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Video: Fed Won’t Raise Interest Rates Anytime Soon, Says Powell

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Fed Won’t Raise Interest Rates Anytime Soon, Says Powell

Jerome H. Powell, Chairman of the Federal Reserve, said the US economy was far from recovery and the central bank would not raise interest rates anytime soon.

The economy is far from our targets and, as I have mentioned a few times, we are strongly committed to adopting a framework for using our monetary policy tools until the job is well and truly done. When the time comes to raise interest rates, we will certainly do so during that time. By the way, it’s not the time anytime soon. Remember we are a long way from maximum employment. There is a lot of slack in the job market. Wage pressures are unlikely to rise to a level that would create – sustain higher inflation. Second, the other factor that I would like to point out is looking around the world, the shortage of demand in many large, advanced economy countries around the world with – which started this crisis at deeply negative interest rates and who had little leeway with interest. rates. Now, there are other things they can do, and they are doing, but this is all going to last a while. And the US economy is highly integrated with the rest of the world. And it’s going to matter. Surveys now show that market participants expect us not to raise rates until inflation hits 2 percent, and the labor market is strong. And that is also in line with our rate forecast. I am optimistic about the economy for the next two years. I really have, and we have to get through this very difficult time this winter with the spread of Covid. But as vaccines come out and we get Covid under control, there are plenty of reasons to be optimistic about the U.S. economy.

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Video: Watch Live: Q. and A. with Jerome Powell

TimesVideoWatch Live: Q. and A. With Jerome Powell, Federal Reserve Chairman Jerome H. Powell attends a virtual event hosted by the Princeton University Bendheim Center for Finance. By Reuters.

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Video: Biden addresses the nation ahead of the holidays

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Biden addresses the nation ahead of the holidays

President-elect Joseph R. Biden Jr. on Tuesday called for unity in tackling the coronavirus crisis and criticized the Trump administration’s handling of a recent cyberattack.

Getting the vaccine from a vial into the arms of millions of Americans is one of the biggest operational challenges the United States has ever faced – for 300 million people. And it will take us several more months for that to happen. In the meantime, this pandemic is raging. Experts – Experts say things will get worse before they get better. We have to work in a bipartisan way. This is the only way for us to overcome this, in difficult times. We have our first glimpse of bipartisanship. I applaud Congress for its economic aid package that included funding for the distribution of vaccines, a much-needed temporary help for workers, families and small businesses. In this election, the American people were clear. They want us to cross the aisle and work together on issues of national concern. The Trump administration has not prioritized cybersecurity. He did it from the elimination or demotion of cyber computers in both the White House and the State Department – to the dismissal of the director of the Cyberspace and Infrastructure Security Agency – to the irrational minimization by President Trump about the seriousness of this attack. Enough, enough. In an age where much of our life is spent online, cyber attacks must be treated as a serious threat.

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Video: Congress reaches deal on $ 900 billion coronavirus relief plan

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Congress reaches deal on $ 900 billion coronavirus relief plan

Majority leader Sen. Mitch McConnell said on Sunday night that the stimulus package would provide $ 600 in payments to Americans – half of what the government sent to many Americans in April.

Further assistance is underway. Moments ago, in consultation with our committees, the four leaders of the Senate and House finalized a deal that would be another major bailout for the American people as our citizens continue to fight this coronavirus this season. holidays. They will not fight alone. We agreed to a package of almost $ 900 billion. It is full of targeted policies that help struggling Americans who have already waited too long for workers in hardest-hit small businesses. There will be a second targeted draw of the Paycheck Protection Program. We haven’t worked so hard to save as many jobs as possible. All these months, just to fumble the ball with the vaccinations already in progress and talking about vaccines, we can undo the success of Operation Warp Speed ​​by falling asleep at the dispense switch. This agreement will therefore provide enormous sums for the logistics that will allow our fellow citizens to benefit as quickly as possible from these vital images. Of course, millions of Americans have lost their jobs and continue to lose them through no fault of their own. This program will renew and extend a number of important additional federal unemployment benefits that have helped families stay afloat in all kinds of families in all kinds of situations. It has been a difficult time at all levels. So with this particular request, a focus on President Trump and his administration, our agreement will provide another round of direct impact payments to help households make ends meet and continue our economic recovery.

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Video: Senate approves bill to avoid shutdown

TimesVideoSenate Approves Bill to Avoid Closure Congress is still divided over a stimulus deal, but on Friday, senators voted to avoid the shutdown with a week-long interim bill.

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Video: The bipartisan group of senators unveils a stimulus proposal

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Bipartisan group of senators unveils stimulus proposal

A bipartisan group of senators on Tuesday unveiled a compromise $ 900 billion stimulus package that will last until March. This would reinstate federal unemployment benefits that expired over the summer, providing additional economic relief to Americans as coronavirus cases increase.

“As we face the second or third wave of this pandemic, it is absolutely essential that we deliver emergency relief.” “In this package, we have allocated $ 11 billion for investments in CDFIs, MDIs and other institutions that will lend to these underserved communities, and it will have a good effect in the short and long term. So while it might offend some people on both sides, we think it’s a good framework, and we’re all determined to do whatever it takes to make it happen. “Covid has created a crisis, and in a crisis people expect Congress to act. And this group has come together to propose actions that could respond to this crisis. We have unemployed people. We have businesses that are shutting down. We have states and localities that are preparing to lay off large numbers of people. It is simply unacceptable for us not to respond to help under these circumstances. “We don’t blame anywhere. Basically we know they all have – there is a great need out there and the needs have been identified by so many different organizations, from all economists to all organizations, have put something in there. We’ve reached a point where we know it can give us emergency help. That’s all it is – emergency aid in the first trimester, which ends April 1. President-elect Biden will be arriving. He will be able to determine if there is more to do. It’s an emergency taking us out of this holiday season. People who lose in December. And us we just can’t leave without this fixed.

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Video: Mnuchin and Powell clash over economic outlook

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Mnuchin and Powell clash over economic outlook

Secretary of the Treasury Steven T. Mnuchin and Jerome H. Powell, Chairman of the Fed, offered senators radically different assessments of the state of the US economy and the challenges ahead.

“The unemployment rate has fallen to 6.9%, a rate not expected to be reached until the fourth quarter of 2021. The landmark bipartisan CARES law has provided essential economic relief to support our robust economy. However, further economic shutdowns continue to hamper this remarkable progress and seriously harm American businesses and workers. Based on recent economic data, I continue to believe that a targeted budget package is the most appropriate federal response. I strongly encourage Congress to use the $ 455 billion in unused CARES law funds to pass additional bill with bipartisan support. “As we have stressed throughout the pandemic, the outlook for the economy is extremely uncertain and will largely depend on the success of efforts to bring the virus under control. The increase in new cases of Covid-19, here and abroad, is worrying and could prove difficult in the coming months. A full economic recovery is unlikely until people are convinced that it is safe to re-engage in a wide range of activities. The latest news on the vaccine front is very positive in the medium term. The Fed’s response was guided by our mandate to promote maximum employment and stable prices for the American people, as well as our responsibilities to promote the stability of the financial system. We have taken broad and decisive action to support the flow of credit into the economy more directly. Our actions, taken together, have unlocked nearly $ 2 trillion in funding to support businesses large and small, nonprofits, and state and local governments since April. “

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Video: Watch Live: Biden Delivers Coronavirus Briefing

TimesVideoWatch Live: Biden briefs on coronavirusPresident-elect Joseph R. Biden Jr. to comment on his plan to fight Covid-19 and rebuild the economy.By Reuters.