Fed officials warn on ‘thick fog’ ahead for US economy as recovery concerns deepen

first_imgShe called on the US central bank to commit to providing sustained accommodation through forward guidance and large-scale asset purchases, and said additional fiscal support would be “vital” to the strength of the recovery – particularly with the first round of pandemic economic support programs expiring soon.Since March, the Fed has slashed interest rates to near zero, ramped up large-scale asset purchases and launched numerous other crisis programs designed to grease the US financial system and funnel credit to households and businesses.US coronavirus cases rose in 46 out of 50 states last week and deaths rose nationally for the first time since mid-April, according to a Reuters analysis.The president of the Richmond Fed, Thomas Barkin, warned on Tuesday that US unemployment could rise again as businesses adjust to a recession likely to be longer than first anticipated and initiatives like the Paycheck Protection Program (PPP) expire. The United States economy will recover more slowly than expected amid a surge in novel coronavirus cases across the country, and a broad second wave of the disease could cause economic pain to deepen again, Federal Reserve officials warned on Tuesday.One by one, Fed policymakers have become more downbeat in recent days, resetting expectations on the recovery and cautioning that recent improvements in economic data such as job gains may be fleeting.“The pandemic remains the key driver of the economy’s course. A thick fog of uncertainty still surrounds us, and downside risks predominate,” Fed Governor Lael Brainard said in a speech to a virtual event hosted by the National Association for Business Economics. “A bunch of companies large and small are realizing this is not a two-month issue and recasting their business,” possibly jeopardizing two strong months of job growth, Barkin said in webcast remarks to the Charlotte Rotary Club.Small-business recipients of PPP loans that may have kept employees on to meet the terms of loan forgiveness may now consider laying them off as the program expires and demand remains weak.Robert Kaplan, president of the Dallas Fed, speaking on CNBC, cited “lots of overcapacity in the economy,” which he called “disinflationary.”Fed officials, after initially hoping the virus would be brought swiftly under control in the United States to allow the economy to bounce back quickly, admitted that the forecasts for economic growth made at their last policy meeting in June largely did not factor in the possibility of a second wave.The renewed surge in cases has prompted some states to dial back or pause reopenings at a time when other advanced nations around the world have been able to reopen their economies more sustainably due to successful mitigation strategies.Philadelphia Fed President Patrick Harker, also at the webinar organized by the Fed, said the increase in cases could cause more damage to the economy and to consumer confidence.James Bullard, the St. Louis Fed president, sounded a somewhat optimistic note, saying his base case is the economy continues to grow in the second half of the year, but still offered caution.“The downside risk is nevertheless substantial, and better execution of a granular, risk-based policy will be critical to keep the economy out of depression,” Bullard said in comments to the Economic Club of New York. He expects Congress by the end of the month to approve a “substantial” new fiscal package to keep households and businesses stable.Brainard warned that a broad second wave of infections could even prompt a second dip in activity as well as reignite financial market volatility at a time of greater vulnerability.“Nonbank financial institutions could again come under pressure … and some banks might pull back on lending if they face rising losses,” Brainard said.Topics :last_img read more

House on the river nabs big sale

first_img4 Elderslie St, Annandale sold for $705,000.“The living area, family room, kitchen and master bedroom all look out to the amazing views.”The home has four bedrooms, two bathrooms, two car spaces and an in-ground swimming pool.There is parkland between the home and the river offering privacy.The home also has luxury features including a spa bath in the ensuite. 4 Elderslie St, Annandale sold for $705,000.A RIVERFRONT home in Annandale has recorded the biggest sale in the suburb in nearly a year.4 Elderslie St (pictured) sold last week for $705,000 after the property was listed for sale asking for offers over $700,000. 4 Elderslie St, Annandale sold for $705,000.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020It’s the most expensive home sold in Annandale since May last year when 15 Nowranie Court in Annandale sold for $775,000.Elite Properties Townsville principal Glenda Worrall, who sold 4 Elderslie St, said the buyers were won over by the home’s location. “The people who bought it already lived in Annandale and they were going to renovate their house when they saw this property in the paper and came to the open house,” she said.“They fell in love with the location because it has river views.last_img read more

With Brisbane’s unit prices so affordable now might be the time to buy

first_imgHaesley Cush asks if enough people are taking advantage of today’s unit value.Earlier this week one of our agents was talking to me about someone who was looking for a place to buy – so far nothing is out of the ordinary.But what she said next caught my attention. The buyers had two children under 12 and they were looking for a three to four bedroom unit or two units side-by-side that they could buy now and use when their kids want to go to university in six to eight years time.Now that’s forward planning!The buyers were looking at a boutique development called London Apartments in West End. The buyer father is a GP and the family currently lives on Brisbane’s Northside. When I remarked to the agent, Elisa McMahon, that this seemed like awesome forward planning she told me of another Sydney couple who were doing the same thing.She explained that this new trend seemed to be happening for two key reasons.Firstly there was exceptional value in the Brisbane unit market and secondly they were planning early for their retirement.With many people thinking and talking about retirement, it now seems they are thinking beyond the money they’ll need but also to where they will be living.More from newsNew apartments released at idyllic retirement community Samford Grove Presented by Parks and wildlife the new lust-haves post coronavirus20 hours agoHistory is going to show that today’s apartment prices and the exceptional value they represent was a missed opportunity for many locals.The upside of any down market is for the buyer. The oldest investment principle is sell when it’s up and buy when it’s down.So it begs the question, are enough people taking advantage of today’s value? Will our southern neighbours be the benefactors of today’s prices in five years once the new casino has been finished and the occupancy rates reach high levels.Like our buyers for London Apartments, are enough people today giving consideration to where they want to retire.Because if the answer is an inner city unit, then there is probably never going to be a better time to buy than right now.With international and interstate buyers currently buying the majority of Brisbane’s apartments. The trend of Brisbane people buying for the future is a trend that I certainly hope increases.last_img read more

Former PIMCO boss takes aim at ‘high-risk, high-fees’ culture

first_imgThe founder of US bond specialist PIMCO, Bill Gross, is suing the company and its owner Allianz Asset Management of America for $200m (€176m) of bonus payments he alleges he was due, after colleagues ousted him from the firm.In a colourfully worded complaint filed in the California Superior Court in Orange County, Gross’s lawyers express his opposition to the “high-risk, high-fees” approach that had gained ground at PIMCO.The complaint – for constructive termination, breach of contract and breach of covenant of good faith and fair dealing – says Gross was well-known as an advocate for PIMCO’s investors.“He championed reasonable fees for PIMCO’s services and was vocally sceptical inside the firm of a select group of the younger executives’ desire to transform PIMCO into a high-risk, high-fee asset-management company that invested in riskier equities and leveraged real estate investments, as opposed to the stable bonds that built the firm’s reputation,” the complaint said in its introductory paragraphs. According to the complaint, for which a jury trial is being demanded, as long as Gross remained at the company, these younger executives could not transform PIMCO, increasing client risk and their own compensation.Because of this, Gross alleges he was targeted in a power struggle within the company that would eventually lead to his “wrongful and illegal ouster” from the company he founded.PIMCO, according to the complaint, “wrongly and illegally” denied Gross hundreds of millions of dollars in earned compensation.In the complaint, lawyers detail the huge bonus pool amassed at PIMCO to be divided among its managing directors.In 2013, for example, the profit-sharing bonus pool totalled $1.3bn, with Gross – who was entitled to receive 20% of it – given $300m from the bonus pool that year.The $200m he is suing for is equal to the bonus sum he alleges he was due in 2014 but not given because of the precise date of his departure.Gross left PIMCO in September 2014 and joined equities specialist Janus Capital Management.last_img read more

ISP: Altercation led to fatal officer-involved shooting

first_imgBrownstown, In. — The Indiana State Police continue an investigation into an officer-involved shooting Wednesday, outside of the Brownstown Police Department in Jackson County.The initial reports say a male, identified as Barry A. Rucker, age 53, Brownstown, Indiana along with a female arrived at the Brownstown Police Department together shortly after 8 a.m.  Rucker and the female were involved in an altercation outside of the police department which prompted a 911 call from a passerby.  Two officers from the Brownstown Police Department soon arrived on scene.After the officers arrived, an altercation occurred between the officers and Rucker.  During the altercation, Rucker produced a gun, prompting both officers to fire at least one round from their handguns.  Rucker was struck by at least one of the bullets fired by the officers.Deputies from the Jackson County Sheriff’s Department soon arrived on scene and assisted the Brownstown officers in administering immediate first aid to Rucker.  Jackson County EMS arrived on scene and transported Rucker to Schneck Medical Center in Seymour, Indiana where he was soon pronounced deceased by the Jackson County Coroner’s Office.None of the officers or the female acquaintance of Rucker were injured.Detectives from the Indiana State Police-Versailles Post responded to the scene and became the lead investigating agency.Barry Rucker’s family has been notified.The names of the officers involved in the incident will be posted in a future release.The Brownstown Community School Corporation briefly went on lockdown after the incident occurred until it was determined that there was no threat to any of the schools in the district.Streets located near the Brownstown Police Department were blocked off for nearly eight hours while the investigation was occurring.The investigation is ongoing.last_img read more

Remi Garde mulls over Aston Villa’s captain contenders

first_img Villa need a leader to help them claw their way out of danger and Press Association Sport assesses who could be Garde’s skipper at Villa ahead of his first game in charge against Manchester City on Sunday. Brad Guzan Aside from the departed Christian Benteke and Fabian Delph the keeper has been Villa’s most consistent performer over recent seasons. He has saved them countless points and helped keep their heads above the Barclays Premier League water. This season he has not been at his imperious best – a mistake in the 2-0 defeat to Chelsea gifted the hosts their first goal – but he has certainly not been alone. There has been precious little he could have done with most of the goals with Villa’s porous defence parting in front of him. Guzan is certainly a contender and one of the players who has led by example and taken the pressure off the dressing room in public during the last few years. Chances: 7/10 Gabby Agbonlahor The club’s longest-serving current player who has been at Villa Park since 2004 and he captained them at White Hart Lane. Questions, though, have been justifiably raised about his form and quality. He managed just eight touches of the ball in Monday’s 3-1 defeat to Tottenham – two from kick-offs – and was substituted at half-time to underline his lack of impact. He has skippered the side before and remains one of their most loyal players but the forward needs to focus on recapturing his form first before being given the chance to lead the team out again. Chances: 4/10 Micah Richards Villa’s current captain and the likely favourite to retain it but his suspension against Tottenham on Monday saw it pass to Agbonlahor. It will be interesting to see whether the defender wins the armband back against former club Manchester City on Sunday. What could count against him are his actions following the 2-1 defeat to Swansea which triggered his ban. Richards failed to keep a cool head during the game when he clashed with Federico Fernandez and, at the final whistle, let his temper boil over in the tunnel. Villa need to keep their composure during their fight. Chances 8/10 Joleon Lescott He was supposed to be the man who plugged the gap in defence when he signed for his boyhood club in the summer. Instead, he has looked a shadow of the player who helped cement Everton as a top side and won the title with Manchester City. But there is no doubting his leadership qualities and he has the experience to help advise a squad which is chronically low on confidence following seven straight defeats. Villa need to see the real Joleon Lescott and giving him the captaincy could prove a masterstroke from Garde if it inspires Lescott and those around him. Chances: 7/10 Jack Grealish A wildcard pick and perhaps unlikely but the 20-year-old could be a skipper in the making. His form has dipped recently and any talk of an England call up – now that he has declared his allegiance – should be miles away but Grealish has bonded with the fans. He is seen as their great hope and after coming through the academy ranks knows exactly what it means to be a supporter in these desperate times. The captaincy may come around to him eventually and Garde has nurtured young stars in France so Grealish could flourish under him but he will have to prove himself on the pitch first. Chances: 2/10 New boss Remi Garde will know the size of his task at Aston Villa after watching their 3-1 defeat at Tottenham on Monday, which kept them rooted at the bottom of the Barclays Premier League. center_img Press Associationlast_img read more

Video: Woman Pounds Cop with High Heel during Bar Brawl in Miami

first_imgOne of the officers took the man to the ground and his date was upset and started using her purse and high heel to hit the officer.“She was throwing her purse, her heel, everything,” Ramirez told Local 10 News.After the woman smacked the officer with her purse, a different officer pushed her to the ground.She got up, took off one of her high heels and swung it at the officer who shoved her.Witnesses claim two people were arrested, but police have not yet provided any information about the incident. A wild brawl involving Miami police officers and tipsy patrons at a Brickell bar was caught on camera.The melee happened about 1 a.m. Sunday outside Baru Latin Bar in Mary Brickell Village.“We heard a ruckus in the entrance,” Javier Ramirez, who recorded a portion of the confrontation, told Local 10 News. “A gentleman was yelling at one of the bouncers, seemed like he was intoxicated.”Ramirez said the bouncer was trying to remove the man, but the man didn’t want to leave.“The guy kind of, you know, took a swing at the bouncer and, you know, a scuffle broke out and about two or three minutes later the police arrived and that’s when everything broke loose,” Ramirez recalled.Miami shenanigans! #onlyindade pic.twitter.com/rlNhtDjG1Q— javier ramirez (@javie_ramirez7) September 22, 2019last_img read more

Sports hot stove grabs headlines

first_imgThink sports fans are above the kind of gossip and backstabbing that have become ubiquitous with Hollywood tabloids and “The Hills”? Think again. Trade rumors, driven by the same motives of inside information and voyeurism that make tabloids and reality TV so popular, are like crack to sports fans. The constant speculation and so-called “inside information” fueling these rumors is what happens when Sports Illustrated meets Us Magazine, when ESPN meets Perez Hilton and when Bob Costas meets Ryan Seacrest.Take a look around and see for yourself how much a part of life sports rumors have become. Heck, take a look in the mirror and see how much a part of your life they’ve become. The media makes big deals out of little (or nonexistent) things, and yet, we as fans flock to them, constantly checking to see if the next big trade is actually going to happen or not.Somehow, this reality never really hit home until now. But reality has finally hit me harder than a theoretical David Ortiz-to-the-Yankees rumor, and it hurts.It was NBA star Kobe Bryant, and the latest speculation about what jersey the current Laker will finish the season in, who allowed me to realize the power and influence of the trade rumor. It’s only fitting that it was Bryant who opened my eyes to it — after all, Bryant is the athlete who’s had the most rumors swirl around him for the longest amount of time.From his first trade (for Vlade Divac two weeks after Bryant was drafted) to his sexual assault trial, to the feuds with Shaquille O’Neal and Phil Jackson, to the present situation, Bryant has always been a source of attention and speculation.Now, the star is all people want to talk about when it comes to the start of the NBA season. Starting at the end of last season, it’s been a different story every week for the superstar in his latest saga: a trade out of Los Angeles. Kobe wants out of Los Angeles, Kobe wants to retire as a Laker, Chicago’s actively pursuing him, Chicago isn’t interested in him, Dennis Kucinich wants him as a running mate”last_img read more

Mid Tipp decider expected to be a tough affair.

first_imgThurles Sarsfields’ are expecting a close battle against Loughmore Castleiney in their Mid Under 21 A Hurling final this weekend.Both sides are very familiar with each other which should make for a very tight game.Sars selector Michael Maher says it will only be a few points that separate the teams in Sunday’s game at the Ragg. Maher says both sides are very familiar with each other having had regular meetings at underage level over the years.last_img

Commercials seek action over weekend fixture congestion

first_imgIt’s currently scheduled to take place a day before Commercials clash with Saint Joseph’s Miltown Malbay of Clare in the Munster Senior Club Football Semi Final with two of their players due to also line out in the hurling.The fixture congestion has left Commercials management furious and it comes as GAA HQ has tabled a discussion on how to ease fixture overcrowding.Meanwhile there are no new injury concerns for the South Tipp side ahead of their game against the West Clare side Secretary and former player George Barry says they have a strong panellast_img read more