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The Fed is maintaining its easy money policies for now in an effort to speed the economic recovery. It left interest rates near zero despite a jump in consumer prices.
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The Fed will comply with a request from the Treasury Department to wind down coronavirus emergency lending programs after the central bank had earlier objected to the move.
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The Dow falls more than 500 points as a report says large global banks were involved in transactions flagged as possible money laundering and hopes dim for Congress to pass another relief measure.
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The Federal Reserve is adjusting its long-range policy on inflation and employment. The central bank said it's now more concerned with prices that are too low than with runaway inflation.
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The Fed leaves interest rates near zero as expected, and promises to use all of its tools to support the economy. Officials project unemployment above 9% at the end of this year.
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Companies can borrow money from the Federal Reserve under its new lending programs. It's been good for the stock market, but the central bank's effort to help the economy has had lopsided results.
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Fed Chairman Jerome Powell warns it could be another year and a half before the U.S. recovers from the economic fallout of the pandemic. But he says this will not be another Great Depression.
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Jerome Powell said the economy should recover once the coronavirus is under control. But the central bank chief cautioned that without more help, many small businesses may not survive that long.
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The Federal Reserve cut interest rates by the largest amount since the 2008 financial crisis, but the emergency move failed to mollify investors worried about the coronavirus epidemic.
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Volcker took the top job at the Federal Reserve in 1979, at a time when inflation was spiraling out of control. He is credited with taming it.