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The Vice Chairman of the United States Federal Reserve, Richard Clarida, said on Wednesday that the Fed will not raise rates until the 2% inflation target is achieved. “We’re not going to even begin to think about lifting off, we expect, until we actually get observed inflation, and we measure …

President of the Federal Reserve Bank of Cleveland, Loretta Mester said on Wednesday that the US economy is recovering better than expected. However, Mester warned that recovery is not sustainable yet and not including all sectors. “We are still in a deep hole, regardless of the comeback we have seen.”“We …

European stocks closed higher on Wednesday, despite uncertainty about the rising number of COVID-19 cases. The rise of European stock markets came after the release of preliminary data that showed an expansion in the composite PMI index, even though it came below expectations. The Stoxx Europe 600 index added 0.7% …

President of the Federal Reserve Bank of Boston, Eric Rosengren, said on Wednesday that economic recovery could be slower in case the number of novel coronavirus (COVID-19) cases increased. “Recent economic data have been encouraging, but I believe the most difficult part of the recovery is still ahead of us.” …

President of the Federal Reserve Bank of Chicago, Charles Evans, said on Wednesday that he does not fear stronger accommodation in the pursuit of clearly overshooting the 2% inflation target, even reaching above 2.5%. The Fed needs to maintain interest rates close to zero to sustainably maintain inflation at 2% …

The IHS Markit Flash U.S. Composite PMI Output Index posted 54.4 at the end of the third quarter (Q3) of 2020, down from 54.6 in August, adjusted for seasonal factors. However, the index’s quarterly average was the highest since the opening three months of 2019. The seasonally adjusted IHS Markit …

The Federal Reserve Chair Jerome Powell said on Wednesday in his testimony to the House of Representatives Select Subcommittee on the Coronavirus that companies have made only modest use of the Fed’s Main Street Lending Program. However, the Fed is not planning any major changes to its lending policy. “If …

The United States Congress and the Federal Reserve need to work in order to help the American economy recover from the impacts of the COVID-19 crisis, said the Federal Reserve Chair Jerome Powell on Wednesday. Powell noted in his testimony in front of the House Select Subcommittee on the Coronavirus …

Crude oil inventories in the United States declined by 1.6 million barrels last week, according to data by the US Energy Information Administration’s (EIA) weekly report. The decline came below experts’ expectations of a 2.3 million barrel decrease in crude stockpiles.

The business activity in the US manufacturing sector is seen expanding at a robust pace in September with the IHS Markit’s advanced Manufacturing PMI rising from 53.1 in August to 53.5. This reading came in better than the market expectation of 53.2. Further details of the publication revealed that the …