The U.S. Federal Reserve on Wednesday signaled years of extraordinary support for an economy facing a torturous slog back from the coronavirus pandemic, with policymakers projecting a 6.5% decline in gross domestic product this year and a 9.3% unemployment rate at year's end.
The S&P 500 turned positive on Wednesday after the Federal Reserve repeated its promise of support for the economy.
The U.S. federal budget deficit in May nearly doubled to $399 billion from a year earlier amid continued strong spending on coronavirus relief programs and a 25% drop in receipts, the Treasury Department said on Wednesday.
For consumers with good credit, historically low interest rates on mortgages and credit cards are an asset. But riskier borrowers are shut out of the relief.
Oil recovered its earlier losses on Wednesday, even as U.S. data showed crude inventories rose to a record high, reviving worries of a persistent glut due to weak demand.
U.S. Treasury Secretary Steven Mnuchin said on Wednesday that the U.S. economy has already begun to rebound from the coronavirus pandemic and would "improve dramatically" in the third and fourth quarters.
ConocoPhillips Chief Executive Officer Ryan Lance on Wednesday expressed surprise at the quick rebound in U.S. oil prices that slipped into the negative territory in April and said he expects prices to remain volatile in the near term.
The U.S. Federal Reserve on Wednesday signaled it would provide years of extraordinary support for an economy facing a torturous slog back from the coronavirus pandemic, with policymakers projecting a 6.5% decline in gross domestic product this year and a 9.3% unemployment rate at year's end.
U.S. Treasury Secretary Steven Mnuchin said on Wednesday he would seriously consider more direct payments to individuals in the next phase of coronavirus rescue legislation, adding that funds should also be targeted to help sectors struggling to reopen, including hospitality and tourism.
Fiat Chrysler and Peugeot maker PSA face a lengthy EU antitrust investigation after they declined to offer concessions in a bid to allay EU antitrust concerns about their planned $50 billion merger, people familiar with the matter said on Wednesday.
The dollar extended losses, dropping to a fresh three-month low against a basket of major currencies on Wednesday after the Federal Reserve made no policy changes, as expected, and pledged to continue its asset purchases aimed at stabilizing a U.S. economy that has been ravaged by the novel coronavirus.
U.S. consumer prices fell for a third straight month in May and underlying inflation was weak as demand for goods and services remained subdued amid a recession caused by the COVID-19 pandemic.
Twenty-six drug manufacturers were sued on Wednesday by the attorneys general of most U.S. states and several territories, which accused them of conspiring to reduce competition and drive up generic drug prices.
The S&P 500 was down slightly in choppy trading on Wednesday after the Federal Reserve repeated its promise of support for the economy but projected a 6.5% decline in gross domestic product this year.
Ford Motor Co said on Wednesday it will recall 2.15 million U.S. vehicles with potentially faulty door latches.