Sen. Elizabeth Warren (D-Mass.) on Sunday said Jerome Powell should no longer chair the Federal Reserve following the collapse of two U.S. banks under his watch earlier this month. Warren, who has been critical of Powell for years, most recently over his decision to continue raising interest rates to curb inflation, said he has not … Read more
London CNN — The US Federal Reserve and several other major central banks announced a coordinated effort Sunday night to boost the flow of US dollars through the global financial system with the aim of keeping credit flowing to households and businesses. “The Bank of Canada, the Bank of England, the Bank of Japan, the … Read more
Minneapolis CNN — Last week, the Federal Reserve’s biggest concern was a stubbornly high inflation rate and how much to crank up monetary policy tightening. In recent days, a new bogeyman emerged in the form of a trio of bank failures and the chilling specter of a financial crisis. To stave off the latter, the … Read more
New York CNN — The shocking implosion of Silicon Valley Bank should not deter the Federal Reserve from its war on inflation, according to former FDIC and Fed official Thomas Hoenig. “The Federal Reserve is in the hot seat. It’s a no-win situation for them,” Hoenig, the former vice chair of the Federal Deposit Insurance … Read more
New York CNN — Sheila Bair, a top banking regulator during the 2008 financial crisis, says the stunning implosion of Silicon Valley Bank is exactly why the Federal Reserve needs to halt its war on inflation. “The Fed needs to hit pause and assess the full impact of its actions so far before raising short … Read more