Fed's Powell: Don't assume Fed can thwart default fallout

(Reuters) – The Federal Reserve may not be able to shield the economy and financial markets from the effects of a U.S. debt default, the central bank’s chief said on Wednesday as he urged Congress to raise the country’s debt limit to avoid that catastrophic risk.FILE PHOTO: Federal Reserve Chair

Analysis-Weak August U.S. jobs report throws doubt on Fed taper

WASHINGTON (Reuters) – The weak U.S. jobs report for August complicates what had seemed a clear path for the Federal Reserve to begin trimming its bond purchases, undershooting the expectations of the central bank’s most hawkish members and signaling the coronavirus Delta variant has begun to affect the recovery in

Afghanistan’s central bank governor tells of his escape as the Taliban closed in on Kabul

The former governor of Afghanistan’s central bank has told Sky News how he escaped the country with only the clothes he was wearing “and one shoe”. Ajmal Ahmady, who was also an adviser to former president Ashraf Ghani, spoke as efforts continue to get people out of Afghanistan while the

European shares fall on inflation, pandemic woes

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 29, 2021. REUTERS/Staff(Reuters) – European shares fell on Wednesday as worries about rising inflation and the Delta variant of the coronavirus hit economically sensitive sectors, even as technology stocks tracked an

Man dies in central North Island crash on Raetihi Ohakune Rd

A man has died following a crash in the central North Island this morning. A police spokeswoman said the crash on Raetihi Ohakune Rd near Ohakune was reported to police around 7.55am, but is believed to have occurred at some point earlier this morning. A man was found dead in

Fed moves closer to joining global peers in climate-change fight

(Reuters) – The Federal Reserve is moving closer to joining an international group of central bankers working to understand and reduce climate change risk, paving the way for the world’s most influential central bank to help shape global financial markets’ response to a warming world.Slideshow ( 2 images )Fed Chair

Uneven U.S. job market recovery points to need for focused fiscal aid

NEW YORK/SAN FRANCISCO (Reuters) – The big decline in the U.S. unemployment rate last month suggests the economy needs less a broad pandemic relief package than targeted support for hard-hit sectors, even as an unprecedented surge in COVID-19 cases raises questions about the durability of the job market rebound.FILE PHOTO:

Serbia commemorates daring World War Two airlift mission with monument

Slideshow ( 4 images )PRANJANI, Serbia (Reuters) – A monument shaped like a military transport plane was unveiled on a Serbian hillside on Saturday, commemorating the rescue of hundreds of allied pilots who were shot down by German forces during World War Two. About 500 airmen, mostly Americans, were brought

Global central banks pull out all stops as coronavirus paralyzes economies

SYDNEY (Reuters) – The U.S. Federal Reserve and its global counterparts moved aggressively with sweeping emergency rate cuts and offers of cheap dollars to help combat the coronavirus pandemic that has jolted markets and paralyzed large parts of the world economy. The coordinated response from the Fed to the European

Fed slashes rates, global central banks coordinate to cushion coronavirus blow

WASHINGTON (Reuters) – The U.S. Federal Reserve and global central banks moved aggressively on Sunday to buttress a world economy unraveling rapidly amid the coronavirus pandemic, with the Fed slashing interest rates to near zero, pledging hundreds of billions of dollars in asset purchases and backstopping foreign authorities with the