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As hopes fade for a major stimulus, here’s what it means for the fragile economy

first_imgThe HEROES Act that the House passed in May calls for $3 trillion in spending across a variety of areas, from unemployment benefits to student loan relief, rent and mortgage assistance and testing and tracing programs related to the coronavirus pandemic.- Advertisement – – Advertisement – As the question remains over who will capture the hotly contested presidential race, one casualty quickly emerging from fallout is the massive stimulus package Democrats were hoping to get to boost the economy.A blue-wave victory in Tuesday’s elections was expected to cement funding as high as $3 trillion.Instead, the likelihood that the Senate will stay in Republican hands, combined with a presidential race that at least is tilting to Democrat Joe Biden, likely translates into something smaller – or no deal at all.- Advertisement – The U.S. Capitol is seen in the morning on November 4, 2020 in Washington, DC. The nation awaits the results of a historic presidential election between President Donald Trump and his Democratic challenger, former Vice President Joe Biden with swing states still too close to call.Al Drago | Getty Images Republicans, though, seek a smaller, more tailored approach aimed mostly at enhanced help for displaced workers and limited aid elsewhere, to the tune of less than $1 trillion.With the mixed bag of results off the election, Wall Street consensus quickly formed around a package that would be closer to what the GOP is proposing, with uncertainty over when it could get passed.“We’re still likely to see a fiscal support package, but I would suspect the total size to be no more than $1 trillion,” said Steve Friedman, senior macroeconomist at MackKay Shields. “We’re much lower now in this divided government scenario.”What it means for the economyThe stakes around the size of the stimulus are considerable with the economy on uncertain footing heading into the winter.While GDP rose at a 33.1% annualized pace in the third quarter, employment gains are slowing and overall growth is expected to pull back. The economy is still in a technical recession that began in February, and whether negative growth returns could be contingent on how much more fiscal juice is needed and when it arrives.“If you just didn’t do anything, it would clearly be a tremendous toll on many, many households, but it wouldn’t necessarily cause a double-dip recession,” Friedman said. “It would just slow the pace of the recovery in an aggregate sense.”The political rancor comes at a time of heightened concern over the coronavirus spread.Daily case growth has been around the highest of the pandemic, and hospitalization rates are climbing as well. European nations are again shuttering businesses to battle Covid-19, and if that should come to the U.S., it would complicate the recovery.“It’s a little bit unsettling because of course we’re all watching what’s going on with Covid-19 and in Europe seeing the containment measures coming in,” said James Knightley, chief international economist at ING Investment Management. “We could be entering a period where we could be talking about negative growth once again in the U.S. That political backdrop doesn’t make it easy to see a swift fiscal response to this.”Lacking action from the fiscal side, financial markets again could turn their eyes to the Federal Reserve for more monetary help.Though the central bank’s arsenal is somewhat limited, it still has some weapons to deploy. The Fed could increase its monthly asset purchases and extend the duration of the bonds it is acquiring as part of more aggressive quantitative easing. It also could use stronger guidance about what it will take to raise rates, and use its purchases to control the yield curve.What the Fed could doThe Fed concludes its two-day meeting Thursday. Markets don’t expect much in terms of action, but Chairman Jerome Powell could indicate what measures if any officials are considering to aid in the recovery.“The Fed could consider easing terms to facilitate the flow of credit. The Fed could also ramp up the QE program, buying Treasuries and [mortgage-backed securities] at a faster rate, as well as corporate credit as needed, particularly if it sees concerns over market liquidity,” Michelle Meyer, U.S. economist at Bank of America Global Research, said in a recent note. “The Fed has tools and will use them, in our view.”Meyer said a Biden victory combined with a split Congress likely would see stimulus of $500 billion to $1 trillion “passed after inauguration but with some delay. There is also some chance of continued gridlock in this scenario.”Markets didn’t seem to mind any of it Wednesday, rallying strongly despite the uncertainty hanging over the election.Prospects of the kind of gridlock that Wall Street seems to prefer combined with continued likelihood of some form of stimulus helped fuel the strong move higher.“What the market tends not to like the most is when you have one-party controlling the presidency, the House and the Senate. That blue wave that was talked about earlier clearly is not going to happen,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab. “Markets have the tendency to move more on what they expect than what actually happens. Some of what has kept the market buoyant is the continued commentary from Nancy Pelosi and Steve Mnuchin that they’re still taking and still negotiating.” – Advertisement – “That’s the most dangerous arrangement of variables from an economic perspective, precisely because it makes the stimulus less likely,” said Eric Winograd, senior economist at Alliance Bernstein. “The economy still needs stimulus. The way things are going now is that it’s unlikely it will get stimulus and certainly it won’t get large stimulus.”House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have been representing their respective sides in negotiations that occasionally show promise but mostly reflect just how far apart the two sides are when it comes to the extent of help needed.last_img read more

Recent foul trouble threatens to end Christmas’ Carrier Dome career early against No. 2 Virginia

first_imgDURHAM, N.C. — Rakeem Christmas stood in place and stared down his one-way path to the Syracuse bench. For the second time in five nights, Christmas picked up a fifth foul and sauntered down the length of the court to grab a front-row seat for the rest of the game. In a five-point win over then-No. 9 Notre Dame on Tuesday, Christmas exited with 5:18 to play and the Orange managed to hold on without him. In a 19-point loss to No. 4 Duke on Saturday, he fouled out with 9:42 left and all but put the punctuation mark on a game Syracuse never gripped. “He’s our leader offensively and defensively,” SU shooting guard Trevor Cooney said on Saturday. “And when we can’t get him going it’s hard to get the rest of us going.”That becomes especially hard when Christmas is out of the game, which the Orange (18-11, 9-7 Atlantic Coast) can’t afford when it hosts No. 2 Virginia (27-1, 15-1) for a 7 p.m. game in the Carrier Dome on Monday night. To keep Christmas — who will be the only scholarship senior playing his last home game — out of foul trouble against the defensively savvy Cavaliers, SU’s guards said they have to protect him by stopping penetration from the perimeter. AdvertisementThis is placeholder textThis is the first time Christmas has fouled out in back-to-back games since his freshman year, when he fouled out against Seton Hall and then DePaul three days later. He’s managed to play 58 total minutes — the lowest of any two-game stretch in conference play — but has scored 25 points in the two contests despite averaging 18.1 per game on the season. “Fouls happen,” SU forward B.J. Johnson said on Saturday. “I think whenever (Christmas) fouls out, it really hurts us but we have to play through it. It’s really not easy, though.”Johnson, Cooney and SU forward Michael Gbinije all said that the rest of the zone has to keep opponents from getting into the middle where Christmas has to contest shots and defend the rim. Penetration into the zone not only leads to perimeter players crashing into Christmas, but also forces the forward to step up and obstruct the lane to the basket. Often, guards draw the big man and dump bounces into the post — which sends Christmas recovering with limited control of his body. Against the Blue Devils, two of his fouls came off the ball and another on the fast break, but the last two were products of Duke slicing through the zone in the half court. Without Christmas on the floor for the latter half of the second half, the Blue Devils defense ditched the paint, pushed even farther out onto Syracuse’s shooters and eliminated any hope of an SU comeback. “We need to keep people in front better on defense,” Gbinije said after the Duke game. “A lot of times his fouls come with people driving on the guards. If we eliminate that, I think we eliminate some of Rak’s foul trouble.” Without leading scorer Justin Anderson, one of the best spot-up shooters in the ACC, it is likely that Virginia will look into the high and low post to score against the Orange. And with no postseason, the game against the Cavaliers is Christmas‘ last chance to prove himself against a top-flight opponent, which happens to boast one of the country’s stingiest defenses. He’ll also be honored in a senior day ceremony before the game in front of a crowd that has fully taken to his ascension into a premier scoring threat. It will be a somber farewell if he finds himself in foul trouble for the third-straight game. “I just need to stay out of foul trouble, I guess,” Christmas said after the Duke game. As for what he can do differently to avoid fouling so often, Christmas rolled his eyes, shrugged and turned away from the question. If he doesn’t find that answer, the end of his Carrier Dome career could very well play out with him looking on from the bench. Comments Published on March 2, 2015 at 12:15 am Contact Jesse: jcdoug01@syr.edu | @dougherty_jesse Facebook Twitter Google+last_img read more

Syracuse teases comeback but ultimately falls short in 73-65 loss at No. 13 Virginia

first_img Related Stories Fast reaction: 3 takeaways from Syracuse’s 73-65 loss to VirginiaSyracuse community reacts to loss against No. 13 VirginiaGrade Syracuse’s performance against Virginia and vote for the player of the game Editor’s Note: The Daily Orange decided not to drive to Charlottesville, Virginia for Sunday night’s game between Syracuse and Virginia due to safety concerns stemming from the snowstorm.Syracuse and Virginia traded baskets, the John Paul Jones Arena screaming then silencing, over and over, until Malachi Richardson found himself trapped in the corner by the Syracuse bench.Pressured by Malcolm Brogdon after fumbling a mid-range jumper in mid-air, Richardson blindly chucked the ball over his shoulder to no one in particular. Virginia’s London Perrantes caught it as if he were fielding a punt in football, and Anthony Gill’s dunk moments later bumped the Cavaliers’ lead to seven with 1:03 to play.The Orange (13-8, 3-5 Atlantic Coast) hit two late 3s to tease a comeback, but it wasn’t sharp enough in the most important moments of a 73-65 loss to No. 13 Virginia (15-4, 4-3) on Sunday. It marked Virginia’s 15th straight home victory and snapped a three-game winning streak for Syracuse. SU was paced by 24 points from Michael Gbinije and 23 from Richardson, but no other Orange player scored in double-figures against UVA’s stingy pack-line defense.Virginia, led by 21 points from Brogdon, scored 30 points in the paint to SU’s 12 and ultimately won the game around the basket.“We struggled inside the whole game, but we really struggled in the first half,” SU head coach Jim Boeheim said in his postgame press conference, posted on Cuse.com. “You know our perimeter defense was OK, we struggled inside.”AdvertisementThis is placeholder textBoth teams got off to a slow offensive start before Virginia attacked Syracuse’s zone through the low post. The Cavaliers assisted on 12 of their 14 buckets before halftime, and were paced by 12 first-half points from Anthony Gill, all of them coming in the paint. Perrantes also contributed to UVA’s 37 points at the break, making three 3s on five attempts and collecting five assists.But the Orange stayed in it, trailing 37-29 after 20 minutes, thanks in large part to Richardson. The freshman scored 11 first-half points while no other SU player had more than five, shooting 4-of-5 from the field and 3-of-4 from beyond the arc.After the break, though, it was Gbinije carrying the Orange. He made three deep 3s — the last with an outstretched Brogdon in his face — and scored Syracuse’s first 11 points of the second half. Then Richardson went on a personal 5-0 run, hitting a mid-range jump shot and a 3 off the dribble, before a Tyler Roberson second-chance layup knotted the game at 47 with 8:19 to play.To that point, SU had made 8-of-18 3s to stick with a Virginia team shooting 50 percent but increasingly bothered by the 2-3 zone. The Cavaliers missed their first six 3s of the second half. They committed a turnover on four straight possessions to let the Orange creep back into the game. Like it did against Duke on Monday — and Wake Forest before that, and Boston College before that — Syracuse forced UVA into uncomfortable shots and uncharacteristic mistakes.From there the teams settled into a back-and-forth contest. Brogdon hit back-to-back 3s to put the Cavaliers up by seven. Richardson answered with a 3 to cut it to four. A transition 3 from Cooney later cut the lead to three. A Perrantes 3 pushed it back to three. A Gbinije 3 chopped it in half, 60-57 Virginia with two minutes left.But then Virginia scored four points without an Orange answer, and that’s what did the Orange in.“We’ve played really good basketball throughout this three-game road trip, I thought we played well enough tonight to certainly have a chance,” Boeheim said. “Brogdon, that’s what good players do, make those shots, and that was the difference in the game.” Comments Published on January 24, 2016 at 9:05 pm Contact Jesse: jcdoug01@syr.edu | @dougherty_jessecenter_img Facebook Twitter Google+last_img read more

Commitment, schedule issues reasons why de Jesus resigned as nat’l team coach

first_imgLacson: Calamity fund cut; where did P4 billion go? Winfrey details her decision to withdraw from Simmons film Delos Santos and members of his coaching staff Kungfu Reyes and Bryan Esquibel went to work right away as they held a tryout on Tuesday at Arellano University Gym in Legarda.Cayco said he respects De Jesus’ decision and added the LVPI has to move forward with the national team pressed for time.“Actually before they left for Hong Kong, I think two weeks ago, we met in a party hosted by FilOil for the La Salle team. I told him, ‘Coach usap tayo (Let’s talk),” then he smiled,’” said Cayco. “Then, Benson Bocboc (De Jesus’ assistant coach) was the one who informed us that they’re going to pass. I mean, I respect his decision. It’s hard if we’re going to force them.”“They might not have time for the national team because of his schedule and in fairness to coach Ramil he informed us about his decision I think through Mr. (Popoy) Juico. To me personally, no but it was relayed to me,” he said. “We have to move on because we’re short of time so we met and we decided that it’s going to be coach Shaq so here we are now.”ADVERTISEMENT LATEST STORIES Djokovic falters, Cecchinato soars in French Open stunner Ramil de Jesus. Photo by Tristan Tamayo/INQUIRER.netCommitment and scheduling issues forced Ramil de Jesus to step down as head coach of the Philippine women’s national volleyball team, as per Larong Volleyball sa Pilipinas, Inc. (LVPI) vice president Peter Cayco.Shaq delos Santos was tapped to replace De Jesus, who resigned just less than two months since assuming the post.ADVERTISEMENT Volcano watch: Island fissures steaming, lake water receding View comments Sports Related Videospowered by AdSparcRead Next Jury of 7 men, 5 women selected for Weinstein rape trial China population now over 1.4 billion as birthrate falls “Apparently, coach Ramil has his own reasons, one of them I think is his commitment, schedule because he is now coaching three teams,” said Cayco on Tuesday in Filipino.“I respect his decision and we have to move on and I’m very thankful to Shaq at a short notice,” he added.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownDe Jesus is currently the coach of the La Salle Lady Spikers, a team he just steered to the UAAP title for the 11th time just last month, La Salle Baby Spikers, which is the school’s training pool, and the F2 Logistics in the Philippine Superliga.Delos Santos now faces the tall order of assembling the best team and incorporating the right system with only two months left before the Asian Games, which is set on Aug. 18 in Jakarta, Indonesia. Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Dave Chappelle donates P1 million to Taal relief operations Don’t miss out on the latest news and information. Jiro Manio arrested for stabbing man in Marikina Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew MOST READ Steam emission over Taal’s main crater ‘steady’ for past 24 hourslast_img read more