Central banks have not merely inflated the bejesus out of assets prices. They have also caused the very foundations of financial markets to metastasize, yielding an endless array of new products that have no real economic function except to facilitate new forms of pure wagering.
President Joe Biden has picked Federal Reserve Chair Jerome Powell to serve a second four-year term at the helm of the central bank, while nominating Lael Brainard, the only Democrat on the Fed’s seven-member board, to serve as second-in-command at the Fed.
Democrats persuade a slim majority to approve the centerpiece of President Biden’s economic agenda, though the bill now faces an evenly divided Senate.
CVS Health Corp. announced Thursday that it will close 900 stores over the next three years, or about 10 percent of its locations in the United States, as it shifts to adding more primary-care offices at different sites.
A federal judge on Monday issued a nationwide injunction on President Joe Biden’s executive order to halt oil and gas operations on all federal lands in the name of fighting so-called climate change.
Inflation outstripped forecasts and surged above 4 per cent last month to hit its highest level in almost a decade as spiralling energy prices pushed up the cost of living.
A new budget projection shows the Democratic climate and social spending bill would add to the deficit, a finding that could further imperil support from centrist Democrats like Sen. Joe Manchin.
