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Federal Reserve Chairman Jerome Powell has offered a sobering assessment of the U. S. economic prospects as the Covid pandemic rages: the actual unemployment rate when accounting for crisis-related exits from the labor force is closer to 10%.

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Bond issuance increased substantially in the last week of March 2020 and has remained substantially above average pre-pandemic levels.

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Gold price action advanced for its fourth-week straight as silver soared to multi-year highs thanks to a stubbornly weak US Dollar. Will gold and silver prices rise further or will Fed hawks stymie...

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Federal Reserve Chair Jerome Powell is scheduled to appear before the House Select Subcommittee on the Coronavirus Crisis later Tuesday to discuss the central bank's response to the pandemic. In prepared remarks, Powell noted the economy has shown sustained improvement since he last appeared before the committee.

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Consumer prices in the U.S. saw the biggest monthly increase in thirteen years in the month of June, according to a report released by the Labor Department on Tuesday. The Labor Department said its consumer price index jumped by 0.9 percent in June after climbing by 0.6 percent in May. Economists had expected consumer prices to rise by 0.5 percent.

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Growth in U.S. service sector activity accelerated by much more than anticipated in the month of July, according to a report released by the Institute for Supply Management on Wednesday. The ISM said its services PMI jumped to an all-time high of 64.1 in July after pulling back to 60.1 in June, with a reading above 50 indicating growth in the sector.

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Bitcoin (BTC) started the day on the front foot on the Twitter news before the latest China crypto ban hammered the market lower.

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The Federal Reserve on Wednesday released the minutes of its September monetary policy meeting, shedding some additional light on the central bank's assessment that a moderation in the pace of asset purchases may "soon be warranted."

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Australia's central bank discontinued its government bond yield target and signaled that the rate hike is possible before 2024. The policy board of the Reserve Bank of Australia headed by Governor Philip Lowe decided to leave its cash rate unchanged at a record low of 0.10 percent. However, policymakers decided to discontinue the target of 10 basis points for 2024 Australian Government bonds.

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The S&P 500 fell 1.9% and the Nasdaq 3.3%.

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