Economy
Fed keeps interest rates near zero but notes ‘strengthened’ US economic recovery
The Federal Reserve said Wednesday that it would maintain ultra-low interest rates and reaffirmed its commitment to other easing policies even as the U.S. economic recovery from the coronavirus pandemic rapidly strengthens.
The U.S. central bank, as widely expected, held the benchmark federal funds rate at a range between 0% and 0.25%, where it has been since March 2020, when COVID-19 forced an unprecedented shutdown of the nation’s economy. Since June, the Fed has also been purchasing $120 billion in bonds each month, a policy known as “quantitative easing” that’s designed to keep credit cheap.
Hong Kong to Test All Foreign Helpers After Variant Found
Hong Kong will quarantine residents of a roughly 400-unit apartment building for 21 days and test all of the city’s foreign domestic helpers after finding the first locally acquired case of a Covid-19 variant.
The infected person was a 39-year-old domestic helper living in a building in the Caribbean Coast complex in the Tung Chung neighborhood, the government said. A 10-month-old baby who lived with her was also infected, it said.
There’s a little deli in Paulsboro, New Jersey, called Hometown Deli. It is mostly unremarkable except that it is publicly traded, on the stock market, where it is valued at over $100 million, for some reason.
Normally when you buy stock, you are thinking about things like growth, or future earnings. But this deli is just one deli. It does not appear to be growing into more delis. So … what is it doing on the stock market? How do we even know about it? It’s probably not the chicken parm. Today on the show, what the $100 million deli tells us about how the stock market works.
New COVID test key to saving Alaska’s salmon season, fishing jobs
Out in Alaska’s Aleutian Islands is the remote town of Unalaska, home to just over 4,300 people who predominantly work in the commercial fishing and seafood processing industry. Every year, thousands of fishermen migrate to the port of Dutch Harbor to take part in Unalaska’s salmon season.
The National Oceanic and Atmospheric Administration’s (NOAA) annual yearbook of fishing statistics has ranked Dutch Harbor as the top U.S. port for its volume of seafood for 22 years in a row. The agency’s most recent report, released in February 2020, found that the port brought in 763 million pounds of seafood, worth roughly $182 million, in 2018.
Environment
Extent Of Toxic DDT Dumping Off Los Angeles Coast Is ‘Staggering’
A new report from the Scripps Institution of Oceanography in California found a massive graveyard at the bottom of the seafloor between Santa Catalina Island and Los Angeles of a toxic chemical known as dichlorodiphenyltrichloroethane (DDT).
Scientists used underwater drones with sonar technology to map out 36,000 acres of the seafloor between Santa Catalina Island and Los Angeles, where they found at least 27,000 barrels of DDT and an excess of 100,000 total debris objects.
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The post Daily Digest 4/28 – Fed keeps interest rates near zero but notes ‘strengthened’ US economic recovery, Hong Kong to Test All Foreign Helpers After Variant Found appeared first on Peak Prosperity.
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