-time unemployment benefits.
U.S. billionaires' wealth has grown by $434 billion since March 18, when the majority of the nation shutdown to slow the spread of the virus
In 2018, she was a candidate for the Fed's vice chair position; however, the role ultimately went to Richard Clarida.