Business Week: Biden’s Safety Net Package Breaks One Barrier

What’s up? (14-20 November)

One Down, One Go

On Monday, President Biden Signs a $1.2 trillion bilateral infrastructure bill into law. While not as ambitious as the $2.3 trillion plan it proposes, it provides billions of dollars for improvements to roads, ports and power lines, and to increase broadband internet access and replace dangerous leaded drinking pipes. The fate of a separate $2 trillion spending package focused on climate change, early childhood education and a wide range of social policy initiatives remains to change. Competitors say will worsen inflation. (Biden administration, reduce inflation by making businesses and workers more productive.) And the Congressional Budget Office said Thursday the package would increase the federal budget deficit. with 160 billion dollars within the next 10 years. On Friday, the social safety net bill narrowly passed the parliament but now he has a rough road ahead of him in the Senate.

Retail Rises, ‘Stay At Home’ Shares Fall

Americans are shopping. Retail sales in October, according to new government data released last week increased by 1.7 percent compared to September (Adjusted for inflation, which hit a three-year high in October, sales still rose 0.7 percent). The shift in consumer spending from services to goods during the pandemic doesn’t seem to have reversed itself, even as more people return to their entertainment outside of their homes. But signs of less time at home can be read elsewhere: Shares of some companies that saw sales soar during the pandemic, such as exercise bike company Peloton and online conferencing software Zoom Video, fell. crashed as economy reopened.

do it yourself chips

The computer chip shortage has forced automakers to halt production several times this year due to increased demand for their vehicles. Ford on Thursday announced it would fix the problem by bringing chip production closer to home. He said he signed a non-binding agreement with A US-based semiconductor supplier called GlobalFoundries Developing chips for Ford vehicles and exploring companies to expand domestic chips production. General Motors also said it wants to take a more active role in chip manufacturing and is working with chip companies to develop three types of microprocessors that meet all their computing needs.

What’s next? (21-27 November)

any day now

President Biden is expected to announce his nomination for Federal Reserve chair this week. Jerome H. Powell’s term as president expires in February. A Republican appointed as Fed governor by President Barack Obama, he has a good chance to be reappointed according to persons familiar with the internal discussions of management. But it’s also possible that the job went to Lael Brainard, a Fed governor who was pushing for the Fed. take a more active role has a more positive stance on climate finance policy and towards digital currency. Mr. Biden’s decision comes at a crucial time for the Fed, which is still grappling with the effects of a crisis. ethics scandal. The Fed is also grappling with rapidly rising inflation that once held longer-than-expected, and a labor market that has yet to fully recover the millions of jobs lost at the start of the pandemic.

Holiday Shopping Season Begins

It’s been a tough year for retailers as the pandemic has not only changed shopping habits but also led to labor shortages and supply chain disruptions. But perhaps the worst is in the past. Walmart and Home Depot Both reported gains last week that beat Wall Street expectations, and Macy’s later upgraded its full-year outlook. strong third quarter sales. Retailers are waiting record holiday shopping season, but its traditional start on Black Friday may not feel exceptional to its customers. With demand exceeding supply, the deals are unlikely to be stellar.

Apple’s New Repair Program

After years of resisting making its devices easier to repair, Apple will begin selling parts, tools, and manuals to repair its devices starting early next year. The company announced last week. For decades it was impractical for consumers to repair their own devices, meaning it was easier to buy new products. But this out of step with Apple climate action commitments. Apple’s change of mind, in July, the Federal Trade Commission’s agency is currently made it difficult to repair their devices.

Another?

Kenneth GriffinThe head of the hedge fund Citadel paid $42.3 million at an auction for a rare copy of the US Constitution, beat a hastily organized bunch of cryptocurrency fans Kim raised nearly $40 million in less than a week. Miramax sues Quentin Tarantino Plans to sell “Pulp Fiction” NFTs. John Deere, on the third try, finally reached an agreement with the striking workers. And the Los Angeles Lakers home will soon be known as: Crypto.com Arena.