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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 …

The Housing Price Index (HPI) in the US rose 1% in July, the Federal Housing Finance Agency’s (FHFA) monthly report showed on Wednesday. This reading matched June’s reading (revised from 0.9%) and came in higher than the market expectation of 0.5%. Earlier in the day, the Mortgage Bankers Association (MBA) …

Oil prices rose to about $ 42 a barrel on Wednesday, September 23, after a report said that US fuel stocks declined, but the increase in crude oil supply and the high number of cases of Coronavirus, which increases concern about demand faltering limited the gains. The American Petroleum Institute …

A German government official said on Wednesday, the Cabinet approved a draft budget for next year, as proposed by the Finance Minister Olaf Scholz. The budget sets aside a net new debt of EUR96.2 billion euros or $112.43 billion to offer further financial support to cushion the impact of the …

The euro fell to its lowest level in two months, Wednesday, September 23, after positive economic data from the United States and concerns about the second wave of Coronavirus infections combined with weak European indicators to support the rise of the dollar. The US currency rose to $ 1.1671 against …

European stocks continued their recovery on Wednesday, September 23, from the heavy selling witnessed earlier this week, as investors awaited the latest data on business activity to see whether the economic recovery faltered as several countries re-impose restrictions related to the Coronavirus. The European Stoxx600 index rose 0.7% by 0712 …

Oil prices fell by more than 1% on Wednesday, September 23, after data reported that US crude inventories rose unexpectedly, renewing concerns about fuel demand, which caused heavy selling earlier in the week. By 0641 GMT, Brent crude futures fell 33 cents, or 0.8%, to $ 41.39 a barrel. US …