Fed chief says Facebook currency project raises ‘serious concerns’
U.S. Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook’s plan to build a digital currency called Libra “cannot go forward” until serious concerns were addressed, piling further pressure on the controversial project.
Powell assails gold standard supported by Trump Fed nominee
Federal Reserve Chairman Jerome Powell on Wednesday rejected the idea of returning the United States to the gold standard even as he asserted that his remarks should not be seen as criticism of a proposed presidential nominee to the Fed Board.
U.S. oil firms expand offshore production cuts, evacuations as storm approaches
Exxon Mobil Corp and Anadarko Petroleum Corp on Wednesday joined several other U.S. oil producers withdrawing staff from deepwater platforms in the U.S. Gulf of Mexico as what could be a major storm gathered.
U.S. producers cut a third of Gulf of Mexico production as storm approaches
Crude production in the U.S. Gulf of Mexico on Wednesday was cut by nearly a third, or 602,715 barrels per day (bpd), as a storm threatened offshore oil production, according to figures released by a U.S. regulator.
Oil up $2 on U.S. crude stocks draw, Gulf of Mexico storm
Oil prices gained $2 a barrel on Wednesday after U.S. crude inventories shrank more than expected and as major producers evacuated rigs in the Gulf of Mexico ahead of an expected storm.
Wall St. hits record on Powell’s comments; S&P 500 crosses 3,000
The benchmark S&P 500 briefly crossed the 3,000 points mark for the first time on Wednesday after dovish remarks from Federal Reserve Chairman Jerome Powell bolstered the case for an interest rate cut later this month.
Major grain traders face one-two punch from U.S. floods, trade war
Severe U.S. weather likely dented earnings for large grain companies including Archer Daniels Midland Co and Bunge Ltd for a second straight quarter, adding to headwinds from a still-unresolved U.S.-China trade war, analysts and economists said.
Fed’s Powell, in Trump’s crosshairs, gets backing from Congress
Federal Reserve Chairman Jerome Powell came to Capitol Hill on Wednesday with two goals: cementing the case for an interest rate cut at the end of this month, and bolstering his own congressional wall of protection against a president who has made a da…
Fed’s Powell bolsters rate cut view on trade, global growth concerns
Federal Reserve Chairman Jerome Powell on Wednesday set the stage for the first U.S. interest rate cut in a decade later this month, pledging to ‘act as appropriate’ to defend an economic expansion threatened by trade disputes and a global slowdown.
S&P 500 hits 3,000 as Powell’s comments raise rate cut bets
The benchmark S&P 500 briefly crossed the 3,000 points mark for the first time on Wednesday, as bets for a sharp interest rate cut later this month were boosted by Federal Reserve chairman Jerome Powell’s dovish comments.
