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The Fed predicts there will be no change in interest rates until 2022



The Fed predicts there will be no change in interest rates until 2022

The Federal Reserve signaled Wednesday that it would likely keep interest rates near zero until 2022 – an indication that central bank policymakers see a long road to recovery from the economic collapse caused by the coronavirus pandemic.

The Fed voiced an encouraging note about improving financial conditions and predicted that the economy would make a big loss next year. But officials in general do not expect the country to return to full employment until after 2022.

The Fed’s unemployment projections remain more positive than the latest estimates from the Congressional Budget Office and many private analysts, perhaps reflecting Friday’s shock employment report for May. That shows a large increase in employment and a decrease in the unemployment rate, to 13.3% from 14.7% in April.

President Trump raised the good work news as proof that the economy would soon roar again, and some on Capitol Hill questioned whether additional pandemic assistance was needed.

The prospect of the Fed “could take some steam out of those who are arguing for a V-shaped recovery,” said Christopher Rupkey, chief financial economist at MUFG Bank, referring to the relatively fast and complete rise from the decline.

The Fed has worked hard to stabilize financial markets, and its statement Wednesday reaffirmed its promise to keep interest rates low, continue to buy large-scale bonds and operate various loan programs as long as necessary.

Fed Chair Jerome H. Powell has previously indicated, however, that the central bank can only do so much and that more action from the White House and Congress is needed in connection with the extraordinary economic casualties of the health crisis.

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Although there were an additional 2.5 million jobs in May, payroll employment has fallen 19.6 million since February, and millions of people have left the workforce.

The Fed is projecting an average unemployment rate of 9.3% in the fourth quarter, down to 6.5% in the last months of 2021, according to the median estimates from Fed officials. The range of projections is very broad, with some estimating unemployment as low as 4.5% and some estimating as high as 12% in the fourth quarter of 2021.

Unemployment was at a 50-year low of 3.5% in February before the COVID-19 outbreak in the US.

Congress has approved about $ 3 trillion in various pandemic relief measures.

In pushing for more fiscal support, Powell has been careful not to be drawn into a very partisan vortex around the pandemic and Washington’s response to it, especially from Trump’s and anti-Trump camps.

And at a press conference Wednesday afternoon, Powell is likely to do a political tap dance around polarized conditions, because he has more than 2½ years of his tenure as chairman of the US central bank.

Trump recently praised Powell for responding quickly and aggressively to the collapse of economic activity, but for most of the previous two years, Trump and his supporters carried out a sharp attack on Powell, saying a rate hike at the end of 2018 was inappropriate and the Fed had not done enough to sustain the economy.

“This is a difficult time to issue estimates. … This could be a real flash point, “said Diane Swonk, chief economist at the accounting firm Grant Thornton and a longtime observer of the Fed.

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Swonk said Powell had gone further than other Fed leaders and was “out of his comfort zone” in advocating for fiscal aid. But he added: “We are already in fiscal exhaustion, and the Fed is fighting it.”

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Portuguese historical films will premiere on 29 December.



Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.



Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

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