Source: Factset
Treasury Secretary Janet Yellen said that her agency lacks sufficient resources to oversee an economic recovery that still has “a long road ahead” and called on Congress to provide her with more funds.Credit.Erin Scott for The New York Times
Treasury Secretary Janet L. Yellen warned on Thursday that her agency lacked sufficient resources to oversee an economic recovery that still has “a long road ahead” and called on Congress to provide her with more funds to oversee a sprawling set of relief programs.
In testimony before a House appropriations subcommittee, Ms. Yellen expressed confidence that the end of the pandemic recession was in sight, but said that the Treasury Department is facing an overwhelming task in disbursing hundreds of billions of dollars of relief money with the same budget that it had a decade ago. The Treasury Department has been central to the federal government’s response to the health crisis, funneling stimulus payments and aid to mi
Facing a national decline in Covid-19 vaccination rates and an underwhelming response to vaccines in its own stores, the U.S. pharmacy chain CVS will offer a chance at money, vacations and a Super Bowl trip to persuade the unvaccinated to start going in for their shots. CVS said in April that it could administer 25 million shots each month, but as of this week it had only administered about 17 million doses in total as mass vaccination sites.
Stocks Rebound After Fed Signals Interest Rates Will Remain Low
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Federal Reserve Will Keep Rates Near Zero
The Federal Reserve Chair, Jerome H. Powell, said on Wednesday that he expects the economy to continue improving this year but plans to keep interest rates near zero until employment increases.
Today, the FOMC kept interest rates near zero and maintained our sizable asset purchases. These measures, along with our strong guidance on interest rates, and on our balance sheet, will ensure that monetary policy will continue to deliver powerful support to the economy until the recovery is complete. Indicators of economic activity and employment have turned up recently. Although the sectors of the economy most adversely affected by the resurgence of the virus and by greater social distancing, remain weak. The unemployment rate remains elevated at 6.2 percent in February. This figure understates the shortfal
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How Democrats Hope to Press Their Advantage on the Stimulus
Our political reporter lays out Democrats’ messaging goals for the relief bill as they eye the midterms.
Credit.Photo illustration by Antonio de Luca; Photo by Mandel Ngan/Agence France-Presse Getty Images
President Biden signed his $1.9 trillion coronavirus relief bill into law yesterday, a move that will send $1,400 stimulus checks to many Americans, strengthen a wide range of social programs and step up investment in vaccine distribution. A few hours later, he went on national television to trumpet the achievement. And this afternoon, he celebrated it in a Rose Garden ceremony, joined by Democratic leaders in Congress.