Powell calls cryptocurrencies ‘vehicles for speculation’

Federal Reserve Chair Jerome Powell holds a news conference following the Federal Reserve’s two-day Federal Open Market Committee Meeting in Washington, July 31, 2019.Sarah Silbiger | ReutersCryptocurrencies are largely for making bets on price increases and haven’t reached the status of payment mechanisms, Federal Reserve Chairman Jerome Powell said Wednesday.”They’re really vehicles for speculation,” the…

Correction: Bank Earnings-Preview story

In a story April 13, 2021, about upcoming earnings reports from major U.S. banks, The Associated Press erroneously reported one finding from a recent New York Federal Reserve Bank study of how Americans plan to spend federal stimulus money