Daily Briefing – 412
Jerome Powell To Get Second Term as Fed Chairman
President Biden is set to nominate Federal Reserve Chairman Jerome Powell to a second term leading the central bank, the White House said Monday, opting for continuity in U.S. economic policy despite pushback from some Democrats who wanted someone tougher on bank regulations and climate change. Mr. Biden will also nominate Fed governor Lael Brainard as vice chair of the central bank’s board of governors, the White House said.
Mr. Powell faces an especially delicate path now as the recovery from the Covid-19 pandemic and the government’s response has sharply boosted demand and disrupted global supply chains, sending inflation to its highest levels in more than a decade. The danger for the Fed is twofold: Officials don’t want to overreact by raising interest rates and cooling down the economy if supply-chain bottlenecks repair themselves over time. But they also don’t want to underreact as wages rise, fueling a more traditional inflationary cycle.
Administration Aims to Close Gaps Among Lawmakers for Reconciliation Bill
The Biden administration is moving to close gaps between House and Senate Democrats on its roughly $2 trillion education, healthcare and climate package, so it can finalize the bill. “We will work with every member of the Senate on this bill,” said Brian Deese, director of the National Economic Council, which advises the president on U.S. and global economic policy. “But I think that because of that work over several months, we really do now have a good understanding of where the consensus lies.”
The CBO found that the bill would contribute $367 billion to the deficit over 10 years; Democrats have argued that revenue not captured in the CBO score shows the bill is more than fully paid. Republicans on Sunday repeated their criticisms of the legislation as pumping trillions of dollars into an economy already struggling with inflation.
More On Mandate Lawsuit
Because so many lawsuits have been filed challenging the ETS throughout the country, a single federal appeals court—the Sixth—was selected randomly on Nov. 16 to hear all of them. That might not bode well for prospects of the standard’s survival because of the 27 judges currently serving on that court, 20 of them were appointed by Republican Presidents going back to Ronald Reagan, including six who were named by Donald Trump.
None of this daunted the Biden administration, which immediately declared that it would vigorously defend the ETS in court. After that, Psaki issued a second announcement from the White House telling employers they should continue operating on the assumption that the ETS will survive and also asserting that employers are still expected to adhere to the standard’s earliest requirements, which they are expected to fulfill no later than Dec. 5.
With Vaccine Mandate Looming, Business Owners Face Wary Workers
Small-business owners are confronting challenges preparing for the Biden administration’s vaccine mandate, with some saying efforts to comply are exacerbating hiring problems and stoking tensions with and among workers. The mandate drew mixed reactions from executives after it was announced in early November, with some saying they welcomed the federal rules because they took the burden off companies to impose their own. Others said the mandate thrusts employers into a contentious issue in which any stance risks inflaming staffing challenges.
Some companies that fall beneath the 100-person threshold are already adding new Covid-19 policies in response to their larger customers’ vaccination and testing requirements.
US COVID Update – Cases Up, Mortality Steady
The US CDC reports 47.2 million cumulative COVID-19 cases and 762,994 deaths. The current daily incidence average is approximately 85,944 new cases per day and appears to be increasing. Daily mortality appears to be holding relatively steady, with the US currently averaging 1,028 deaths per day.
The US has administered 434.5 million cumulative doses of SARS-CoV-2 vaccines. The daily vaccination trend reached a recent peak at 1.2 million doses on October 29 but has declined slightly to 1.17 million doses as of November 5.
Read more at the Johns Hopkins Center for Health Security
NYS Vaccine and COVID Update – 90% of Adults Have at Least One Jab
Vaccine Stats as of Monday November 22nd:
One Vaccine Dose
- 77.1 of all New Yorkers – 14,775,119 (plus 16,546 from a day earlier).
- In the Hudson Valley 1,548,108 (plus 1,923).
Fully Vaccinated
- 68.1% of all New Yorkers – 13,209,873 (plus 5,869).
- In the Hudson Valley – 1,358,484 (plus 392).
The Governor updated COVID data through Sunday November 21st. There were 33 COVID related deaths for a total of 58,907.
Hospitalizations:
- Patients Currently in Hospital statewide: 2,361.
Seven Day Average Positivity Rate:
- Statewide 3.82%
- Mid-Hudson: 2.94%
Useful Websites:
Deadline: 95% of Federal Workforce in Compliance with Vaccine Mandate
White House health officials announced on Monday that 95% of the federal workforce is in compliance with the Biden administration’s vaccine mandate. Over 90% of workers have received at least one shot and the other 5% have submitted exception applications that were already approved or are pending.
Agencies will provide an “education and counseling process” for those who have not complied or those who do not have a “pending or approved exception or (extension request).” Additional enforcement steps could be taken over time if needed.
Lockdown Protests Pop -Up Across Europe
Brussels became the latest European city to witness protests against covid-19 restrictions: tens of thousands demonstrated on Sunday, their ire chiefly provoked by a requirement for passes to be shown in restaurants and bars. Some threw fireworks; police resorted to tear-gas and water cannon.
New COVID-19 cases in several European countries are hitting record highs, drawing alarm from World Health Organization regional director Dr. Hans Kluge, who warns another 500,000 Europeans could die this winter unless public safety measures are implemented and vaccination rates increase. Fresh lockdown measures introduced in an effort to curb rising infection rates prompted protests this weekend in Austria, Croatia, Italy and the Netherlands.
Recently Released NYS Climate Law Cost Benefit Analysis is Flawed
A climate law adopted by the State Legislature in 2019 requires that New York transition to alternative energy sources on an aggressive timeline. At the time of its adoption, no cost benefit analysis of the legislation was performed. Only on October 14—more than two years after the enactment of the Climate Leadership and Community Protection Act (Climate Act)—was the Climate Action Council (Council), the entity charged with drafting a scoping plan for its implementation, presented with a cost-benefit analysis that attempts to quantify the impact of transitioning to a carbon-neutral economy in New York State. The analysis finds that the transition will cost $280-$340 billion, while producing $420-$430 billion in benefits, for a net benefit of $80 to $150 billion.
New Yorkers should be skeptical of this assessment, for several reasons.
Read more at The Empire Center
Stewart Has a Destinations Wish List for Frontier Airlines
Now that Frontier Airlines has begun flights from New York Stewart International Airport to Miami, Orlando and Tampa, The business development director at Stewart, Michael Torelli, has a wish list that he conveyed to the advisory Stewart Airport Commission.
“We look for them to continue to grow, potentially to a non-Florida destination. That’s one of the things we’re trying to push like to get something out west that could connect, whether it’s Chicago, Memphis, someplace in Texas, Denver, you name it, those are all wish list items that we are trying to enhance them to potentially look at,” he said.
The $5 Billion Hoard of Aluminum the World Wants but Can’t Have
On an industrial park about an hour’s drive toward the South China Sea coast from Ho Chi Minh City sit giant mounds of raw metal shrouded in black tarpaulin. Stretching a kilometer in length, the much-coveted hoard could be worth about $5 billion at current prices. But as far as the increasingly under-supplied market is concerned, it’s one that may never be seen again.
Why it’s unlikely to move anytime soon involves Vietnam’s customs authorities. How its existence has become so significant, meanwhile, opens a window on a ubiquitous, yet erratic commodity at a time when makers of everything from car parts to beer cans are competing for more of it as they emerge from the coronavirus pandemic and China throttles supply.
Read more at The Business Standard
Rivian, Ford Cancel Plans to Collaborate on Electric Vehicle
Electric truck maker Rivian and Detroit auto giant Ford on Friday announced they have canceled plans to jointly develop an electric vehicle, a week after Rivian made a blistering entry onto Wall Street. “As Ford has scaled its own EV strategy and demand for Rivian vehicles has grown, we’ve mutually decided to focus on our own projects and deliveries,” Rivian spokeswoman Miranda Jimenez said.
Ford will maintain its stake in the start-up, after investing $500 million in 2019 when it announced plans to collaborate.
UK to Require Charge Points for Electric Vehicles in New Buildings
Charging points for electric vehicles will be required to be installed in new buildings in Britain from next year under new legislation to be announced by Prime Minister Boris Johnson, his office said in a statement on Sunday. The requirement will apply to new homes and to non-residential buildings such as offices and supermarkets. It will also apply to buildings undergoing large-scale renovations which leave them with more than 10 parking spaces.
It said the regulations would lead to up to 145,000 extra charge points being installed in England each year in the run-up to 2030, when the sale of new petrol and diesel cars will end in Britain.
Why People With Mental Illness Are at Higher Risk of COVID
Even before the federal government’s recent decision last week to authorize COVID boosters all adults, it had already recommended them in October for people with certain high-risk conditions. Along with with illnesses like diabetes and heart disease, that list included mental health conditions. The decision to prioritize people with psychiatric diagnoses in the early rollout of boosters came after a growing number of studies linked mental health disorders with higher risk of both COVID-19 infection and of serious outcomes.
Last year, researchers analyzed data from five hospitals in the Yale New Haven Health System to see how people with a mental health diagnosis who were hospitalized with COVID-19 fared compared to others. The risk of death from COVID-19 went up by 50% for those with a history of mental illness compared to those with no such history.
