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On Tuesday, United States Federal Reserve officials warned a "thick fog of uncertainty" on the U.S. economy as it slowly recovers amid the surge in coronavirus cases. The U.S. central bank stated that the pandemic's second wave would cause economic pain to deepen again.
The U.S. coronavirus cases rose in 46 out of 50 states last week while deaths increased nationally for the first time since April 2020.
"The pandemic remains the key driver of the economy's course. A thick fog of uncertainty still surrounds us, and downside risks predominate," Federal Reserve's Governor Lael Brainard stated in a virtual event hosted by the National Association for Business Economics (NABE).
"The recovery likely will face headwinds for some time, calling for a sustained commitment to accommodation, along with additional fiscal support," she added.
The U.S. stock benchmarks added to gains on Tuesday afternoon trading right after Federal Reserve's announcement.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
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