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Powell says Fed 'a ways off' from tapering economic support

July 14 (Reuters) – Wells Fargo & Co swung to a profit in the second quarter, the bank said on Wednesday, as it released funds set aside to cover soured loans, while costs tied to its years-old sales practices scandal stabilized.

Analysts on average had expected a profit of 95 cents per share, according to estimates from Refinitiv.

Below are the earnings highlights for Wells Fargo & Co (WFC):

Citigroup Inc. earnings at a glance:

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Analysts had expected the company to earn $0.17 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

Infosys Ltd earnings at a glance:

Excluding items, adjusted earnings for the quarter was $1.07 per share, compared to $2.35 per share in the same quarter of 2019. On average, 17 analysts polled by Thomson Reuters expected the company to report a loss of $1.40 per share for the quarter. Analysts’ estimates typically exclude special items.

Passenger revenues for the quarter declined 53 percent to $5.34 billion from the same quarter in 2019.

The airline noted that domestic leisure travel is fully recovered to 2019 levels and there are encouraging signs of improvement in business and international travel.

Looking ahead to the third quarter, the company expects revenues to decline 30 to 35 percent and capacity to be down 28 to 30 percent.

Powell says Fed 'a ways off' from tapering economic support

Federal Reserve Chairman Jerome Powell plans to tell Congress on Wednesday that the U.S. economy is "a ways off" from where it needs to be in order for policymakers at the U.S. central bank to begin scaling back the massive monthly bond purchases.

In remarks prepared for the House Financial Services Committee, Powell will say that labor market conditions are improving but that there is "still a long way to go" and that achieving "substantial further progress" toward the Fed's economic goals is a "ways off."

His comments come as Fed officials grapple with how to handle the deeply conflicting economic data: Inflation is surging, with consumer prices rising at the fastest pace in 13 years last month, but job growth has been slower to reach pre-crisis levels, with some 9.5 million Americans still unemployed.