Business week: choosing the same path

What’s new? (November 21-27) Four more years On Monday, President Biden announced that he was re-appointment of Jerome H. Powell for...


On Monday, President Biden announced that he was re-appointment of Jerome H. Powell for another four-year term as Federal Reserve chairman, resisting pressure from Progressive Democrats who wanted change at the top of the Fed and choosing political continuity instead. But in a move that could appease some of those progressives, Mr Biden said he would appoint Lael Brainard as Vice President. The role could give him the power to influence everything from the cost of money to the future of digital money. Mr Powell, who is expected to receive bipartisan support for his confirmation in the Senate, will have to dismantle the Fed’s extraordinary efforts last year to keep the economy going at the height of the pandemic. Now the Fed will have to figure out how to start raising interest rates, which have been just above zero since March 2020, without sending the economy into recession.

President Biden on Tuesday ordered the Department of Energy to mine 50 million barrels of crude oil of the Strategic Petroleum Reserve with the aim of helping to curb the rise in gas prices. Five other countries – Britain, India, Japan, South Korea and China – have also announced they will tap into their oil stocks. Mr Biden had unsuccessfully called on Russia and members of the Organization of the Petroleum Exporting Countries to increase oil production. High gas prices have hit Americans hard, leading some to cancel travel plans to see their families while on vacation.

High costs don’t deter everyone from travel during the holidays. The Transportation Security Administration said it plans to screen 20 million passengers at airports from Friday before Thanksgiving to Sunday after – a number almost as high as pre-pandemic levels. The push will be the airline industry’s biggest test since the start of the pandemic. Even with the increase in coronavirus cases in several parts of the country, widely available vaccines appear to have helped make this Thanksgiving different from last year, when the country was experiencing an explosion in cases of the virus.

On Friday, the Labor Department will release its employment report in November, a key measure of the strength of the US economy. The most recent report showed that the economy added more than 500,000 jobs in October after months of disappointing employment figures. Economists will be watching to see if this trend continues in what would be a sign that the impact of the pandemic on the economy could really fade away. Even so, 4.2 million fewer Americans were working in October compared to before the pandemic shutdowns, and the unemployment rate, though currently 4.6%, does not take into account the millions of workers who left. the work market. The end of extended unemployment benefits does not appear to have encouraged as many Americans to return to work as some economists and politicians had predicted.

Elizabeth Holmes, founder of the blood tests start-up Theranos, will continue to testify while defending herself against fraud charges. In three days of testimony last week, she introduced herself as someone whose best intentions have been misinterpreted. She introduced herself as a dedicated start-up founder who believed in the technology of the company and suggested that she trusted the employees at Theranos too much.

Americans enthusiastically returned to in-person shopping on Black Friday, the day after Thanksgiving, even amid the specter of shortages. But as Wire cutter Note, many offers to buy will run until Monday, known as Cyber ​​Monday. If you’ve got your heart on any gadgets this holiday season, it is probably better to act quickly than to wait for the agreements. And for those who are more inclined to spend their extra income on charitable causes, there’s Giving Tuesday, introduced almost a decade ago. Last year, Americans gave $ 2.5 billion on Giving Tuesday, a 25% increase from 2019.

Stocks fell on Friday after reports of a new variant of coronavirus in South Africa. Jamie Dimon, CEO of JPMorgan Chase, said the bank would outlive the Chinese Communist Party, then quickly regretted his comment. Samsung will build a $ 17 billion semiconductor plant in Texas, a boost to bipartisan efforts to persuade chipmakers to build more components in the United States. A fourth wave of coronavirus infections in EuropeThis should hurt the region’s fragile economic recovery.

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Newsrust - US Top News: Business week: choosing the same path
Business week: choosing the same path
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