Why Democrats are turning to child care as the next front in fixing the economy By Sarah Ewall-Wice
Updated on: April 29, 2021 / 4:08 PM / CBS News
Deshara Bishop works overnights at a warehouse. The 28-year-old single mom took the job to provide for her one- and six-year-old boys. She relies on family, friends and neighbors to be with them at her Raleigh, North Carolina, home while she works but during the day, she can t afford child care.
Child care for just her younger son would cost more than $1,000 a month. This isn t unusual in many states, child care for an infant costs more than in-state college tuition. And according to the Department of Health and Human Services, only one in seven eligible children receive subsidies to help pay for child care.
No bubble in housing market, Fed s Powell says | National Mortgage News
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The Federal Reserve restated its intent to keeping a lid on interest rates, saying the pandemic “continues to weigh on the economy, and risks to the economic outlook remain.”
Rates on 10-year Treasurys, a benchmark for mortgages, dropped after the Fed’s announcement, as investor demand for bonds sagged in reaction to the Fed’s dovish announcement.
The Federal Reserve Open Market Committee issued a statement today saying it intends to keep short-term rates, which the Fed has direct control over, near 0 percent until unemployment falls and inflation “is on track to moderately exceed 2 percent for some time.”
Although the Fed doesn’t have direct control over long-term rates, it can influence them by buying government bonds and mortgage-backed securities. The Fed said it will continue buying at least $80 billion in Treasury securities and $40 billion in mortgage-backed securities every month “until substantial further progress has been made” toward hitting its emplo
And, asked if climate change risk is an appropriate measure to guide the Fed in supervising financial institutions, 64% said it was not, while 36% said it was. Powell and other Fed members have increasingly talked about climate change and suggested it s important for financial institutions to take account of the risk in their lending portfolios. The Fed currently asks financial institutions if they are taking account of climate change risks and how they do so. But Powell has tasked the Fed with figuring out if it should come up with more formal metrics. While Powell has said such assessment is well within the Fed s mandate, he also has insisted that the Fed is not a Federal agency that will or should take the lead on combatting climate change.
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By Joe Wallace and Michael Wursthorn U.S. stocks hovered near record levels as investors sold shares of technology and communications stocks and Treasury yields climbed. The S&P 500 bounced around the flatline most of the trading session a day after setting its 24th closing record of the year. Tesla shares were among the broad index s biggest decliners after the electric car maker s latest quarterly report underwhelmed investors. Shares of other big tech companies that are due to report earnings, including Microsoft, Google parent Alphabet and Spotify Technology, also struggled. Tuesday s trading session is the latest in a volatile stretch that has seen the broader stock market grind higher rather than continue its rocket-like climb of last year. Better-than-expected earnings across the board have helped the market hit a series of records in recent sessions, but the benefits appear to be on the margins as investor
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