Fed Seeks Economic Soft Landing, Rarely Seen in Wild: QuickTake
Federal Reserve Chair Jerome Powell and his colleagues are embarking on a delicate task: They’re trying to use higher interest rates to bring down sky-high inflation without crashing the U.S. into a recession. The ideal result would be what economists call “a soft landing.” Steering the U.S. economy toward one has been made immeasurably harder by Russia’s invasion of Ukraine and the aftershocks that’s triggered in global energy, commodity and financial markets.
washingtonpost.comFed Seeks Economic Soft Landing, Rarely Seen in Wild: QuickTake
Federal Reserve Chair Jerome Powell and his colleagues are embarking on a delicate task: They’re trying to use higher interest rates to bring down sky-high inflation without crashing the U.S. into a recession. The ideal result would be what economists call “a soft landing.” Steering the U.S. economy toward one has been made immeasurably harder by Russia’s invasion of Ukraine and the aftershocks that’s triggered in global energy, commodity and financial markets.
washingtonpost.comFed Seeks Economic Soft Landing, Rarely Seen in Wild: QuickTake
Federal Reserve Chair Jerome Powell and his colleagues are embarking on a delicate task: They’re trying to use higher interest rates to bring down sky-high inflation without crashing the U.S. into a recession. The ideal result would be what economists call “a soft landing.” Steering the U.S. economy toward one has been made immeasurably harder by Russia’s invasion of Ukraine and the aftershocks that’s triggered in global energy, commodity and financial markets.
washingtonpost.comBiden says he's decided on treasury secretary nomination
WASHINGTON – President-elect Joe Biden said Thursday that he has decided whom to nominate as his secretary of the Treasury Department. Either would be the first woman to serve as treasury secretary. Both Bostic and Ferguson are Black, and either would be the first Black treasury secretary. Brainard also advised President Bill Clinton and was floated as a potential treasury secretary if Hillary Clinton had won the 2016 election. He says, “They all acknowledge this is going to take a massive education campaign.”Biden’s treasury secretary would lead his economic team as many businesses and Americans struggle while the pandemic continues.
Ex-Fed Chair Yellen advises Biden on virus economic fallout
Former Federal Reserve Chair Janet Yellen was among a team of advisers who briefed Joe Biden on Thursday about the economic fallout from the coronavirus. The presumptive Democratic presidential nominee and his newly chosen running mate, California Sen. Kamala Harris, participated in the briefing from separate, socially distanced tables at a hotel in Wilmington, Delaware. Word of Yellen's advising Biden is also significant because Biden's campaign had previously been guarded about who was providing it economic expertise. The group was also joined by the Biden campaign's senior policy advisor, Jake Sullivan. ___Associated Press Economic Writer Martin Crutsinger in New York contributed to this report.
Johnny Mandel, the Oscar- and Grammy- winning composer, dies
FILE - Johnny Mandel appears at the National Endowment for the Arts Jazz Master Awards Ceremony and Concert in New York on Jan. 11, 2011. Mandel, the Oscar- and Grammy- winning composer, arranger and musician, died Monday, June 29, 2020, of a cardiac ailment at his home in Ojai, Calif. There are many ways to describe the legendary composer Johnny Mandel. I just work with whats there and try to do the best with whats there.As an arranger, Mandel worked with some of the greatest singers of his time. Why didnt you write the lyrics to The Shadow of Your Smile? Mandel told the NEA.
Alan Greenspan says inflation 'is inevitably going to rise' as deficit balloons over $1 trillion
Former Federal Reserve Chairman Alan Greenspan warned Tuesday that inflation is going to pose a larger threat to the U.S. economy as budget deficits continue to rise. But if we go further than we are currently, inflation is inevitably going to rise," the 93-year-old ex-central bank chief said on CNBC's "Squawk on the Street." That has come even though the 3.5% unemployment rate is the lowest it's been in 50 years. Fed economists closely watch what is known as the Phillips curve, which traditionally has indicated that lower inflation will drive higher wages and push inflation gauges up simultaneously. As those excess dollars float through the system, that historically has driven inflation higher.
cnbc.comGreenspan says 'there is no barrier' to negative yields in the US
Former Federal Reserve Chairman Alan Greenspan said nothing is stopping the U.S. from getting sucked into the global trend of negative yielding debt, Bloomberg reported Tuesday. "There is international arbitrage going on in the bond market that is helping drive long-term Treasury yields lower," Greenspan said in a phone interview. "There is no barrier for U.S. Treasury yields going below zero. With global central banks engaging in unprecedented monetary easing, a record $15 trillion of government bonds worldwide now trade at negative yields. "Why people continue to buy long-term Treasurys at such low yields may be also due to forces having altered people's time preferences," Greenspan said.
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