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The board, a vestige from the 1970s fiscal crisis, is a lingering motive for the city to approve a balanced budget.

Numbers in the fall will offer clearer picture of where economy is.

The request for a second municipal lending facility was made in a bipartisan letter sent to the Fed last week by four senators.

Magalie Austin takes over from Jonnell Doris, who was named commissioner for Small Business Services.

Federal Reserve Chairman Jerome Powell said the central bank is prepared to use its full range of tools and leave the benchmark lending rate near zero until the economy is back on track.

The Federal Reserve chair says it may take a while, but the U.S. economy will get back where it was before the coronavirus pandemic.

Mayor warns about a worsening budget picture amid possible roadblocks to further federal aid and more dire projections from watchdog IBO.

The Federal Reserve issued a stark warning Friday that stock and other asset prices could suffer significant declines should the coronavirus pandemic deepen, with the commercial real estate market being among the hardest-hit industries.

California may need to use interfund borrowing to get its budget into balance, Gavin Newsom said.

Market participants want the Fed to get the program up and running by the end of this month.

Fed chair warns recovery may not be quick or easy.

The central bank will disclose information on a monthly basis about its Term Asset-Backed Securities Loan Facility and its Paycheck Protection Program Liquidity Facility.

Federal Reserve officials warned the virus outbreak and a partial shutdown of the U.S. economy would result in a decline in the current quarter of historic proportions and risk the potential of massive bankruptcies that could create a lasting scar.

Federal Reserve Vice Chairman for Supervision Randal Quarles said financial strains triggered by the coronavirus have eased but “the storm” is not over and further steps may be needed to shelter the U.S. from the pandemic.

The state government, which was looking at multibillion-dollar surpluses before the coronavirus struck, is now facing a $54.3 billion of red ink.

This year's award recipients are New York City Comptroller Scott Stringer, city Deputy Director for Finance Alan Anders and Jefferies banker Kym Arnone.

Federal Reserve Bank of St. Louis President James Bullard said policymakers need to mitigate the ongoing risks from the coronavirus in the second half of the year and gradually reopen the U.S. economy to avoid deeper harm.

The city comptroller is monitoring the markets amid a projected $8.7 billion revenue gap and a possible 22% unemployment rate by the end of June.

Federal Reserve Vice Chairman Richard Clarida mixed a sobering acknowledgment of the damage inflicted on the U.S. economy by the coronavirus pandemic with an optimistic outlook for the second half of the year.

Federal Reserve Chairman Jerome Powell spoke with his Chinese counterpart on the eve of an emergency Fed interest rate cut March 3.