"Fed"

Federal Reserve Chair Jerome Powell on Wednesday said that the delta variant of the coronavirus could have fewer implications for the economy, if it follows the pattern of past waves of covid surges.

Most economists expected a formal announcement of tapering by the Fed in December and actual reductions starting in the first quarter of 2022, according to a survey of 51 economists released by Bloomberg.

WASHINGTON - President Joe Biden on Monday said that he made clear to Federal Reserve Chair Jerome H. Powell that the central bank should take any steps deemed to be needed to combat rising inflation and support the economic recovery.

Federal Reserve Bank of St. Louis President James Bullard said the central bank has met its goal of achieving "substantial further progress" on both inflation and employment, urging policymakers to move forward in reducing stimulus.

Gold climbed to a four-week high as inflation concerns boosted demand for the metal as a store of value while Federal Reserve Chair Jerome Powell reassured investors on the outlook for stimulus. Copper and most other base metals fell.

The record of the Federal Reserves meeting last month, which surprised investors with a hawkish pivot, will be scrutinized on Wednesday for any hints on when the central bank will pare back its support for the economy.

The reflation narrative thats been a key driver of global risk rallies took a detour after the Federal Reserves hawkish pivot. Investors are split over whether the trades are now heading back to the highway or down a blind alley.

The Federal Reserves new outlook for interest rates ricocheted through Asian markets as the dollar and Treasury yields surged, easing pressure on some of the regions biggest central banks and complicating the outlook for others.

Federal Reserve officials held interest rates near zero but signaled they expect two increases by the end of 2023, pulling forward the date of liftoff as the economy recovers.

When Federal Reserve policymakers gather this week to discuss the U.S. economic recovery from the pandemic, theyll see a job market thats improving at a faster pace for some than for others.

WASHINGTON - Federal authorities have recovered more than $2 million in cryptocurrency paid in ransom to foreign hackers whose attack last month led to the shutdown of a major pipeline that provides nearly half the East Coasts fuel, according to officials.

The pace of the U.S. recovery picked up somewhat in the past two months, sparking price pressures as businesses contended with worker scarcity and rising costs, the Federal Reserve said.