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The Federal Reserve decided no action is the best course of action for now in managing the pandemic recovery, but how much longer can it last? |
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The Fed standing its ground on economic recovery strategy The Federal Reserve held its much-anticipated meeting Wednesday with plenty of speculation about the fiscal policy-maker's next move to help the recovery. Instead, the Fed is standing firm on its current strategy with no major changes expected for at least another month. Saying the economic challenges from the 1 1/2-year pandemic "have shown improvement but have not fully recovered," the Fed decided to stick to its game plan of aggressive bond-buying, maintaining near-zero interest rates and avoiding the temptation to take a heavy-handed approach to recovery efforts. The Fed hopes to see signs of inflation and unemployment coming under control in the near future. FIND OUT IF AND WHEN THE FED WILL TAKE MORE ACTION
Markets show mixed responses to the Fed's announcement The Fed's decision to stay the course on its current recovery plan drew mixed reactions from Wall Street. The Dow finished lower, the Nasdaq closed with gains, and the S&P 500 ended trading flat --a good indication that the decision will have little effect on markets. The news also came amid strong earning reports by several heavy hitters, including Apple, Facebook, Ford, Starbucks and Boeing. Many investors were disappointed that the US central bank didn't cut back on its bond-buying program meant to ease lending conditions, but the Fed said now is not the time. Until then, expect to see continued volatility in the markets until the recovery is complete. SEE HOW STRONG EARNINGS REPORTS IMPACTED STOCKS
Biden pitches Buy American plan to boost US manufacturing President Biden returned to his native Pennsylvania to unveil his latest project to strengthen the US economy -- "Buy American." He announced his new Buy American Plan at a Mack Truck facility and promised that the policies would have a similar impact of the big rigs. Expanding the Buy American Act of 1933, Biden called for a significant increase in the percentages of products the government is required to purchase that are "Made in America," while also putting tighter requirements on companies to use the phrase on their goods. FIND OUT THE DETAILS OF THE BUY AMERICAN PROPOSAL
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Markets
| DJIA | 34,930.93 | -0.36% |
| S&P 500 | 4,400.64 | -0.02% |
| Nasdaq Composite | 14,762.58 | 0.70% |
| Japan: Nikkei 225 | 27,726.95 | 0.53% |
| UK: FTSE 100 | 7,016.63 | 0.29% |
| Crude Oil Futures | 72.43 | 0.06% |
| Gold Futures | 1,814.90 | 0.84% |
| Yen | 109.74 | -0.16% |
| Euro | 1.19 | 0.05% | | * As of market close |
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Senate votes to advance infrastructure bill
President Joe Biden scored a political victory Wednesday on Capitol Hill as the Senate voted to advance his $1.2 trillion infrastructure plan with bipartisan support. But it's only the first step in his goal to pass the bill before both chambers recess in August -- and while he still has support. The vote to advance the legislation passed 67-32, showing Biden may have the political clout to pull the needed 10 Republicans onboard. But the bill, which includes several key provisions opposed by the GOP, still hasn't been written as lawmakers scramble to include pork for their voters. SEE HOW TRUMP-REPUBLICANS ARE TRYING TO STOP THE BILL
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Warren calls out Bezos in call for wealth tax
Sen. Elizabeth Warren, D-Mass., renewed her call for a wealth tax in light of reports that the nation's billionaires got $1.2 trillion richer during the pandemic while average Americans struggled to pay for basic needs. She had one specific target in mind -- the world's richest person, Jeff Bezos. Pointing out that the Amazon founder "for many years has either paid nothing in taxes or paid 1%,†Warren said her proposal would increase taxes on the super-wealthy to pay for things like healthcare, childcare, housing, education and other social services, as well as new infrastructure and environmental projects more important than his joy rides to space. FIND OUT THE DETAILS TO WARREN'S ULTRA-MILLIONAIRE TAX
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Tech giants require employee vaccinations
Unvaccinated Americans have already been risking their lives by not getting inoculated against COVID-19. Now their livelihoods are on the line as more employers are issuing vaccine mandates to return to work. Tech giants Google and Facebook announced Wednesday that employees returning to the office must be vaccinated, joining a growing list of hospitals, manufacturing facilities and the federal government to implement the policy. The surging Delta variant has forced several employers to rethink their previously stated reopening policies and dates. FIND OUT WHEN THE VACCINE MANDATES WILL TAKE EFFECT
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Heavy medal
The US has won more than 2,800 Olympic medals in the history of the modern Games, more than triple won by what second-place nation? Wednesday's answer: Since the creation of the Consumer Confidence Index in 1952, the record low of 51.70 was set in May of 1980 during gas shortages and price hikes caused in part by the Iran Hostage Crisis. SEND YOUR ANSWER HERE TO SHOW OFF YOUR KNOWLEDGE
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