U.S. economy

AP Photo/Jacquelyn Martin

Updated 7/29/20, 11:41 a.m.

WASHINGTON — Federal Reserve Chair Jerome Powell warned Wednesday that the viral epidemic is endangering the modest economic recovery that followed a collapse in hiring and spending this spring. As a result, he said, the Fed plans to keep interest rates pinned near zero well into the future.

AP Photo/Damian Dovarganes, File

Updated 6/25/20, 8:10 a.m.

WASHINGTON — The number of laid-off workers seeking U.S. unemployment aid barely fell last week, and the reopening of small businesses has leveled off — evidence that the job market's gains may have stalled just as a surge in coronavirus cases is endangering an economic recovery.

Steven Senne/AP

The Federal Reserve's decision to leave interest rates alone follows three rate cuts this year.