U.S. Economy

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. 

In the past eight weeks, the Fed has pumped nearly $2.9 trillion into the economy.

Rosengren said he expects unemployment to remain well above the pre-crisis level of 3.5 percent at the end of 2020.

Sales of existing homes fell 17.8 percent month to month in April -- overall 17.2 percent lower than last year.

So far, the IRS has delivered 140 million much-awaited payments worth an estimated $200 billion.

Since the coronavirus pandemic began, it's the ninth straight week that layoffs were counted in the millions.

The Fed has already taken a range of extraordinary actions to support the economy, including slashing interest rates to near-zero.

He joined the Boston Fed in 1985 as an economist in the research department.

The combined GDP for the nation's 19 biggest economies was $69.2 trillion in 2019. 

The non-partisan agency forecast that any gains will not compensate for the unprecedented losses. 

Mortgage applications to purchase a home increased 6 percent last week from the previous week.

Lawmakers were questioning Mnuchin and Powell over their use of the $500 billion in CARES Act funding made available to the Treasury and U.S. central bank.

The Treasury Department has announced five lending facilities to deploy other portions of the money, but has not invested in them yet.

While unemployment in the U.S. had dropped from a peak of 10 percent during the 2008 financial crisis to a 50-year low of 3.5 percent, economists say wage growth failed to keep pace.

Beijing is the second-largest owner of U.S. government debt, holding more than $1.1 trillion worth of treasuries.

Data for March was revised up to show homebuilding declining to a pace of 1.276 million units instead of dropping to 1.216 million units as previously reported.

Bullard was earning about $339,700 per year, on the low end of the 12 district banks.