Today is Wednesday, May 13 and we see that the market has dropped as the Fed chairman notes significant downside risks. Chairman Powell also says more policy help may be needed to pull the U.S. out of the economic downturn, but says the Fed is not considering negative rates at this time. We are also reading that House Democrats unveil a new $3 trillion relief bill, Federal student loan rates have hit record lows and Amazon is launching a new $90 tablet while people are stuck at home.
Stocks fell on Wednesday as investors pored through downbeat remarks from the top-ranking Federal Reserve official.
Federal Reserve Chairman Jerome Powell said Wednesday that policymakers may have to use additional weapons to pull the country out of an economic mire that has cost at least 20 million jobs and caused “a level of pain that is hard to capture in words.”
Even as it has pulled out all the policy stops during the coronavirus crisis, Federal Reserve Chairman Jerome Powell said one area it won’t be going is negative interest rates.
House Democrats released their latest bill Tuesday designed to blunt the coronavirus pandemic’s devastating effects on the economy and health-care system.
For years, student loan borrowers have suffered under the weight of excessive debt and interest. That’s about to change. Amid the economic shock from the coronavirus outbreak, the yield on the 10-year Treasury note, which is a barometer for student loans and other borrowing rates, has plummeted.
Amazon just announced two new 8-inch Fire tablet models that start at $89.99. The new models are launching as a large proportion of the world’s population is under some sort of lockdown to slow the spread of the coronavirus.