Glacier FarmMedia COVID-19 & the Farm

Global Markets: U.S. Fed refocuses outlook on employment

By MarketsFarm

WINNIPEG, Aug. 27 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Jerome Powell, the chair of the United States Federal Reserve, announced on the Thursday that the central bank will seek an inflation rate that averages two per cent over time. The Fed’s policy shift is now geared towards maximum employment in a broad manner. “This change reflects our appreciation for the benefits of a strong labour market, particularly for man in low and moderate income communities,” Powell said.

– United States President Donald Trump will make his final address to the Republican National Convention on Thursday evening. During the four-day convention Trump has spoken each night, in which his speeches have included unfounded accusations of the Democrats attempting to steal the November election through mail-in voting. In an unusual move, the Democrats will broadcast a speech by Vice-President Nominee Kalama Harris that will characterize the RNC as a dishonest distraction from the COVID-19 pandemic.

– Hurricane Laura made landfall near the Louisiana-Texas border early Thursday morning as Category 4 storm. With Laura’s winds up to 240 kilometers per hour, the U.S. National Weather service warned the storm surge could be as high as two-storey house. Since reaching land, Laura has been degraded to a Category 2 hurricane. More than 620,000 people were order to evacuate, but with people flocking to hotels and motels or staying in their cars rather than mass shelters. Officials are concerned the shelters could accelerate the spread of COVID-19.

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