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first_imgThe fresh policymaker projections start to show just how long that might take. At the median, officials see the unemployment rate falling to 6.5 percent at the end of 2021 and 5.5 percent at the end of 2022 – still a full 2 percentage points above where it was at the end of last year, representing millions of lost years of work and wages.“The ongoing public health crisis will weigh heavily on economic activity, employment and inflation in the near term and poses considerable risks to the economic outlook over the medium term,” the Fed said in its policy statement.The response has been an unparalleled level of unanimity in the outlook for monetary policy. All 17 current Fed policymakers see the key overnight interest rate, or federal funds rate, remaining near zero through next year, and 15 of 17 see no change through 2022.Even in the depths of the 2007-2009 financial crisis and recession some policymakers raised a cautionary flag about the need for higher interest rates to guard against inflation.This time that debate has disappeared. The Fed’s preferred measure of inflation is expected to be a weak 0.8 percent this year, compared to the central bank’s goal of 2 percent, and rising to just 1.7 percent at the end of 2022.At this point “we are not even thinking about thinking about raising rates,” Powell said.The decision to leave the policy rate unchanged on Wednesday was unanimous. The central bank also began shaping the longer-term measures it will use to keep the recovery as strong as possible. Officials promised to maintain ongoing Fed bond purchases at least at the current pace of around US$80 billion per month in Treasuries and $40 billion per month in agency and mortgage-backed securities – levels that may be increased later, or supplemented with other strategies.While growth may resume this year, policymaker forecasts show the rebound beginning in earnest in 2021, with economic growth for the year forecast at 5 percent.Notably, the Fed did not mark down its long-run estimates of full employment, trend growth or the federal funds rate, a sign officials feel the country may escape permanent economic damage from a health crisis that has killed more than 112,000 in a few months.“Their messaging is we are keeping rates low, but this is going to work, it is going to get us there,” said Bruce Monrad, chairman and portfolio manager at Northeast Investors Trust in Boston.On Wall Street, which had been near unchanged ahead of the Fed’s statement, stock prices ended mixed. The benchmark S&P 500 index .SPX was down about 0.5 percent whereas the Nasdaq Composite was up about 0.7 percent. Yields on US Treasuries slipped and the dollar fell against a basket of currencies.The pledge to keep monetary policy loose until the US economy is back on track repeats a promise made early in the central bank’s response to the coronavirus pandemic.That response included cutting interest rates to near zero in March and making trillions of dollars in credit available to banks, financial firms, and a wide array of companies.Powell said that while much remains uncertain, particularly the progress of the pandemic, the fiscal and monetary response has been working well so far, maintaining income support for the unemployed and limiting business failures so far.More may be needed, he said.“This is the biggest economic shock in living memory,” Powell said. The response “has been large, forceful and very quick … In a class by itself.”Topics : The US Federal Reserve on Wednesday signaled it plans years of extraordinary support for an economy facing a torturous slog back from the coronavirus pandemic, with policymakers projecting the economy to shrink 6.5 percent in 2020 and the unemployment rate to be 9.3 percent at year’s end.In the first economic projections of the pandemic era, US central bank policymakers put into numbers what has been an emerging narrative: that the shutdowns, restrictions and other measures used to battle a health crisis will echo through the economy for years to come rather than be quickly reversed as commerce reopens.Some 20 million or more people have been thrown out of work since February, and Fed Chair Jerome Powell acknowledged it could take years for them to all reacquire jobs – an economic blow that is falling heaviest on minority communities at a time when mass protests over police brutality have thrown a new spotlight on racial inequality in the United States. Powell, acknowledging the nationwide demonstrations in his opening remarks at a news briefing, said it was now the Fed’s single-minded mission to bring the job market back to where it was at the end of last year, with the unemployment rate at a record low 3.5 percent and wage gains accumulating for some of the very same lower-paid workers in the service sector that have suffered most during the recent collapse.“Twenty-two, 24 million people – somehow as a country we have to get them back to work,” Powell said via video link after the end of the Fed’s latest two-day policy meeting. “They did not do anything wrong. This was a natural disaster.”“It is a long road. It is going to take some time,” he said. “We can use our tools to support the labor market and the economy and we can use them until we fully recover.”Years-long fightlast_img read more


first_imgNEW YORK — Donald Trump hand picks apprentices on his popular television series, but the true apprentices — the ones destined to lead the Trump Organization — have much closer ties to the boardroom. They are Donald J. Trump Jr., 28, and Ivanka M. Trump, 24, and they are slowly carving out a role in their famous father’s real estate business while fashioning their own identities. In cramped offices located on the 26th floor of Trump’s Fifth Avenue headquarters, Ivanka and Donald Jr. have been learning the art of the deal from their father. “They are very formidable, very smart,” Trump said. “They will promulgate the brand throughout the world. I have no doubt about it.” The siblings are positioning themselves to run the company one day, hoping to build on their father’s successes, avoid his failures and bolster the company’s fortunes. “That’s the intention,” Ivanka says. “Ultimately, it’s a family business.” But it hasn’t been the straightest of paths to the family business for Donald Jr. and Ivanka. Donald Jr. graduated from the prestigious Wharton School of the University of Pennsylvania but spent time as a ski bum in Colorado prior to joining his father about five years ago. His father wanted him to focus on his profession, not the slopes. “He was not happy about it,” Donald Jr. recalled. Ivanka, too, decided to do something a little different after attending Wharton. She worked for New Jersey Nets owner Bruce Ratner on a massive retail development. Ivanka, who studied real estate and finance, took the suggestion of Peter D. Linneman, a Wharton professor she respected, to go out and prove she could succeed on her own merits. About a year ago, Ivanka left Ratner. Her father’s towering condo-hotel in Chicago beckoned. Today, she travels the country, inspecting property and sifting through business pitches. At night, she takes classes in construction management at New York University. Paperwork containing potential deals clutters her desk alongside a pamphlet: “A Pocket Guide to Trump: How to Get Rich.” Her title is vice president of development, but she plays it down. “We’re not so big on roles around here,” she said. “It’s pretty much my father and the rest of the company.” But don’t typecast Ivanka, a former model. “Ivanka was one of the smarter, better students,” Linneman said. “She worked hard, did her fair share and then some. She’s well-grounded and very genuine. She was not a limelight grabber.” Apparently she and her brother have bought into their father’s philosophy that they need to earn their keep. “If he didn’t think we were doing a good job, he would fire us without hesitation,” Ivanka said. Donald Jr. put it more bluntly: “In my father’s own words, he would fire us like dogs.” Donald Jr. has been with the Trump Organization longer than his sister, starting in 2001. Two years later, he began renovating a building, eventually overseeing the project. The condos are almost sold, and he’s still with the company as Trump’s executive vice president of development and acquisitions. At the moment, Donald Jr. is running his father’s biggest developments in Las Vegas and Chicago, projects worth about $2.2 billion, currently under construction. His most important moment since taking a job with his father — other than his recent marriage — came when he formed Trump Mortgage LLC. This was the first deal the son had finally brought to the company from start to finish. Getting his father to sign off wasn’t easy. “You had to have every answer worked out,” Donald Jr. said. “The second you start stammering in front of him, he’s got you.” Trump, who is not known for lavishing anyone with praise, singled out his son in front of hundreds of people at a news conference earlier this month. People who have spent time with Trump say he trusts his children and their judgment. When he opened his books to Forbes magazine to prove his wealth, Trump left his lawyers and children to answer questions — important questions. Despite the pressures of being Trump progeny, Ivanka and Donald Jr. say there are advantages in having the same last name as the boss. When people negotiate with them, they know they’re negotiating with a principal. They know the children have Trump’s attention. “They have my ear,” Trump says. “I respect them.” They can also challenge their father forcefully at times. They respect him but they’re not intimidated by his outsized personality. “There’s an openness we can have with him,” Ivanka said. If their father makes a decision and the children disagree, they can step behind closed doors and make their case again. Sometimes Trump changes his mind; other times he doesn’t. But if Trump takes the advice and it’s wrong, “you’ll never hear the end of it,” Donald Jr. says with a smile. Soon, another Trump will join the family business. In the fall, Eric, 21, a senior at Georgetown University, will arrive in New York. Donald Jr. says all three siblings have type A personalities, and all three are ambitious. And all three have the same mother, Ivana, from their father’s first marriage. Trump has two other children — Tiffany and Barron William — from his other two marriages. Tiffany is only 12 years old and Barron William was born in March. Like Ivanka, Donald Jr. was diplomatic when asked to say who will take the helm when the boss steps down. He downplayed a sibling rivalry as did Ivanka, who described her relationship with Donald Jr. as more camaraderie than competition. That’s probably true. But they’re also Trumps. “When we want something, we go for it,” Donald Jr. said. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREOregon Ducks football players get stuck on Disney ride during Rose Bowl event160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more


first_imgThe banter has already started between both sets of fans.Only after 70 minutes at Croke Park on Sunday will the bragging rights belong to either Donegal or Dublin. But that hasn’t stopped the boys from GiddyupSkits from setting the scenery for Sunday’s encounter between both sets of fans. One word – superb! Simply click on the video to enjoy!DDTV: COUNTDOWN TO CROKER – STAND-OFF IN THE SHADOW OF HILL 16! was last modified: August 27th, 2014 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:DDTVdonegaldublinGiddyupSkitslast_img read more

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