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Tales of the Expected
Jerome Powell, chairman of the Federal Reserve, endured his latest joust with the journalistic profession, and did his best to say nothing interesting. He largely succeeded. But the latest Federal Open Market Committee meeting still left us with a few more clues on how the Fed intends to navigate through an exceptionally dangerous environment.
No changes of any kind were made to monetary policy. Rates stay on the floor, and the central bank will continue buying assets as fast as before. But its statement did acknowledge that the economy is strengthening. The Fed had no choice; failure to do this would have made the governors look silly. It also acknowledged the progress that the U.S. is making in the battle against the pandemic. This is significant because the FOMC has made vanquishing the virus a condition for removing its support for the market. This then was a tacit admission that the moment to start the phased withdrawal is coming a little closer. But
The post-Covid economic recovery looks anything but fair. Tax the titans of the pandemic!
MARK RALSTON/AFP/Getty Images
America’s economic overlords offered their first-quarter earnings reports yesterday, and the news is, as expected, good for Silicon Valley. Beyond good, in fact. The country’s tech industry is taking in unprecedented amounts of money “bonkers dollars,” as
The New York Times described it. Facebook doubled its profits; Microsoft increased its cloud business revenue by 50 percent; Apple’s iPhone sales boomed from about $29 billion to $48 billion; and Amazon, king of kings in this group, reported $108.5 billion in quarterly earnings, an increase of 44 percent from the previous year. Even lesser-known entities like Shopify, which provides software for online merchants, are on a tear.
A Crypto-Weekend
Bitcoin never sleeps, or at least it doesn’t take weekends off. It also has a strong tendency for dramatic moves on a Sunday. Here’s what happened since the beginning of last week:
At one point, bitcoin was down 20.3% from its peak just before Coinbase Global Inc. started trading Wednesday. It’s hard to believe the share debut had nothing to do with the decline. By far the biggest cryptocurrency exchange to go public, Coinbase immediately started to give ground after finding a price, and took bitcoin with it. This is a screengrab of Coinbase shares and bitcoin on Wednesday afternoon:
Bryan County News More
By allowing ads to appear on this site, you support the local businesses who, in turn, support great journalism. Pembroke American Legion Post 164 retires U.S. Flags
On March 8, the American Legion Post 164 of Pembroke gathered to retire tattered and torn United States flags.
The post thanked the city of Pembroke Mayor Judy Cooke and Pembroke Fire Chief Peter Waters for allowing them to use the North Bryan County Fire Department Training Facility to safely conduct the ceremony.
The US Code title 36, section 176 states “The flag, when in such condition that it is no longer a fitting emblem for display, should be destroyed in a dignified manner, preferably by fire.” This brings great pride to the American Legion to be able to provide this service.