Federal Reserve

A large deficit will make it harder for Congress to cut taxes or boost spending when the next recession hits, Powell said.

The Fed cut short-term rates last month for the third time this year, to a range of 1.5% to 1.75%.

He says the outlook for the U.S. economy remains favorable but that it continues to face risks.

The stock market had begun falling in early October and then accelerated after the Fed's December meeting.

The Fed chairman said the central bank is monitoring potential vulnerabilities in the banking system to ensure its continued stability.

The bankers say farmers are borrowing more money because their costs are increasing at the same time that they are bringing in less income.

Against a backdrop of rising interest rates in the economy, long-term loan rates have been running at their highest levels in seven years.

Yellen says the Fed is prepared to adjust the regulations as needed to help financial institutions.

OMAHA, Neb. (AP) — The Federal Reserve says farm income growth slowed across the Plains and western states in the first quarter as costs increased and the drought lingered. The Federal Reserve Bank of Kansas City, Mo., said Wednesday that the growth in farm income has slowed this year because farmers and ranchers are dealing with higher costs...

NEW YORK (AP) — The price of oil is higher Wednesday as traders anticipate the Federal Reserve's next steps to stimulate the U.S. economy. But a big increase in the nation's gasoline supply has damped the gains. Benchmark crude rose 53 cents to $86...