Who is New York Fed President John Williams?

Total economic collapse due to coronavirus can’t be allowed: Herman Cain

Former Republican presidential candidate and The New Voice CEO Herman Cain discusses what the Federal Reserve can do to help stimulate the economy as the country prepares to reopen amid the coronavirus pandemic.

Get all the latest news on coronavirus and more delivered daily to your inbox.  Sign up here.

Continue Reading Below

John Williams, the president of the New York Federal Reserve, has ringside seats to the U.S. central banks' extraordinary job this year: saving the nation's economy from calamity brought on by the coronavirus pandemic.

“I don’t think we’re anywhere near the limit to that,” Williams said Thursday during a virtual event hosted by Stony Brook University on Long Island. “The U.S. government is issuing a lot of debt right now, and global investors are gobbling it up.”

WHO IS JEROME POWELL?

The New York Fed is the largest of the 12 district banks in terms of assets and is responsible for purchasing and selling outstanding U.S. Treasury securities.

It is widely viewed as the Fed's most influential position, because the leader always has a permanent vote on the central bank's rate-setting Federal Open Market Committee. Williams, 58, has led it since 2018.

Unlike the majority of his district bank colleagues, Williams has held another leadership role in the central bank's system: From 2011 to mid-2018, he served as president and CEO of the San Francisco Federal Reserve.

WHO IS NEEL KASHKARI?

Williams joined the San Francisco Fed, the second-largest by assets, in 2002, working as an executive vice president and the director of research.

He's spent the bulk of his career at the U.S. central bank; he joined the Fed's board of governors in 1994 as an economist.

He received his Ph.D. in economics from Stanford University.

WHO IS ROBERT KAPLAN?

Source: Read Full Article

Women’s Remains IDed in Long Island Serial Killer Case

New York (AP) — Authorities investigating the long-running mystery of skeletal remains strewn along a suburban New York beach highway said Friday they have identified the remains of one of the women using DNA technology.

Suffolk County police said they would soon post information about the woman, known as “Jane Doe No. 6,” to a website the department created about the case. Police officials declined to provide more specific information about when the announcement would be made.

The previously unidentified woman’s remains were found in two areas of Long Island, more than 40 miles (65 kilometers) and a decade apart: in 2000 in Manorville, near where Long Island splits into its two eastern forks, and in 2011 near Gilgo Beach on the Atlantic Coast, where the remains of 11 people were found.

Investigators have been unable to determine who killed them or whether a lone serial killer or several suspects were involved. Over the years, they’ve said it is unlikely one person killed all the victims.

The case has attracted national headlines, been featured on true-crime television shows and was the subject of a recent Netflix film.

The previously unidentified woman is at least the second whose remains were found at the beach and also in Manorville. Police found the skull of Jessica Taylor, a 20-year-old prostitute who disappeared in 2003, near Gilgo Beach and most of the rest of her body in a wooded area of Manorville.

In January, police revealed a previously unreleased photograph of initials on a black leather belt — either an HM or WH, depending on the angle — that they say was handled by an unknown suspect.

Last fall, state officials gave investigators the green light to ask the FBI to deploy genetic genealogy, a technique in which genetic profiles are run though databases to find potential relatives of a homicide victim or suspect. It’s that technology that led to the woman’s identification, police said.

Source: Read Full Article

Who is Minneapolis Fed President Neel Kashkari?

Economic challenge is left to Congress, not the Fed: Neel Kashkari

Federal Reserve Bank of Minneapolis president Neel Kashkari says while the Federal Reserve is providing liquidity to the economy, the ultimate challenge is left to Congress because they have the spending and taxing authority during the coronavirus pandemic.

Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.

Continue Reading Below

Neel Kashkari is a voting member of the Federal Reserve's rate-setting committee this year, and he has helped play a pivotal role in the central bank's fast and furious response to the coronavirus pandemic and the ensuing economic slowdown.

Kashkari serves as the president of the Federal Reserve Bank of Minneapolis, which is one of the 12 district reserve banks. He took office in January 2016.

WHO IS JEROME POWELL?

The 46-year-old, who's from a suburb of Akron, Ohio, began his career as an aerospace engineer at TRW in Redondo Beach, Calif., where he developed technology for NASA space science missions. He then left for graduate school at the Wharton School of the University of Pennsylvania, after which he joined Goldman Sachs in San Francisco. 

Kashkari followed Goldman Sach's CEO Hank Paulson, who was named secretary of the U.S. Treasury, to Washington. From 2006 to 2009, Kashkari, a Republican, served in several senior roles at the Treasury Department.

FED'S POWELL SAYS US ECONOMY MAY NEED MORE SUPPORT FOR RECOVERY TO BE 'ROBUST'

In 2008, he was confirmed as assistant secretary of the Treasury, where he oversaw the Trouble Assets Relief Program (TARP), the bailout of the banking industry during the 2008 financial crisis.

He was dubbed the "$700 billion man," and was skewered by Congress during public testimonies when he was forced to defend multibillion-dollar cash injections.

"Overnight, Kashkari became the face of the biggest, and one of the most controversial, market interventions in American history," The Washington Post reported about Kashkari in 2009. "Even he questioned their chances of success."

CONSUMER DEBT SURGED TO $14.3T BEFORE WORST OF CORONAVIRUS CRISIS, FED SAYS

After serving seven months under presidents George W. Bush and Barack Obama, Kashkari returned to California. He joined PIMCO as managing director and member of the executive office.

He unsuccessfully ran for governor of California against Jerry Brown  in 2014, running on a platform focused on economic opportunity.

He lives with his wife, daughter and three Newfoundland dogs in Minnesota.

Source: Read Full Article

Fed notes what most Americans see: A sharp economic downturn

Bernie Marcus on reopening economy: Same rules don’t work for everyone

Home Depot co-founder Bernie Marcus shares advice for President Trump on reopening the country amid coronavirus in a manner fair for all businesses and states.

Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.

Continue Reading Below

The Federal Reserve is noting what most Americans are already acutely aware of: Economic activity contracted sharply and abruptly across all regions of the country in recent weeks as the country locked down to combat the coronavirus pandemic.
The Fed said Wednesday that the hardest-hit industries have been leisure and hospitality and retail sales, outside of essential goods like food.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The nationwide look at the coronavirus' impact on the economy came from the Fed's report known as the beige book, compiled from information supplied by the Fed's 12 regional banks. That information will be used when the Fed holds its next meeting, scheduled for April 28-29.

THERE ARE NO US FOOD SHORTAGES DUE TO CORONAVIRUS: US AG SECRETARY

The Fed has already cut interest rates at two emergency sessions, pushing its benchmark rate down to a record low near zero. The central bank has also promised to provide billions of dollars in support to keep the financial system functioning and rolled out a number of programs last used in response to the 2008 financial crisis.
The beige book report said all districts were reporting sharp declines in employment and most districts were seeing declines in manufacturing.

FED'S CORONAVIRUS STIMULUS SPARKS GOLD RUSH

"All districts reported highly uncertain outlooks among business contacts with most expecting conditions to worsen in the next several months," the report said.

CLICK HERE TO READ MORE ON FOX BUSINESS

Source: Read Full Article

Fed To Provide Up To $2.3 Trillion In Loans To Support Economy

Continuing its unprecedented steps to support the economy amid the coronavirus pandemic, the Federal Reserve announced additional actions on Thursday.

The Fed said it will provide up to $2.3 trillion in loans to assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.

“Our country’s highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus,” said Federal Reserve Chair Jerome Powell.

He added, “The Fed’s role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions today will help ensure that the eventual recovery is as vigorous as possible.”

The Fed said the specific actions it is taking include bolstering the effectiveness of the Small Business Administration’s Paycheck Protection Program by supplying liquidity to participating financial institutions.

The central bank said the Paycheck Protection Program Liquidity Facility will extend credit to eligible financial institutions that originate PPP loans, taking the loans as collateral at face value.

Additionally, the Fed said it will ensure credit flows to small and mid-sized businesses with the purchase of up to $600 billion in loans through the Main Street Lending Program.

The Treasury Department, using funding from the Coronavirus Aid, Relief, and Economic Security Act, will provide $75 billion in equity to the facility.

The Fed said it will also increase the flow of credit to households and businesses through capital markets, by expanding the size and scope of the Primary and Secondary Market Corporate Credit Facilities as well as the Term Asset-Backed Securities Loan Facility.

These three programs will now support up to $850 billion in credit backed by $85 billion in credit protection provided by the Treasury, the Fed said.

The central bank also said it will help state and local governments manage cash flow stresses caused by the coronavirus pandemic by establishing a Municipal Liquidity Facility that will offer up to $500 billion in lending to states and municipalities.

The Treasury will provide $35 billion of credit protection to the Fed for the Municipal Liquidity Facility using funds appropriated by the CARES Act.

The Fed noted it remains committed to using its full range of tools to support the flow of credit to households and businesses to counter the economic impact of the coronavirus pandemic and promote a swift recovery once the disruptions abate.

Source: Read Full Article

Stocks surge as Fed rolls out $2.3T lending program

Tech continues to be reliable in volatile stock market: Expert

Belpointe Asset Management chief market strategist David Nelson and Divine Capital CEO Dani Hughes discuss the market’s relief rally the market amid coronavirus worries.

U.S. equity markets surged Thursday morning after the Federal Reserve's plan to provide $2.3 trillion in lending to households and businesses overshadowed a surge in jobless claims.

Continue Reading Below

The Fed's initiative undergirds government efforts to combat fallout from the economic shutdown imposed to curb the spread of the COVID-19 pandemic. Traders were also awaiting the outcome of a virtual meeting between Russia, Saudi Arabia and other key oil players on curbing output to boost prices that cratered amid a price war.

The Dow Jones Industrial Average rose 275 points, or 1.1 percent, while the S&P 500 and Nasdaq Composite were higher by 1.2 percent and 0.18 percent, respectively. The benchmark S&P 500 on Wednesday exited its bear market that began on March 12, making it the second shortest in history.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 23794.93 +361.36 +1.54%
SP500 S&P 500 2782.54 +32.56 +1.18%
I:COMP NASDAQ COMPOSITE INDEX 8101.567017 +10.66 +0.13%

Thursday's gains were hampered by initial jobless claims totaling 6.6 million for the week ended April 4, outpacing the 5.25 million that economists surveyed by Refinitiv were expecting. The report raises the total number of first-time filings to 16.6 million amid disruptions including factory idlings and store closings caused by COVID-19.

Oil rallied after a Reuters report said Russia and Saudi Arabia have settled their biggest disagreements over a production cut, paving the way for a deal that could reduce output by as much as 20 million barrels per day. West Texas Intermediate crude oil, the U.S. benchmark, was up 8.01 percent at $27.10 a barrel, giving a lift to shares of energy companies.

Ticker Security Last Change Change %
XOM EXXON MOBIL CORPORATION 45.23 +1.38 +3.15%
CVX CHEVRON CORP. 86.35 +0.37 +0.43%
EOG EOG RESOURCES 43.95 -1.34 -2.97%

Disney announced the number of subscribers for its streaming service, Disney+, has nearly doubled since the beginning of February to more than 50 million. Rival Netflix has more than 160 million subscribers.

Costco reported sales rose 11.7 percent to $15.5 billion in the five weeks through April 5.

General Electric told investors its first-quarter results would fall short of its prior guidance and pulled its full-year outlook due to uncertainty caused by COVID-19.

Starbucks warned late Wednesday that it sees second-quarter adjusted earnings falling 46 percent to 32 cents a share. The coffee giant said same-store sales plunged by as much as 70 percent during the last week of March as COVID-19-related shutdowns spread.

Ticker Security Last Change Change %
DIS WALT DISNEY COMPANY 105.07 +4.00 +3.96%
COST COSTCO WHOLESALE CORPORATION 299.42 -6.55 -2.14%
GE GENERAL ELECTRIC COMPANY 7.27 -0.03 -0.41%
SBUX STARBUCKS CORPORATION 71.89 +0.33 +0.45%

Carnival Corp. gained for a fourth straight day after Saudi Arabia announced an 8 percent stake in the embattled cruise operator.

Ticker Security Last Change Change %
CCL CARNIVAL CORP. 13.11 +1.12 +9.34%
RCL ROYAL CARIBBEAN CRUISES 41.94 +4.38 +11.66%
NCLH NORWEGIAN CRUISE LINE HOLDINGS LTD. 13.61 +1.89 +16.08%

U.S. Treasurys rose, pushing the yield on the 10-year note down by 2.4 basis points to 0.742 percent.

In Europe, Britain’s FTSE and Germany's DAX rose 1 percent and 0.37 percent, respectively, while France's CAC inched up 0.08 percent.

CLICK HERE TO READ MORE ON FOX BUSINESS

In Asia, Hong Kong’s Hang Seng climbed 1.38 percent after the government announced an $18.8 billion stimulus package.  Elsewhere, China’s Shanghai Composite added 0.37 percent and Japan’s Nikkei slipped 0.04 percent.

Source: Read Full Article