Economy
Fed’s Powell: Economy at an ‘inflection point’
The U.S. economy is at an “inflection point” with expectations that growth and hiring will pick up speed in the months ahead, but some risks remain, particularly any resurgence in the coronavirus pandemic, Federal Reserve Chair Jerome Powell said.
In a brief preview of a longer interview with CBS’ news magazine program “60 Minutes” set to air in full on Sunday night, Powell echoed both his recent optimism about the economy and a now-familiar warning that COVID-19 remains the main risk.
Day Traders Know a Bubble When They See One, and They Want In
It’s a bubble, according to a survey of retail stock investors. And they don’t want to miss it.
An E*Trade Financial survey found that roughly three-quarters of retail investors believe the market is “fully or somewhat” in a bubble, a 3 percentage-point increase from the previous quarterly poll. At the same time, bullish sentiment has increased, rising to pre-pandemic levels at 61%.
White House Convenes Summit To Address Supply Shortage Crippling Auto Plants
President Biden, joined by top foreign and domestic policy advisers, met virtually with 19 CEOs Monday, as his administration tries to deal with a critical supply crunch that is slowing U.S. automobile manufacturing and threatens other sectors, including national security, according to experts.
Biden, national security adviser Jake Sullivan, National Economic Council Director Brian Deese and Commerce Secretary Gina Raimondo gathered the broad range of CEOs to discuss a growing shortage of semiconductors, a key component of many computerized electronics.
‘Fear of Missing Out’ Will Drive Workers Back Into the Office
Imagine the rest of your team has gone back into the office post-Covid-19 but you’re still at home, avoiding that long commute and enjoying the sweatpants life. Just one problem. When you Zoom in, you see your colleagues laughing at jokes you didn’t hear, remarking on gossip you missed, comparing notes on projects you weren’t aware of.
You feel FOMO—fear of missing out. This is what will drive you to suit up and get back to your old desk, at least for a couple days a week, says Andy Gensler, co-chief executive officer of Gensler, the world’s largest architecture firm by revenue. “The person who’s home says, ‘They’re meeting after the meeting. I’ve got to be there,’” Cohen says in a joint interview April 12 (via Zoom) with his colleague, co-CEO Diane Hoskins.
Heinz Promises To Catch Up To Americans’ Demand Amid Ketchup Packet Shortage
From toilet paper to hand sanitizer to disinfecting wipes, the COVID-19 pandemic has led to some major shortages across the United States. While supermarket aisles may have finally returned to their fully stocked state, restaurants across the country are now facing a new and uniquely American shortage — ketchup.
“They are really sweating over it. I mean, it’s costing a lot,” says Heather Haddon, a restaurant reporter for The Wall Street Journal. “It’s, you know, a service issue. So for these restaurant owners, it’s not a laughing matter.”
Microsoft makes $20bn bet on speech AI firm Nuance
Microsoft Corp plans to buy a tech firm known for helping to develop Apple’s Siri speech recognition software in a deal valued at $19.7bn (£13.3bn).
The purchase of Nuance Communications is the second largest in Microsoft’s history, after its acquisition of networking site LinkedIn in 2016.
Microsoft said it would bolster its software and artificial intelligence expertise for healthcare companies.
Fed’s Powell warns cyber threats pose bigger danger to US economy than 2008-style financial crisis
Federal Reserve Chairman Jerome Powell warned that cyber threats pose a bigger threat to the U.S. economy than the risk of another systemic breakdown in the financial system seen during the 2008 recession.
During an interview with CBS’ “60 Minutes” that aired on Sunday night, Powell said that policymakers at the U.S. central bank believe cyberattacks on financial institutions that halt their ability to track payments could trigger a market collapse similar in magnitude to the global financial crisis.
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