Yellen | Common News Update

Feb102021 by adminNo Comments

Biden, Yellen discuss COVID-19 relief with national business leaders

Business

Feb. 9 (UPI) -- President Joe Biden and Treasury Secretary Janet Yellen met Tuesday with some of the country's leading chief executives to talk about his coronavirus stimulus plan currently being considered by Congress. Tom Donohue of the U.S. Chamber of Commerce along with Jamie Dimon of JPMorgan Chase, Doug McMillon of Walmart; Sonia Syngal of Gap, and Marvin Ellison of Lowe's, all attended the meeting where Biden stressed the importance of his relief proposal. Advertisement "The American people are hurting, a lot of people are in real, real trouble," Biden said. During the meeting, Syngal said that she has firsthand experience witnessing who is hurt most by the pandemic as retail workers are 60% to 70% women and 60% to 70% minority, while McMillon of Walmart highlighted the importance ...

Feb22021 by adminNo Comments

Biden, Yellen say GOP virus aid too small, Democrats push on

Health

WASHINGTON -- President Joe Biden told Senate Democrats on a private call Tuesday that a Republican alternative to his $ 1.9 trillion COVID rescue plan is insufficient as he urged lawmakers to boldly and swiftly confront the coronavirus pandemic and economic crisis.Biden and Treasury Secretary Janet Yellen joined senators for the virtual meeting, both declaring the Republicans' $ 618 billion offer was too small. As the White House reaches for a bipartisan bill, Democrats voted Tuesday to start a process for approving Biden's bill on their own, with or without GOP support. The goal is passage by March.“We are not going to dilute, dither or delay,” Senate Majority Leader Chuck Schumer said. “The needs of the American people are just too great.”The swift action from Democrats on Cap...

Aug252017 by adminNo Comments

Yellen: Don't water down post-crisis rules

Business

The world's most powerful central banker has warned against watering down regulations put in place following the financial crisis.Janet Yellen, chair of the US Federal Reserve, said rule changes had made the system "undoubtedly safer".She insisted there was no evidence that regulatory changes had either acted as a drag on economic growth or hindered the ability of banks to lend.Her comments will be seen as a warning to the White House not to water down regulations put in place after the crisis.Many Republican politicians have been urging a loosening in regulations, in particular the Dodd-Frank Act, which became law in 2010 and which aimed to protect consumers by ensuring no bank could be "too big to fail".Speaking at the annual gathering of central bankers at Jackson Hole, Wyoming, Ms Yell...

Jul132017 by adminNo Comments

Yellen Fails To Deliver But Is The Dollar Dead?

Finance

Shutterstock photoInvestors have been skeptical of the Fed's hawkishness in the days leading up to Janet Yellen's testimony and when she failed to sufficiently emphasize the improvements in the economy, the dollar U-turned as the bulls abandoned their trades quickly. USD/JPY dropped below 113 and EUR/USD rose to 1.1480. However by the end of the North American trading session, USD/JPY moved back above 113 to settle above this key level and EUR/USD came off its highs after having dipped briefly below 1.14. This leads investors to wonder if we've seen the end to the dollar's rally, at least for the time being. To answer that question, we need to look at what Yellen said. In her prepared comments, she said additional gradual rate hikes will be needed over the next few years but rates won't...