Election Day could turn into "Election Week" with rise in mail ballots, How China trade war may slow economic growth, Expensify emails its customers telling them to vote for Biden. Postal Service awards $5 million contract to DeJoy's former company, Battleground Tracker: Latest polls, state of the race and more, 5 things to know about CBS News' 2020 Battleground Tracker, CBS News coverage of voting rights issues. Get the latest breaking news delivered straight to your inbox. These businesses are a principal source of job creation, something we will need sorely as people seek to return to work. The response here in the United States has been particularly swift and forceful. The Dow lost more than 420 points, or 1.6%, with the S&P 500 and the Nadsaq also slumped. "But fitting trade policy uncertainty into this framework is a new challenge. This trade off is one for our elected representatives who wield powers of taxation and spending. Federal Reserve Chairman Jerome Powell delivers his latest views on the economy Tuesday morning to a virtual gathering of the National Association for … Jerome Powell: (05:53) While unemployment and inflation in the U.S. both remain low, the domestic economy is also slowing down after a growth spurt last year, Powell said. Jerome Powell: (00:00) How do I vote in my state in the 2020 election? Can new outbreaks be avoided as social distancing measures lapse? The current downturn is unique in that it is attributable to the virus and the steps taken to limit its fallout. And what will be the scope and timing of new therapies, testing or vaccine? AstraZeneca, Johnson & Johnson to resume COVID-19 vaccine trials, Trump campaign asks court to stop Nevada from counting early votes, Cop fired after fatally shooting Black teen in Waukegan, Illinois, Trump on Kamala Harris: U.S. won't have female socialist president, Democrats' Senate hopefuls are raising serious cash and spending it, Far-right group member charged with rioting at George Floyd protests, Iconic bookstore makes plea to customers in effort to stay open. This downturn is different from those that came before it. Setting trade policy is the business of Congress and the Administration, not that of the Fed.". While the Coronavirus economic shock appears to be the largest on record, the fiscal response has also been the fastest and largest response for any post-war downturn. Jerome Powell: (04:53) Jerome Powell: (06:56) ....My only question is, who is our bigger enemy, Jay Powell or Chairman Xi? Battleground Tracker: Biden leads in Wisconsin, has edge in Arizona, A behind-the-scenes look at how mail-in ballots are processed. While we’re all affected, the burden has fallen most heavily on those least able to bear it. But the recovery may take some time to gather momentum, and the passage of time can turn liquidity problems into solvency problems. Recall though that the Fed has lending powers and not spending powers. Jerome Powell: (00:54) We are seeing a severe decline in economic activity and employment, and already the job gains of the last decade have been erased. Be in the know. Get a weekly digest of the week’s most important transcripts in your inbox. First published on August 23, 2019 / 12:31 PM. Although "monetary policy is a powerful tool that works to support consumer spending, business investment and public confidence, it cannot provide a settled rulebook for international trade," he added. Though Fed meetings don’t have much drama in the COVID-19 era, any speech by Fed Chairman Jerome Powell can still put investors on the edge of … “Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses,” Powell said in a speech at a virtual annual meeting held … He said the economic path ahead is “highly uncertain,” Washington will need to spend more to avoid lasting damage, and 40% of households earning less than $40k lost a job in March. Copyright © 2020 CBS Interactive Inc. All rights reserved. Second, liquidity and funding measures, including discount window measures, expanded swap lines with foreign central banks and swift treasury backing to support smooth functioning in money markets. There was no economy threatening bubble to pop and no unsustainable boom to bust. The virus is the cause, not the usual suspects. Scientists find first-ever "murder hornet" nest in the U.S. What is ballot harvesting — and should you hand your ballot to a stranger? The result could be an extended period of low productivity growth and stagnant incomes. The coronavirus has left a devastating human and economic toll in its wake as it has spread around the globe. Jerome … News provided by The Associated Press. But he pointed to evidence of weakening global economic growth, suggesting that uncertainty stemming from the escalating trade war between the U.S. and China is contributing to the slowdown. The lower inflation levels of recent decades have brought a series of long expansions, often accompanied by the buildup of imbalances over time. Since the pandemic arrived enforced just two months ago, more than 20 million people have lost their jobs. After rapidly cutting the federal funds rate close to zero, we took a wide array of additional measures to facilitate the flow of credit in the economy, which can be grouped into four areas. He said the economic path ahead is “highly uncertain,” Washington will need to spend more to avoid lasting damage, and 40% of households earning less than $40k lost a job in March. Mr. Trump also said that he "hereby ordered" U.S. companies to find new supply chains or move their operations to the U.S. As if to prove Powell's point, financial market sank Friday following the latest signs of trade discord. Transcribe Your Own Content. Jerome Powell: (03:03) While the economic response has been both timely and appropriately large, it may not be the final chapter given that the path ahead is both highly uncertain and subject to significant downside risks. Third, with additional backing from the treasury, facilities to more directly support the flow of credit to households, businesses, and state and local governments. The overall policy response to date has provided a measure of relief and stability and will provide some support to the recovery when it comes. Earlier in the post World War II period recessions were sometimes linked to a cycle of high inflation followed by Fed tightening. First, outright purchases of treasuries and agency mortgage backed securities to restore functionality in these critical markets. So have the legions of other essential workers who put themselves at risk every day on our behalf. The Associated Press contributed to this report. GM sells out first year of production of its electric Hummer. 3:59 PM ET Fri, 16 Oct 2020. And healthcare workers have been the first responders showing courage and determination and earning our lasting gratitude. At the same time, other major economies, including Europe and China, are slowing. It’s the news, without the news. President Donald Trump has repeatedly lashed out at Powell in increasingly personal terms, accusing the Fed of undermining economic growth by not moving fast enough to cut interest rates. Federal Reserve Chair Jerome Powell gave a speech today on the state of the economy amid COVID-19. Jerome Powell Speech Transcript: May 13 Coronavirus Fed Address, Congressional Testimony & Hearing Transcripts. The president promptly blamed China's move on the Fed, tweeting, "My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?". People have put their lives and livelihoods on hold, making enormous sacrifices to protect not just their own health and that of their loved ones, but also their neighbors in the broader community.
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