United States Commerce Department Expected to Act on Increased Inflation

As US inflation picks up, it is more likely that the US central bank, the Federal Reserve System (FRS), could accelerate monetary tightening, such as raising its key interest rate earlier than initially expected. According to the November 24 Federal Open Market Committee (FOMC) meeting minutes released by the Federal Reserve on the 24th, many participants said: “If inflation continues to exceed the target, we should adjust the rate of asset purchases faster than currently expected. and prepare for an increase in the base rate. ” He hinted at such a possibility. The protocol emphasizes that “maintaining flexibility should be a principle when making appropriate policy adjustments (in relation to a gradual transition),” the protocol says.

Some participants noted that “a decrease in asset purchases of more than $15 billion per month might be justified, the Committee will have more room to adjust its target rate target range, especially in light of inflationary pressures.” Earlier, after the FOMC meeting, which took place on the 2nd and 3rd of this month, the Fed announced the start of a reduction in asset purchases, saying that the scale of the reduction could be adjusted accordingly. Judging by the minutes released today, it appears that the Fed is planning to accelerate the rate of decline in inflation if inflation persists. In particular, the minutes showed that there was a discussion in the FOMC that the rate hike should be accelerated if inflation continues. This contradicted what Fed Chairman Jerome Powell said at a press conference at the time that “the decision to start rate cuts is not a direct signal for a rate hike. “Members of FOMC stressed the need for a “patient” approach to upcoming economic data, however said they “will not hesitate to take appropriate action to counter inflationary pressures that could harm long-term price stability and employment targets.”

Since the US CPI announced after the FOMC meeting in November more than doubled the Fed’s 2% target, the FOMC’s regular meeting on the 14-15th of next month will further discuss the rate of decline and timing of the next annual rate hike. Seems The October Personal Consumption Expenditure (PCE) Price Index, released by the US Department of Commerce on the same day, rose 5.0% over the same month last year, recording the largest increase in 31 years since November 1990. In addition, it significantly exceeded the growth rate of the previous month (4.4%), which indicates an exacerbation of the inflation trend. Excluding energy and food, the core PPI price index rose 4.1% y-o-y, also exceeding the growth rate in September (3.6%). The index, the Fed’s favorite inflation indicator, also rose the most in nearly 31 years.

Employment, another component of the Fed’s monetary policy objective, is also improving. According to the US Department of Labor, last week (November 14-20) the number of new jobless claims was 199,000, down 71,000 from the previous week. It was the lowest level in 52 years since the second week of November 1969, even when President Joe Biden issued a welcoming statement calling it “historic economic progress.” The outlook for sustained inflation is now expected to determine the Fed’s course of action. In the November minutes, the Fed predicted that inflation could decline over the next year. “While participants predict that significant inflationary pressures will last longer than previously estimated, they generally predicted that inflation could be significantly lower in 2022 as the supply-demand imbalance eases,” the minutes said.

Morphing Economic Conditions in Chicago, Illinois Threaten Existence of Department Stores

The American department store chain Sears, which once dominated as “the world’s largest retailer,” is closing its last store in Illinois, where it is headquartered. According to Chicago media reports on the 12th, Sears plans to permanently close its last Illinois store at the Woodfield Mall in Schaumburg, Chicago’s northwest suburb, from the 14th. It has been three years since filing for bankruptcy protection in 2018, 125 years after its inception due to changing times.

This store was first opened in September 1971, 50 years ago, and was one of the largest stores in the United States (about 39,000 square meters). It was the closest store to the headquarters in neighboring Hoffman state and had a lot of symbolic significance. Transformco, the current owner of Sears Holdings, parent company of Sears, said: “Following the refurbishment and renovation of the building, we plan to introduce popular retailers that cater to the tastes of shopping center users. We are trying to maximize our sales. Sears currently focuses on the Sears.com and Sears Home Service franchise online shopping mall business that provides home appliance repair and maintenance services. Sears began operations in Chicago in 1893 as “the world’s first mail order supplier” and opened its first store in Chicago on the West Side in 1925.

In 1974, the tallest building in the world, Sears Tower (now Willis Tower, 108 stories, 442 m), was built in downtown Chicago and reached its heyday, operating 3,500 stores in the United States. However, in the 2000s, it faced financial difficulties due to the growth of a giant online mall, and in 2004 it was acquired by hedge fund manager Edward Lampert (ESL Investments) and eventually filed for bankruptcy protection in October 2018. of the year.

Lampert then founded Transformco and received a court-approved plan to revitalize the selective acquisition of 425 excellent Sears stores with personal money. At the time, some criticized that Lampert, who had served as Sears CEO since 2013, was in fact the axis of the Sears collapse and that he was only interested in real estate. Sears said in April 2019, according to CNN Business and others, that “Lampert stole billions of dollars in company assets, instigated bankruptcy, and monopolized Sears.” He also filed a lawsuit against Chicago NBC reported that there are currently about 30 Sears stores in the United States. As online shopping exploded in the wake of the novel coronavirus infection (COVID-19) pandemic, upscale department store chain Nieman Marcus, mid-range department stores JC Penny and 200-year-old Road & Taylor filed for bankruptcy protection one after another. In the past year.

United States Government Requests More Seniors Receive COVID-19 Booster Shot

Health officials expressed concern that demand for the COVID-19 booster shot, which has been in effect since late September, is significantly lower than expected. According to the Los Angeles Times on the 5th, the California Department of Health is concerned that demand for COVID-19 booster shots will be significantly lower than expected ahead of the upcoming holiday season, leaving older adults with weakened immune systems and people with concomitant diseases. unprotected from the virus. Despite calls from the federal government for Pfizer to be vaccinated, the state health department said 230,000 doses of the vaccine were given to the elderly in early October, just 21% of the expected 1.1 million doses. Individuals with underlying medical conditions under the age of 65 received only 450,000 doses, which is only 17% of the expected 2.7 million doses. Low re-injection rates are observed throughout the state, including Los Angeles, San Francisco, and Central Valley. As of the end of October, it has been recorded that 27% of eligible seniors in Los Angeles County received boosters, compared with 20% in San Francisco. Only 1 in 10 (9%) of Los Angeles County nursing homes received the vaccine for their residents.

In the case of the Pfizer and Moderna vaccines, experts warn because it is known that the immune effect gradually begins to decline 6 months after vaccination and 2 months after the Janssen vaccine. “It’s been almost a year since the elderly were vaccinated,” said Nabina Bova, deputy director of the San Francisco Department of Health. Show, ”he said. In fact, according to a study report published in the journal Science on April 4, a study of the effectiveness of the vaccine on 800,000 veterans vaccinated in March and September, respectively, confirmed that the effectiveness of all vaccines decreased significantly within six months. Moderna’s vaccine efficacy dropped from 89% in March to 58% in September, Pfizer dropped from 87% to 45%, and Janssen’s vaccines dropped from 86% to 13%. “There are too many people who have not yet been vaccinated and re-vaccinated,” Dr. Race Bora of Fresno County said in a recent briefing and called for vaccinations.

The City of Denver Acts to Combat Rodent Issue

Denver is known for many great things to do, including breweries, access to beautiful mountain ranges, and outdoor recreation. But one of the things Denver residents want to hide is the overwhelming number of rats crawling through the streets and backyards. Denver was infamous for being ranked ninth in the country out of 50 cities surveyed by Orkin, the leading pest control company in the United States, in the annual ranking of cities with the most rats in the United States. Okin ranks metropolitan areas across the United States based on the number of new rodent control measures implemented each year from September 15 of last year to September 15 of that year. The rating includes both household and commercial control cases. Over the past year there has been a dramatic increase in the number of rats in most U.S. cities. “The COVID-19 pandemic has forced restaurants to close and rodents, including rats, had to find new sources of food. “Malnourished rodents displayed unusual and aggressive behavior and are easy to spot when clearing new areas.” Since then, as food and drinking water supplies replenish as they slowly recover from the effects of the COVID-19 pandemic, the number of rodents is on the rise again. In New York alone, the number of rodent complaints received in March 2021 increased by 80%.

The rat infestation prompted the Federal Centers for Disease Control and Prevention to warn that rats were once infested in homes, and they also issued guidelines to prevent entry, Okin said. The top five in the rat-rich cities rankings this year are unchanged from the 2020 rankings. Chicago retains the number one bad reputation in the country for seven consecutive years, followed by Los Angeles, New York, Washington DC, and San Francisco at second and fifth, respectively. Baltimore finished sixth, Philadelphia seventh, Detroit eighth, Denver ninth and Cleveland tenth. Cleveland entered the top 10 for the first time this year, and Baltimore is up two spots from last year’s rankings. Seattle, Minneapolis, Boston, Indianapolis, Atlanta, Pittsburgh, San Diego, Houston, Cincinnati and Dallas ranked 11th and 20th in descending order. O’Kinn says rats can cause significant structural damage to buildings, as well as create many health risks. This is a dangerous animal that can pose a risk of injury, so the following methods have been introduced to get rid of the mice.

Strict food and waste handling: Small crumbs such as grains, cereals and food waste are popular food for rats. They should be stored in closed metal or glass containers to prevent rats from eating them. Do not create cluttered places: Chewable objects that look like cardboard are very attractive for rodents to use as nests. Be mindful to clean up and organize the cluttered and dirty areas of your home. Take care of landscaping as well: trees and tall grass around the house are ideal habitats for rodents. Branches located next to the house provide unhindered access for rodents to the attic of the upper floors of the building. Find and remove rodent marks inside and outside your home: Inspect and remove rodent droppings, burrows and rubbing marks from walls around your home frequently. The sooner traces of rodents are found, the better. Look for possible entry points (cracks, holes, etc.) To prevent rodents from entering your home, install seals around doorways, especially under doors.

Undocumented Immigrants To Receive Six Figure Payout From U.S Government

The Biden administration is controversial because it is demanding $450,000 per person to be paid to undocumented immigrants caught trying to smuggle into the country. The Wall Street Journal (WSJ) reported on the 28th that the Biden administration’s social security budget includes $1 billion in payments to undocumented people. The WSJ said the payout could be $ 1 billion or more. Initially, undocumented families demanded $ 3.4 million per family. The policy of separating parents from undocumented children was introduced during the Obama administration. Then, under the Trump administration, the mainstream media focused on the issue and it sparked a nationwide controversy.

These undocumented immigrants sued the federal government in 2018 because their parents and children were torn apart after the Trump administration brutally suppressed them at the Mexican border in 2018. He demanded compensation, stating that the psychological trauma was great when his family was torn apart while being smuggled into the country. The American Civil Liberties Union (ACLU), a progressive group, is filing a lawsuit on behalf of undocumented families. More than 5,500 undocumented children were separated from their parents during the Trump administration, according to the ACLU. Republicans reacted immediately. Arkansas Senator Tom Carton said the robbery was “income from the psychological shock of being arrested.”