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The Texas freeze is still affecting industries, and the Fed sets policies
Good morning everyone, and welcome to Friday Jr., you can almost taste the weekend from here!
0:05- Powell’s policies
Yesterday marked the end of the two day Federal Reserve Board meeting, which included a speech from the chair, Jerome Powell, in which he revealed future policy steps the Fed plans to take. During his speech he said, “At the Fed, we will continue to provide the economy the support that it needs for as long as it takes.”, as well as indicating that interest rates will most likely stay between 0 and .25% until the end of 2023 as the economy continues to inch towards maximum employment and price stability. Stocks shot up following his speech, as the Dow broke 33k for the first time ever.
As a part of the recently enacted stimulus package, the US government has earmarked $10Bn for schools to increase Covid testing procedures in an effort to allow them to open back up—one of President Biden’s goals for his first 100 days in office. This recommendation follows CDC guidelines, who have found that schools are not the hotbed for the virus as they were once expected to be. Norris Cochran, Secretary of the Department of Health and Human Services, said in a statement yesterday, “Covid-19 testing is critical to saving lives and restoring economic activity.”
One of the many unexpected side effects of the Texas winter storm in February is the disruption in the global plastic supply chain. This outage, which has caused ripples worldwide, is due to the many petrochemical factories that had to be shut down as a result of the storm. While some have regained function, many are still offline more than a month after the fact, causing prices for some plastics such as Polypropylene and PVC to more than double.
After losing a final appeal in the U.K. last month, Uber announced on Tuesday that all drivers in the country would be reclassified as workers (instead of contractors). This move will require Uber to pay all drivers minimum wage, as well as providing vacations, pensions, and medical insurance.
Have a great rest of your day, and we’ll see you tomorrow bright and early!
-The 90 Second News Team
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