United States Federal Reserve Chair Jerome Powell says ongoing vaccinations “offer hope for a return to more normal conditions” later this year
An 86-year-old woman is being given her first dose of Moderna Coronavirus vaccine at Red Hook Neighborhood Senior Center in Brooklyn borough, New York City. Pic/AFP
US Federal Reserve Chair Jerome Powell told lawmakers on Tuesday that the US economic recovery remains uneven and far from complete, and the path ahead is highly uncertain. “The resurgence in COVID-19 cases, hospitalisations and deaths in recent months is causing great hardship for millions of Americans and is weighing on economic activity and job creation,” Powell said at a virtual hearing before the Senate Banking Committee.
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Noting that the weakness concentrated in sectors most adversely affected by the resurgence of the virus, Powell said ongoing vaccinations “offer hope for a return to more normal conditions” later this year, the Xinhua news agency reported. However, the economy remains “a long way” from the central bank’s employment and inflation goals, and it is likely to “take some time” for substantial further progress to be achieved, said the Fed chief.
“We will continue to clearly communicate our assessment of progress toward our goals well in advance of any change in the pace of purchases,” he said. The central bank last month decided to hold its policy rate near zero and continue its asset purchase programme at least at the current pace of $120 billion per month until it sees “substantial further progress” in employment and inflation. While the Congress is moving ahead with President Joe Biden’s $1.9-trillion COVID-19 relief package, Powell doesn’t see persistent inflation pressures in the coming months.
South Korea to start vaccinations Friday
South Korea’s PM Chung Sye-kyun said that the first shipment of the COVID-19 vaccines in the country marks the beginning of the long-awaited return to everyday life. “We begin the historic first vaccinations on Friday. It will be the first step in finally returning to the everyday life we have long sought,” Chung said during a daily interagency meeting.
HK to pump in $15.4 bn to help biz, residents
Hong Kong will introduce 120 billion Hong Kong (HK) dollars ($15.4 billion) in fiscal measures to help businesses and residents impacted by the Coronavirus pandemic, as it looks towards economic growth later this year following a recession in 2020. The measures - which include tax relief, loans for the unemployed and consumption vouchers — are aimed at stabilising the economy, HK Finance Minister Paul Chan said in a budget speech on Wednesday.
Russia sees lowest new cases since Oct
Russia registered 11,749 Coronavirus cases over the past 24 hours, the lowest daily increase since October 8, the country’s COVID-19 response centre said on Wednesday. The national tally has thus increased to 4,200,902, with 84,430 deaths and 3,751,562 recoveries, the centre said. Moscow, Russia’s worst-hit region, reported 1,417 new cases, up from 1,198 the previous day, taking the city’s total to 972,172, Xinhua reported.
1,73,594
No. of new cases reported globally in the past 24 hours
11,22,22,290
Total no. of cases worldwide
24,87,766
Total no. of deaths worldwide
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