Federal Reserve Chairman Jerome Powell said the central bank's long-awaited program to lend to small- and medium-sized businesses is about to get off the ground. The Main Street lending facility, which will target companies with up to 15,000 employees, has been difficult to set up but is just about ready, Powell told Princeton University economist and former Fed official Alan Blinder in a webinar interview Friday. "We're days away from making our first loans in Main Street, he said. "We have three facilities that are part of it. They're meant to reach out to different parts of that...

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RECENT NEWS

Australias central bank chief said on Thursday that better-than-feared health outcomes from the COVID-19 pandemic suggest the countrys economic downturn will likely not be as severe as earlier thought. The remarks come as Australia, with a much lower COVID-19 death toll than other advanced countries, has started resuming normal life barely halfway into the six-month shutdown first flagged...

Reserve Bank of Australia (RBA) Governor Philip Lowe is on the wires now, via Reuters, speaking on a panel at FINSIA's "The Regulators" Webinar. "Australian financial system is resilient and is well placed to deal with COVID-19." "Capital and liquidity buffers that exist are available to be drawn upon if required to support the economy." "Important that lenders continue to support the flow of...

Federal Reserve officials in April discussed the next phase of interest rate policy ”convincing markets that rates will stay low for a long time ” but gave no sense than any changes were imminent. Meeting minutes from that session released Wednesday said that œat upcoming meetings the Fed might want to clarify its intentions regarding interest rates. Some officials wanted the central...

U.S. Treasury Secretary Steven Mnuchin on Tuesday defended the Trump administrations fiscal response to the coronavirus pandemic and told senators he was willing to consider extending and modifying a payroll loan program for small businesses. In a sometimes testy hearing before the Senate Banking Committee, Mnuchin and Federal Reserve Chair Jerome Powell said the nearly $3 trillion in...

Australia is facing an "unprecedented economic contraction due to the coronavirus pandemic, though massive fiscal and monetary stimulus would help cushion the blow, minutes from the country's central bank's last meeting showed on Tuesday. The Reserve Bank of Australia (RBA) had on May 5 left the cash rate at 0.25%, as expected, and recommitted to buying as much government debt as needed to...

FISCAL
Fed's Powell: 'Medical Metrics' Most Important Data for U.S. Economy Now: CBS
Monday, 18 May 2020 08:06 WIB The most important data for the U.S. economy right now are the "medical metrics around the coronavirus pandemic, Federal Reserve Chairman Jerome...
MONETARY
RBA cuts Official Cash Rate by 25 bps to 0.50%, AUD/USD jumps
Tuesday, 3 March 2020 10:38 WIB At its March monetary policy meeting on Tuesday, the Reserve Bank of Australia (RBA) cut its official cash rate (OCR) by 25bps to a record low of...

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