Articles written by Martin Crutsinger
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Fed keeps rate near zero but sees brighter economy in 2021
WASHINGTON (AP) — The Federal Reserve said Wednesday that it will keep buying government bonds until the economy makes "substantial" progress — a step intended to reassure financial markets and keep long-term borrowing rates low indefinitely....
Fed reports slowing US economic activity due to virus surge
WASHINGTON (AP) — A Federal Reserve survey of business conditions around the country found that economic activity in several regions slowed in November as coronavirus cases surged. The Fed report released Wednesday said that overall, the Fed's 12...
Mnuchin defends shut down of Fed emergency loan programs
WASHINGTON (AP) — Treasury Secretary Steven Mnuchin is defending his decision to close down a number of emergency Federal Reserve loan programs at a time when coronavirus cases are surging. Democrats were unconvinced, however, saying that Mnuchin's...
Mnuchin denies trying to hinder incoming administration
WASHINGTON (AP) — Treasury Secretary Steven Mnuchin denied that he is attempting to limit the choices President-elect Joe Biden will have to promote an economic recovery by ending several emergency loan programs being run by the Federal Reserve....
US industrial production growth slows, up 0.4% in August
WASHINGTON (AP) — U.S. industrial production slowed to a modest increase of 0.4% in August, far weaker than the strong bounce back recorded in previous months when factories were coming back to life. The slight uptick followed gains of 3.5% in...
Fed: Rates to stay ultra-low even after inflation picks up
WASHINGTON (AP) — The Federal Reserve announced a significant change Thursday in how it manages interest rates by saying it plans to keep rates near zero even after inflation has exceeded its 2% target level. The change means the Fed is prepared...
Fed's Main Street pandemic support program off to slow start
WASHINGTON (AP) — The Federal Reserve says that its Main Street Lending Program designed to help small and medium-sized companies get through the pandemic has managed to make just eight loans in its first month of operations. In its first report...
US budget deficit hits all-time high of $864 billion in June
WASHINGTON (AP) — The federal government incurred the biggest monthly budget deficit in history in June as spending on programs to combat the coronavirus recession exploded while millions of job losses cut into tax revenues. The Treasury...
US wholesale prices fell 0.2% in June as food costs plunged
WASHINGTON (AP) — U.S. wholesale prices fell 0.2% in June as food costs dropped sharply, offsetting a big increase in energy prices. The drop in the Producer Price Index, which measures inflation pressures before they reach consumers, followed a...
Fed minutes show concerns about severity of downturn
WASHINGTON (AP) — Federal Reserve officials last month expressed concerns about the severity of the economic downturn triggered by the coronavirus pandemic, saying the drop in economic activity in the spring would likely be the steepest in the...
Powell says US economy facing heightened uncertainty
WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says the outlook for the U.S. economy is "extraordinarily uncertain" and the success of the recovery effort will depend in large part on the country's ability to contain the spread of the...
US service sector contracts for second month in May
WASHINGTON (AP) — The U.S. services sector shrank for a second month in May as the coronavirus pandemic triggered shutdowns and layoffs around the country. Activity did rise from levels last month that had not been seen since the recession. The...
Trump takes aim at WHO as US economic outlook worsens
WASHINGTON (AP) — With new U.S. economic numbers highlighting the rough road ahead for a hoped-for rebound, President Donald Trump on Friday took aim at the World Health Organization and China, blaming both for their roles in the pandemic's...
Trump takes aim at WHO as US economic outlook worsens
WASHINGTON (AP) — With new U.S. economic numbers highlighting the rough road ahead for a hoped-for rebound, President Donald Trump on Friday took aim at the World Health Organization and China, blaming both for their roles in the pandemic's...
Fed report notes businesses less optimistic about economy
WASHINGTON (AP) — Businesses across the country surveyed by the Federal Reserve don't appear to share the Trump administration's optimism about a rapid economic recovery starting this summer. The Federal Reserve released a report Wednesday that...
Fed's Powell says economic forecasts filled with uncertainty
WASHINGTON (AP) — Efforts to forecast the U.S. economy's path to recovery from the current deep downturn face "a whole new level of uncertainty," Federal Reserve Chairman Jerome Powell said Thursday. Not only is there the difficulty predicting how...
US wholesale prices drop record 1.3% in April
WASHINGTON (AP) — Wholesale prices slid a record 1.3% in April led by a 19% plunge in the cost of energy, further signaling the potential threat of deflation in the United States. The Labor Department said that its producer price index, which...
Drug proves effective against virus as economic damage rises
Scientists on Wednesday announced the first effective treatment against the coronavirus — an experimental drug that can speed the recovery of COVID-19 patients — in a major medical advance that came as the economic gloom caused by the scourge...
Trump: Postal Service must charge Amazon more, or no loan
WASHINGTON (AP) — President Donald Trump said Friday that he won't approve a $10 billion loan for the U.S. Postal Service unless the agency raises charges for Amazon and other big shippers to four to five times current rates. "The Postal Service...
Social Security and Medicare funds at risk even before virus
WASHINGTON (AP) — The financial condition of the government's two biggest benefit programs remains shaky, with Medicare expected to become insolvent in just six years, while Social Security will be unable to pay full benefits starting in 2035, the...
Wholesale prices fall 0.2% in March
WASHINGTON (AP) — Wholesale prices fell for a second consecutive month, led by a big drop in energy prices. The Labor Department reported Thursday that its producer price index, designed to measure inflation before it reaches the consumer, dropped...
US budget deficit totals $743.6 billion over past 6 months
WASHINGTON (AP) — The federal government's budget deficit for the first half of this budget year totaled $743.6 billion, up 7.6% from last year, and well on its way to topping $1 trillion even before the impacts of the coronavirus were felt. The...
US economy grew at 2.1% rate in Q4 but virus threat looms
WASHINGTON (AP) — The U.S. economy grew at an annual rate of 2.1% in the final quarter of last year, but damage from the spreading coronavirus is likely depressing growth in the current quarter and for the rest of the year. The overall pace of...
View of a longtime economist: Slower growth but no recession
WASHINGTON (AP) — In this high-profile election year, the U.S. economy boasts an unemployment rate that is near its lowest level in a half-century. But economic growth has been slowing. And some economists say the expansion may be vulnerable to...
US budget deficit running 11.8% higher this year
The U.S. budget deficit through the first three months of this budget year is up 11.8% from the same period a year ago, putting the country on track to record its first $1 trillion deficit in eight years. In its monthly budget report, the Treasury...
