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Federal Reserve Chairman Jerome Powell revealed his game plan for pandemic recovery and it calls for a slow tapering of stimulus efforts. |
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Fed Chair Powell prescribes slow taper for smooth recovery The Federal Reserve considered three distinct paths to pulling the economy through the final stretch of the pandemic -- continue business as usual, rip off the stimulus Band-Aid all at once, or slowly taper the bond-buying activity that has kept the economy afloat. In a post-meeting interview, Fed Chair Jerome Powell revealed the path. Powell announced that The Fed would gradually ween the economy off the stimulus efforts through mid- 2022, allowing the central bank to monitor and respond to mitigating factors such as inflation and unemployment. Powell also mentioned the possibility of raising interest rates next year to avoid another "taper tantrum" of 2013. SEE HOW THE PLAN IS GEARED TO CREATE A BULL MARKET
Debt ceiling threatens to undo recovery, infrastructure plans While Fed Chair Jerome Powell was wrapping up his conference call, he issued a stern warning to lawmakers who were meeting behind closed doors to address the infrastructure packages. Unless a deal is struck to raise the debt ceiling, the recovery is in danger. Democrats huddled Wednesday to form a unified front in order to pass a continuing resolution to pay for the pricey infrastructure measures, but failure to accomplish the former would make the latter impossible. The risk of defaulting on loans and closing the federal government would also throw a wrench into the economic recovery. SEE WHAT POWELL WARNED WOULD HAPPEN WITHOUT A CR
Stock markets react favorably to news from Fed, Evergrande After suffering recent losses, U.S. and global stocks responded positively to the news that the Federal Reserve was calling for a slow taper. However, it was a different development a half-a-world away that might have provided the biggest confidence boost for investors. Chinese real estate empire Evergrande agreed to a plan that would prevent it from defaulting, which would have widespread impacts for investors. The markets rallied on the news before Powell took the mic, although his words were reassuring enough to hold the gains. FIND OUT WHAT THE 1-2 PUNCH WILL MEAN FOR INVESTORS
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Markets
| DJIA | 34,258.32 | 1.00% |
| S&P 500 | 4,395.64 | 0.95% |
| Nasdaq Composite | 14,896.85 | 1.02% |
| Japan: Nikkei 225 | 29,639.40 | -0.67% |
| UK: FTSE 100 | 7,127.50 | 0.62% |
| Crude Oil Futures | 72.18 | -0.07% |
| Gold Futures | 1,772.80 | -0.34% |
| Yen | 109.98 | 0.16% |
| Euro | 1.17 | 0.35% | | * As of market close |
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Haitian border crisis another thorn for Biden
Fresh off an embarrassing withdrawal from Afghanistan and a divisive defense pact among allies, the last thing President Joe Biden needs is a domestic crisis. But the arrival of thousands of Haitian refugees at the southern border is turning into another quagmire for his administration. Biden has claimed that the refugees will be returned to their home countries, and the military has flown thousands back to Haiti in recent days. However, there are reports that some of the refugees will be allowed to stay in the U.S. pending their immigration status hearings, angering border hardliners. Adding to the public relations debacle are the images coming out of the encampment of mounted agents herding refugees. FIND OUT WHY SOME OF THE HAITIANS ARE STAYING IN THE US
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FDA approves Pfizer booster: Who gets it?
The FDA granted emergency use authorization for a booster dose of Pfizer's COVID vaccine Wednesday night, but the bigger debate could be over who gets to take it first. The FDA is calling for ages 65 and older, high-risk individuals and frontline workers to go to the front of the line. But the CDC has to sign off on the plan when it meets today, and it has the power to tweak the FDA's recommendations. Those can range from the timing and amount of the dosage to who gets the first shots and when. Assuming there are no major changes, shots could begin by month's end. FIND OUT WHAT THE STUDIES SUGGESTED ABOUT BOOSTERS
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Winning lottery ticket sold at NYC pizzeria
Did you hear the one about the guy who walked into a New York pizzeria for a slice and walked away with all the dough? It's the not the intro a bad joke but rather a real-life Big Apple fairy tale for one lucky lotto player who has yet to be identified as the winner of Tuesday's Mega Millions drawing. A patron at a Manhattan pizzeria became a multi-millionaire after picking up the winning lottery ticket worth $432 million (only $315 million for a one-time payment). No matter how you slice it, that'll buy lots of pepperoni pies -- and a chain of pizzerias - but only after Uncle Sam takes a big bite. FIND OUT HOW MUCH THE LUCKY LOTTERY WINNER PAY IN TAXES
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A whole 'lotto' numbers
The Mega Millions lottery drawing features 70 numbered balls. Since the national lottery's launch in 1996, what number has been drawn the most? Wednesday’s answer:According to a whopping 36% of trick-or-treaters, the most popular Halloween candy is the Reese's Peanut Butter Cup. SEND YOUR ANSWER HERE TO SHOW OFF YOUR KNOWLEDGE
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Fast Start for friends
There's no better way to start your day than by waking up with Fast Start, except perhaps sharing it with friends. Spread the word by forwarding today's copy to your crew and tell them to let us know you sent them. HERE'S THE EMAIL ADDRESS YOUR FRIENDS WILL NEED
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