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

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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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Who is Paulo Bento, the Portuguese coach from South Korea who coached Cruzeiro?

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The coach commanded the Portuguese national team at the 2014 World Cup in Brazil and left the South Korean national team after being eliminated in Qatar.

Portuguese coach Paulo Bento qualified South Korea for the playoffs of the World Cup, something the team had not achieved since 2010, when the South Korean team reached the 1/8 finals of this championship. But 4-1 rout against Brazil as a result, shortened the path of the Asian team, as well as put an end to the work of Paulo Sousa in the national team.

Paulo Bento started his career as a coach with the youth team of Sporting Clube Portugal in 2004. At the club, he commanded the youth team for two seasons, winning the junior national tournament in his first year. Incidentally, the coach took over the first team shortly after he announced his retirement as a player.

Given his prominence in the youth categories, Paulo was chosen to replace José Peseiro, who was eliminated in European competition, in the professional team of Sporting CP for the 2005 season./2006.

Professionally, Bento was runner-up for four seasons in a row in the Portuguese Championship. Despite this, the coach won two Portuguese Cups and two Candido de Oliveira Super Cups. On November 6, 2009, the coach resigned.

Having distinguished himself at Sporting, Paulo Bento was announced as Portugal’s coach on 21 September 2010 after the World Cup in South Africa, where the then-champion Spain was selected in the round of 16.

Gettyimages

In qualifying, the coach managed to show good results in the first games, plus, of course, take Portugal to the semi-finals of Euro 2012, taking off from Spain on penalties. Having stood out in competitions, the coach extended the contract until Euro 2016.

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However, after losing to Albania in qualifying for Euro 2016, the coach could not resist and was fired in September 2014. The unsuccessful campaign at the World Cup of the same year in Brazil also affected.

After the Portugal national team, Paulo Bento returned to Brazil in May 2016, but this time to coach the Cruzeiro club. With a contract until December 2017, the coach made his debut in the second round of the Brasileirão the same year.

Paulo Bento Cruzeiro Brazilian Championship in Sao Paulo 05062016Washington Alves/Light Press/Cruzeiro

However, Bento only lasted 17 matches in power with six wins, three draws and eight losses, leaving the team in second-to-last place in the tournament.

On 11 August 2016, the coach was announced as the new commander of Olympiacos, Greece, where he remained until 6 March 2017, winning the Greek title. Following this, Paulo Bento was announced as Chongqing Dangdai of China leading the team for only 15 matches.

20221124 Paulo BentoGetty Images

On August 16, 2018, Paulo Bento was announced as the new coach of South Korea following the departure of Shin Tae-yong, who lost in the group stage of the 2018 World Cup.

As part of the South Korean national team, the coach has 55 wins, 12 draws and eight losses, having won the East Asian Cup title and classified the team at the 2022 World Cup in Qatar. After being knocked out against Brazil in the 1/8 finals, the Portuguese announced his retirement from the national team.

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Pioli ‘pulls’ Leao by the ears and says the Portuguese ‘must make a dash’

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Pioli 'pulls' Leao by the ears and says the Portuguese 'must make a dash'

FROMTefano Pioli, Milan coach, gave an interview on the Italian radio program Sky Calcio Club on Sunday in which he talked about Rafael Leao’s participation in the 2022 Mundial, a test in which the Portuguese striker was a replacement for Fernando Santos. ‘, indicating that he has been talking to his player over the past few days.

“If we talk? They have an obligation to call me at the end of the game. He is happy because Portugal is doing well. It is clear that he would like to play more. I can take advantage of this for a contract extension,” said Pioli, who also spoke about the Portuguese’s renewal process.

“He is fine with us and management and Rafael are talking. We are waiting for good news,” the Transalpine coach fired.

Looking at his player’s short playing time at this 2022 World Cup, Pioli admitted that Rafael Leau would like to have more playing time for the national team, but hinted that the Portuguese striker is not unhappy.

“If he plays a little? It’s hard to judge because Portugal has a very high quality team. Rafael is happy because Portugal is having a good World Cup, but there is a lot of quality and competitiveness in the attacking sector of the Portuguese team. “, – stressed the coach of the Italian, who also left a small warning to Rafael Leau.

“When you see him in training, you immediately understand that he has incredible potential. He has technique and speed that few others have. Over the course of a period, he had to develop and adapt to the reality at Milan, where the pressure is different from what he is. he was in Lille. It took time, but his potential to become a great player was always there. But he still needs to make the leap to become a champion because he can be even more decisive in the opponent’s zone,” he stressed.

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“If you think about Rafael from two years ago, he has made tremendous progress. He’s missing a few things, but he’s smart and approachable. I can give him all the ideas he wants, but his talent must be left free. should improve his heading, given his physique,” he concluded.

Read also: Spaniards say Carlo Ancelotti is “in love” with Rafael Leao

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Portugal, nuts and the Portuguese consumer: a successful trilogy

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Portugal, nuts and the Portuguese consumer: a successful trilogy

Nuts have become part of a limited group of Portuguese agri-food sectors that manage to achieve much-desired food self-sufficiency. In the case of almonds it is 170% and in the case of chestnuts it is 116% in relation to the national consumption.

The value of Portuguese agricultural production in 2021 was 9.6 billion euros, representing a growth rate of 14.6% compared to 2020, and therefore it is fair to say that dried fruits today, with a production of 80,000 tons and exports reaching 100 million euros contributed. to this success.

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