Photo by Bill Greenblatt/UPI |, Patrons walk to their movie with refreshments at the St. Charles Cinema. Photo by Keizo Mori/UPI |, Harry's Bar and Restaurant is open for business in downtown Washington, D.C., a few blocks from the White House, on May 29. Photo by Joe Marino/UPI |, Pedestrians walk closely together in Beijing on April 19. Photo by Kevin Dietsch/UPI |, Diners seated apart eat at an outdoor restaurant in Washington, D.C. on May 29. Crown Candy is serving only at curbside until the stay-at-home orders are lifted in Missouri later in the month. However, as Powell noted Wednesday, "crosscurrents" concerning trade policies and global growth have reared their head: "Apparent progress on trade turned to greater uncertainty, and our contacts in business and agriculture report heightened concerns over trade developments," his testimony stated. Photo by Bill Greenblatt/UPI |, Sales clerk Sarah Rhim stocks shelves with new dresses at Mister Guy for Women Clothiers in Ladue, Mo., on May 15.
Photo by Debbie Hill/UPI |, Server Tamara Martinez cleans containers at The Soda Fountain that contain candy on the first day of operation after reopening in St. Louis on May 18. Photo by John Angelillo/UPI |, Workers break down the street art painted on boarded up windows of a Jimmy Choo retail store in New York City. Oct. 23 (UPI) -- Federal prosecutors have accused a self-described member of the Boogaloo Bois, an anti-government group, of firing bullets into a Minneapolis police building during protests against the police killing of George Floyd. Prime Minister Shinzo Abe lifted the, People gather at Rye Playland Beach in New York on May 24. After being closed for months due to the pandemic, movie theaters in the St. Louis area and across the country are reopening. Second, after a tepid job gain in May, U.S. employers sharply stepped up their hiring in June, an indication of the economy's durability despite the trade pressures. How do I vote in my state in the 2020 election? Federal Reserve Chairman Jerome Powell testifies before House Committee on Financial Services on the monetary policy and the state of the U.S. economy. Asked Tuesday about Powell's status, White House counselor Kellyanne Conway told reporters Mr. Trump has made clear his unhappiness with the Fed's rate policies and believes "he has the power to fire Jay Powell, but he hasn't done that. At the first congressional meeting in February, Powell warned that the central bank may lack the tools to fight off a recession, saying "it would be important for fiscal policy to support the economy if it weakens" given the interest rates at the time, which were between 1.5 and 1.75 percent. "My answer would be no," Powell said, a touch louder.
Photo by John Angelillo/UPI |, A stylist wears a protective face mask while giving a haircut to a client at Roman K. Salon Luxury Hair Salon as New York City enters phase two of a four-part reopening plan on June 22. With more mail-in ballots, officials urge patience on election night, Americans and the right to vote: Why it's not easy for everyone, Why some mail-in ballots are rejected and how to make sure your vote counts. Powell added that the Fed will base corporate bond-buying moves on market conditions and will not attempt to control the debt market by wielding clout. Photo by Trask Smith/UPI |, A customer looks at merchandise inside the Boot Barn clothing store in Lake Jackson, Texas, on May 3.
Photo by Debbie Hill/UPI |, Pedestrians wear mandatory face masks and gloves while shopping in Jerusalem. Until very recently, the chance of a modest quarter-point cut was put at 70% and a steep half-point cut at 30%. Photo by Bill Greenblatt/UPI |, Several swimming facilities in the St. Louis area have opened after extra restrictions because of the pandemic. Photo by Kevin Dietsch/UPI |, Peter Wolff, owner of the The Gift Nook store, looks down Main Street for customers in St. Charles, Mo., on May 4.
"The levels of output and employment remain far below their pre-pandemic levels, and significant uncertainty remains about the timing and strength of the recovery," he told the committee. On Sunday, Mr. Trump asserted that if the Fed "knew what it was doing," it would cut rates. We use cookies and other technologies to customize your experience, perform analytics and deliver personalized advertising on our sites, apps and newsletters and across the Internet based on your interests. "And you would not pack up and you would not leave?"
What's the status of a second $1,200 stimulus check? But relentless pressure from President Trump for a Fed rate cut could complicate matters for a central bank that prizes its independence. © 2019 CBS Interactive Inc. All Rights Reserved. Tuesday is the first of two days of congressional testimony for Powell, who gave the second of two regular semiannual updates on the U.S. economy. See our, Read a limited number of articles each month, You consent to the use of cookies and tracking by us and third parties to provide you with personalized ads, Unlimited access to washingtonpost.com on any device, Unlimited access to all Washington Post apps, No on-site advertising or third-party ad tracking. At the time, Powell said the Fed would use qualitative easing, the process of buying large amounts of government debt to drive down long-term interest rates, to fight economic downturn. Scientists find first-ever "murder hornet" nest in the U.S. Asked if he believed the president had the authority to fire him, he said, "What I've said is that the law clearly gives me a four-year term and I intend to serve it.". Photo by Bill Greenblatt/UPI |, Jeweler Tom Wapelhorst arranges a display in his front window at Walters Jeweler in St. Charles, Mo. Dow claws back some losses, begins week with slight gains, Mounting financial stress could make the coronavirus harder to contain. Photo by Bill Greenblatt/UPI |, Soda jerk Ronell McCollum finishes making a Super Shake at the Soda Fountain. What happens if the president doesn't accept the election results?
"I can't hear you," Waters replied, eliciting laughter in the hearing room. Photo by Bill Greenblatt/UPI |, Customers have lunch inside El Toro Mexican restaurant in Clute, Texas, on May 3. Oct. 23 (UPI) -- Coca-Cola says it will discontinue about 200 brands -- half of its overall portfolio -- as it reshapes its business strategy during the coronavirus pandemic. Powell echoed remarks he made last week at a meeting of the Federal Open Market Committee, when it voted to leave interest rates unchanged and said they would probably stay that way until at least 2022. Photo by John Angelillo/UPI |, Visitors wear face masks as they tour the works of art. Updated on: July 10, 2019 / 1:55 PM Andrew Cuomo (L) passes out face masks when he arrives at Grand Central Station to attend a nearby press conference to enter phase 1 of a four-part reopening plan in New York City on June 8. Photo by Kevin Dietsch/UPI |, The Rev. That step eased fears that Mr. Trump would extend punitive tariffs to an additional $300 billion in Chinese goods, in the process inviting retaliation from Beijing on American exports and likely weakening both nations' economies. Photo by Bill Greenblatt/UPI |, People visit the beach after the the city relaxed restrictions in Isle of Palms, S.C, on May 6. he was asked. "These businesses are the heart of our economy and often embody the work of generations.". Indeed, when the Fed's policymakers met last month, they removed from their statement a reference to being "patient" about interest rates. Photo by Stephen Shaver/UPI |, October snowstorm set to smash early-season records. Photo by Stephen Shaver/UPI |, Newlyweds pose for wedding photos without wearing protective face masks as the government has declared the peak threat of the COVID-19 outbreak has passed in Beijing on April 19. Photo by Bill Greenblatt/UPI |, Byer wipes down the clock and chess pieces after use. Powell said, however, the bigger picture is a bit murky.
Mnuchin and Federal Reserve Chair Jerome Powell will testify Tuesday at 10 a.m. before the Senate Banking, Housing and Urban Affairs Committee. First, Mr. Trump and Chinese President Xi Jinping declared a truce last month in what had threatened to become an escalating U.S.-China trade war and agreed to resume talks toward a deal that would meet the administration's demands to better protect U.S. technology. "If a small or medium-sized business becomes insolvent because the economy recovers too slowly, we lose more than just that business," he said.
California court says Lyft, Uber must classify drivers as employees. Copyright © 2020 CBS Interactive Inc. All rights reserved. -- CBS News' Irina Ivanova contributed to this report. British Prime Minister Boris Johnson claps outside Downing Street in London to show his support for key workers during the coronavirus pandemic on May 7. As he spoke it drifted steadily downward, as usual, and is now at -15. Photo by John Angelillo/UPI |, St. Charles Cinema employees place tape on reclining chairs after disinfecting, following a movie showing in St. Charles, Mo., on August 21. Daryl Gray, of the Clergy Coalition, hands out face masks at the Lively Stone Church of God in St. Louis on May 26. ICE Limitations. Powell and the Fed have made clear they'll do whatever they deem "appropriate" to sustain the economic expansion -- a message Wall Street traders have interpreted to mean a coming rate cut. Coca-Cola to discontinue 200 brands in COVID-19 strategy shift. "The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum-employment and price-stability goals.". Photo by Debbie Hill/UPI |, School attendance will be voluntary around Israel and classes that return to session will be at the discretion of local authorities. Oct. 23 (UPI) -- Updated data Friday shows the United States has added a staggering 71,000 new COVID-19 cases -- the fourth-highest to date and the most in three months. / CBS/AP, Every sentence Federal Reserve Chairman Jerome Powell speaks to Congress this week is sure to be parsed by investors who expect -- and hope -- the Fed will cut interest rates later this month for the first time in a decade. Photo by Bill Greenblatt/UPI |, Bobby Smith (L) and his wife, Boni, enjoy drinks at an open restaurant in Lake Geneva, Wis., on May 15. Powell hinted strongly at a cut in testimony Wednesday before the House Financial Services Committee, saying: "Since our May meeting, however, [growth and trade] crosscurrents have reemerged, creating greater uncertainty. Photo by Ian Halperin/UPI |, Missed delivery tags hang on a storefront in Firewheel Town Center. Photo by Bill Greenblatt/UPI |, Stylist Katie Winston (R) cuts the hair of customer Dee Broderick on the sidewalk outside the 7-0-3 Salon in Chesterfield, Mo., on May 26. That accusation followed his contention Friday that the central bank "doesn't have a clue" and is "our most difficult problem.". "Of course, I would not do that," Powell replied. Pack up. Some Fed watchers have suggested that cutting rates this month would serve as a kind of insurance policy by the central bank against a potential economic downturn in the fall or early next year. Photo by Stephen Shaver/UPI |, A couple continues wearing protective face masks next to a police checkpoint in Beijing on April 15. While stores and restaurants may reopen under strict health and social distancing guidelines in Texas, many have chosen not to.
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