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Added on the 23/04/2019 07:21:06 - Copyright : Wochit
The US Federal Reserve holds interest rates at a 23-year high. "Today, the FOMC (Federal Open Market Committee) decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings," announces US Fed Chair Jerome Powell. SOUNDBITE
"The median projection for real GDP growth stands at just 0.5 percent this year and next," says US Federal Reserve Chair Jerome Powell. SOUNDBITE
"The recovery is incomplete and risks to the economic outlook remain," US Federal Reserve Chair Jerome Powell says during remarks in Washington. SOUNDBITE
A Morning Consult poll finds that four in five Americans want Biden to prioritize federal aid. The top two concerns of the voters were small business aid and stimulus checks. Respondents also indicated favorability of extending mortgage forbearance policies. They also favored increasing unemployment benefits and raising taxes for the wealthy. Treasury Secretary nominee Janet Yellen affirmed Biden's stance on aid in her confirmation hearing. Biden lists a quick economic recovery from the pandemic at the top of his to-do agenda.
Inflation may be rearing its ugly head in the US economy sooner than predicted. According to Business Insider, a recovery of the US's hardest-hit businesses could drive a faster-than-expected rebound for inflation. The US Federal Reserve aims to reach inflation of at least 2% before considering lifting its benchmark interest rate. However, price growth has trended below that level for years and fell further at the start of the pandemic. Kansas City Fed President Esther George said Tuesday that struggling industries could be placing outsized downward pressure on inflation. She added that a swift economic reopening could see businesses in travel and hospitality could rapidly bounce back--thereby driving inflation higher.
Politico and AP are reporting that Joe Biden has found his attorney general. Biden will nominate Judge Merrick Garland as his attorney general. Garland has been a judge on the US Court of Appeals in Washington, DC, since 1997. He began his legal career at the Justice Department under President Jimmy Carter in the 1970s. In March 2016 Pres. Barack Obama nominated him to succeed Antonin Scalia to the Supreme court. His nomination was scuttled after Republicans stonewalled it.
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