Friday, 10 July 2020
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Fed Chair Powell Says Strong Job Market Can Reduce U.S. Racial Inequality
Tuesday, 16 June 2020 23:19 WIB | FISCAL & MONETARY |The Fed

The best way the Federal Reserve can help reduce racial inequality is to return the U.S. labor market to its pre-coronavirus strength, U.S. Fed Chair Jerome Powell said on Tuesday, as he sidestepped questions over whether the Fed itself contributes to the problem.

Anger over racism and inequality has swept the country since the police killing of George Floyd May 25 in Minneapolis, with people protesting en masse despite the ongoing threat of infection during the coronavirus pandemic.

The unrest has sharpened the public focus on economic plight of black and Latino families, who on average continue to earn less, have higher unemployment, and are harder hit when economic shocks like the coronavirus hit. In May, while white unemployment fell, black unemployment rose.

The œbest single thing that the Fed can do to address inequality, Powell told the Senate Banking Committee, is to œtry to get the labor market back to where it was in February, when unemployment was 3.5%.

But when Senator Sherrod Brown asked Powell for an open-ended study of how the Fed™s policies contribute to systemic racism, Powell said he would get back to him after conferring with his colleagues.

On Friday the Fed's lone black policymaker, Atlanta Fed President Raphael Bostic, said here institutionalized racism constrains economic growth.

Source : Reuters

RELATED NEWS
RBA Highlights Recovery Uncertainties as Second Wave Threatens...
Tuesday, 7 July 2020 14:06 WIB

Australia™s central bank chief highlighted worries among households and businesses about the health and economic outlook, as the nation™s successful run of Covid-19 containment was rocked by a new...

ECB's Lagarde: Economic recovery will be a complicated matter...
Friday, 26 June 2020 15:19 WIB

European Central Bank (ECB) President Christine Lagarde, while presenting at an Online Summit organised by the European Business Leaders' Convention, said that we probably have passed the lowest point...

Bank of England Steps Up Virus Fight With Bond-Buying Boost...
Thursday, 18 June 2020 18:35 WIB

The Bank of England intensified its response to the fallout from the coronavirus by expanding its bond-buying program, taking another step in the uphill battle to lift the economy out of the...

SNB Focuses on Franc Intervention With Rates Kept on Hold...
Thursday, 18 June 2020 14:48 WIB

The Swiss National Bank said aggressive foreign exchange interventions remain its main tool for pushing back against the appreciation in the franc caused by the coronavirus pandemic. K...

Fed Powell Beats Drum For More Government Aid To Bolster Economy...
Thursday, 18 June 2020 03:26 WIB

The U.S. economy is beginning to recover from the worst of the coronavirus crisis, but with some 25 million Americans displaced from work and the pandemic ongoing, it will need more help, Federal Rese...

LATEST NEWS
Dow, S&P 500 end lower on fears over surging virus cases but Nasdaq hits record high

The S&P 500 and Dow dropped on Thursday as investors worried about another round of business shutdowns to contain a surge in coronavirus cases and began to shift their focus to earnings, though the Nasdaq registered another record closing...

Hong Kong Stocks Close On Strong Note (Review)

Hong Kong stocks finished with more gains on Thursday, in line with advances across Asia following another record-breaking lead from Wall Street. The Hang Seng Index rose 0.31 percent, or 80.98 points, to 26,210.16. The benchmark Shanghai...

Oil falls, with U.S. benchmark settling back under $40 as coronavirus concerns swirl

Oil futures fell on Thursday, with U.S. benchmark prices settling back below $40 a barrel, as commodity traders contended with rising cases of coronavirus in the U.S. and some other countries that may threaten to unsettle demand for crude. August...

POPULAR NEWS
Gold futures log highest finish since September 2011
Wednesday, 8 July 2020 01:13 WIB

Gold futures marked their highest finish in nearly nine years, after climbing to nearly $1,810 an ounce during Tuesday's session. Prices had seen a...

Gold futures up a fourth straight session to mark another finish at the highest since 2011
Thursday, 9 July 2020 01:11 WIB

Gold futures climbed for a fourth straight session on Wednesday to mark another finish at their highest since September 2011. The move for gold...

Gold Rally to $1,800 Sees ETF Inflows Exceed Full-Year Record
Wednesday, 8 July 2020 15:53 WIB

Gold allure is only getting stronger as 2020 unfolds. Spot prices reached $1,800 an ounce and year-to-date inflows into bullion-backed...

US Formally Starts Withdrawal From WHO
Wednesday, 8 July 2020 17:03 WIB

The White House has formally notified the United Nations that it is pulling the United States out of the World Health Organization, despite the...