Powell: US Economy May Recover “Steadily”

  • Chairman Powell said on Tuesday that the increase in infection rates poses a "significant" downside risk, "especially in the near term."
  • He said that the recent progress in vaccine research and development is good news in the medium term.
  • After four years in office, $2 billion of Trump's personal wealth evaporated.

Federal Reserve Chairman Jerome Powell said that the US economic recovery may continue to maintain a “steady” pace, but it may also lose momentum as the number of new coronavirus infections surges. He added that it was too early to stop the Fed’s emergency lending facility.

Jerome Hayden “Jay” Powell is the 16th Chair of the Federal Reserve, serving in that office since February 2018.

Chairman Powell said on Tuesday that the increase in infection rates poses a “significant” downside risk, “especially in the near term.” He added, “even in the best case, widespread vaccination is months in the future.”

“From the very start, we’ve been concerned about longer-run damage to the productive capacity of the economy,” Mr. Powell said. “We’ve got a long way to go.”

Although the non-agricultural employment in the United States has rebounded for six consecutive months, the number of new coronavirus infections has surged again, which may curb economic activity and slow the pace of economic recovery.

However, the hope of the success of the new coronavirus vaccine boosted the stock market to a record high last week.

“We’re not going back to the same economy,” Mr. Powel said, adding that the Fed, for its part, will continue to support the economy “for as long as it takes, until the job is well and truly done.”

“When the right time comes — and I don’t think that time is yet or very soon — we’ll put those tools away,” Mr. Powell said of the emergency lending programs on Tuesday.

Good News

Chairman Powell said that the recent progress in vaccine research and development is good news in the medium term, but there is still a long way to go before the US economy fully recovers from the new coronavirus epidemic. The Fed committed to using all tools” to support the economy.

The next few months may be extremely challenging. He tends to keep the Fed’s emergency loan facility for the time being. Except for one, these tools will expire at the end of this year.

Trump’s Personal Assets Drop by $2 Billion in Four Years

Trump World Tower is a residential condominium in Midtown Manhattan, New York City. The building was developed by Donald Trump and opened in 2001. The tower is located at 845 United Nations Plaza. Construction began in 1999 and concluded in 2001.

As a businessman, President Donald Trump is considered a success. He also squeezed into the Forbes rankings as a billionaire in 2016.

However, after being elected president, his net worth plummeted, and even his Forbes ranking dropped by 183 places.

According to US media reports, as a successful businessman, President Trump’s net worth was estimated to be $4.5 billion in 2016. However, in 2020, the number dropped to $2.5 billion.

After four years in office, $2 billion has evaporated. However, US media pointed out that the main reason for Trump’s decline in value was not because he was the President of the United States. It is understood that, with the exception of Trump’s $66 million campaign for president in 2016, all expenses after his election as President are paid for by American taxpayers’ money.

The US media pointed out that President Trump spends about $350 million on Air Force One and other vehicles each year, and maintains his private residence for $41 million. Since it is not the cost of serving as President of the United States, where did the $2 billion go?

The US media pointed out that President Trump has more assets in retail and real estate, but after 2017, the market in these two major areas was “weak.” President Trump’s assets have also shrunk partly, but it is still 2020 if the assets shrink substantially.

The US media emphasized that many hotels, office buildings, and his favorite golf courses under President Trump’s name have been hit by the epidemic lockdown, and some are even facing closure. The US media also stated that, except for the Trump World Tower, all other assets of the US President are currently in deficit.

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Doris Mkwaya

I am a journalist, with more than 12 years of experience as a reporter, author, editor, and journalism lecturer." I've worked as a reporter, editor and journalism lecturer, and am very enthusiastic about bringing what I've learned to this site.  

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